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Real Estate
Reply to "I need to raise Common Charges Again - When do I tell People?"
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[quote=Anonymous]You don’t have the money but you need a reserve study. And then you raise the rates by whatever they tell you you need to save every month for reserve. You may need a special assessment to get 200k in your reserve. But depending on the state by law you may be able to raise the monthly fee any amount you need to meet the reserve study. As an example, Md law dictates that you not only need a reserve study every 5 years. You must raise your rates to meet that study at the next renewal. And the law states you can go over any cap in increases in your bylaws. Do a budget, pass it by board vote and raise your rates Jan 1. You probably need to contribute $500 a month to your reserve. That’s going to slowly have you build it up. Add $3000 to the budget for the reserve study and get one done asap. You may need to raise fees again in 2026 to meet the reserve funding by study. You’re basically screwed. [/quote]
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