Why condos feel the pressure first
Condominiums are where Georgia's lending, insurance and statutory pressures meet. Lenders review condo projects before making unit loans; since August 3, 2026 most of those reviews are Full Reviews of the budget and reserves. Insurers write a master policy over the whole building, and Fannie Mae now accepts one that does not insure the roof at replacement cost. And for declarations recorded on or after July 1, 2015, the Condominium Act limits a board's special assessments to one-sixth of the annual assessment per year without an owner vote.
Put together: a condo board that has not planned for its roof or elevators can find units harder to finance, a storm claim that pays less than the repair, and no quick way to raise the money.
What a condo study covers
- Building envelope: roofing, sealants, windows in common walls, siding or stucco, balconies and railings.
- Systems: elevators, fire alarm and sprinkler components, common HVAC, boilers, pumps and electrical gear.
- Site: parking decks or lots, sidewalks, retaining walls, gates and lighting.
- Interiors and amenities: corridors, lobbies, fitness rooms, pools and their equipment.
Each component gets a useful life, a remaining life, a replacement cost and a place in a 30-year schedule, followed by a recommended yearly contribution.
Garden condos and towers
Georgia's condo stock runs from two- and three-story garden complexes, common in the Atlanta suburbs and Athens, to towers in Midtown, Buckhead and on the coast. Garden condos usually turn on roofs, siding, decks, stairs and paving. Towers add elevators, parking structures, roof membranes high above the street and facade work that needs lifts or swing stages. The study level and the firm you need differ accordingly, which is why we ask about building height in the form.
Using the study
Put the recommended contribution in the next budget, and keep the study handy for lender questionnaires and buyers' agents. If the board chooses to fund less than recommended, record why. Fannie Mae and Freddie Mac now expect the budget to carry the study's highest recommended figure when a study is used in place of their percentage test.