Whether you’re currently on the hunt for a new home in the Akron, Ohio area, or you recently moved into a deed-restricted property near Medina, Ohio, it’s important to familiarize yourself with the concept of association reserves. Reserves are an association’s savings account, dedicated to replacing shared property (entrance signs, sidewalks, pools, etc.) as it wears out. If an association has enough money in the reserve fund to pay for property maintenance and repairs without having to assess homeowners, they are considered to be fully funded. In accordance with Ohio Association Law, all HOA and condo associations are required to fully fund unless a majority of the association members waive that requirement. There are pros and cons to both fully funding and waiving, which is why unit owners should learn as much as they can before voting on the issue. Fortunately, Grace Property Services LLC near Canton, Ohio has years of experience as a community association manager, which makes this local business uniquely qualified to educate current homeowners and prospective buyers on the subject.
