Reserves
Capital improvement
A capital improvement is a major upgrade or replacement to common property—new roof, repaved drive, clubhouse renovation. These projects usually draw from reserves or special assessments rather than the operating budget. Document bids, contracts, and owner approvals carefully.
These definitions are for general education only. They are not legal, financial, or tax advice. HOA rules vary by community and location—confirm details against your governing documents and qualified professionals before you act.
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