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Taking Responsibility for Deferred Maintenance in Real Estate
Property owners are facing the consequences of decades of deferred maintenance due to bad decisions made by previous property boards. The state has intervened by enforcing stricter rules for maintaining reserve accounts in condos and co-ops to protect buyers from unexpected high costs related to building repairs and improvements. This has highlighted the importance of being aware of a building's condition before purchasing real estate, especially older buildings, to avoid sudden financial burdens on residents.