Entries by Carol Grob

FHA Condo Approval: Adding Value for Your Community

How do you add value by getting FHA condo approval for your community? The Federal Housing Administration will insure mortgage loans by lenders that make a loan for the purchase of a residential condo, if the unit is in an FHA-approved condominium community. Considering FHA insured loans account for almost 25% of all home mortgage […]

Condominium Reserve Accounts

Condominium Reserve Accounts vs. “Statutory Reserve Accounts” For a condominium community, the best way to prepare for that inevitable expensive repair is to have a reserve fund. Otherwise, when those big ticket repairs need to be made – like replacing roofs or concrete areas – there will be no money to pay for them, and […]

Wisconsin Condo Law and Smoking

Wisconsin law prohibits smoking in the common areas of all condominiums. Newly built condominiums can relatively easily prohibit smoking also in individually owned units, although enforcing a smoking ban in privately owned units can be challenging. Adding a smoking ban to private units in an established condominium is a stickier problem. For example, one condominium […]