My Development Doesn’t Have a Reserve Fund, Should I Be Worried?

Louisa Myatt, Director at Neil Douglas gives some insight into why reserve funds are important.

No leaseholder wants to be presented with an unexpected bill for several thousand pounds because the roof suddenly needs fixing or external decorations are required. If your development doesn’t have a reserve fund you should be worried. Financial planning is one of the most important aspects of our work as property managers.

Saving into reserves, alongside your contributions to the annual costs of the development, ensures that the funds are there when the work is required.

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