The goal of a healthy condo reserve fund is to ensure that the community has the financial resources to cover the costs of ongoing maintenance and repairs, which helps to protect property values and maintain the quality of life for residents.
Building Mavens recommends that a condo association should aim to have a reserve fund that is at least 70% funded of its total estimated reserve obligations. This means that the reserve fund should be able to cover 70% of the projected cost of all necessary repairs and replacements over the next 30 years.
