The land ministry has set standards for calculating the contributions of unit owners to reserve funds earmarked for large-scale condominium repairs, calling for balanced fund accumulation over the long term in order to forestall issues such as sudden spikes in contribution requirements.
Many condo complexes are facing challenges related to insufficient reserve funds for extensive repair projects needed to address aging infrastructure. Such difficulties stem from obstacles in obtaining the consent of unit owners to increase contribution amounts.
Large-scale condo repairs, such as exterior wall renovation and waterproofing, typically occur roughly every 15 years.