Asked by Mr. Peter Tan
Can any one please tell me how much of reserve fund an old condo should have in order to pay for likely repairs that may occur for old condos? I ask this is because one of my friend bought an old condo and within less than 2 years he had to cough out nearly S$25,000.00 for repairs to the condo because the condo did not have enough sinking funds. The worst came when his condo went enbloc and he has to pay 12% tax on the selling price!
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