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bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 3801
Experience:  IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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I am interested in buying a condo at the Ocean club located

Customer Question

I am interested in buying a condo at the Ocean club located in Alantic city at 3101 boardwalk. I need to know a building of this size how much money should be in the reserve?
Submitted: 1 year ago.
Category: Finance
Expert:  bkb1956 replied 1 year ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

There are many factors that determine how much of a cash reserve there should be--i.e., age of the building, high-rise or low-rise building, age of boilers, garage openers, etc., number of elevators, etc.

If you are applying for a mortgage, your lender could advise what range they would consider appropriate for the building that you're considering. Additionally, your realtor may also be able to provide that information.

Please let me know if I can assist you further.

Thank you and best regards,