What is a condo assessment? Buyers beware
Condo/HOA Assessments ?? I was once president of our condo association where we lived after getting married and I can assure you no one likes getting wind of a special assessment—which, put plainly, is a charge that homeowners must pay to fund a renovation on the property or to replenish an underfunded reserve. This added fee can crop up for owners of a condo or home belonging to a homeowner's association. And even just uttering the words “special assessment” makes my neighbors cringe! Let’s take a look at why. What does it mean? Most condo or HOA homeowners pay monthly fees. These fees typically range from $100 to $1,000 per month (or more!), but they can vary greatly based on what they cover. Some fees only cover exterior maintenance, while others are more comprehensive, and may also cover utilities (water, trash, sewer) and even security guards. Typically, a portion of the condo fees is allocated to the association’s reserve fund—essentially a r...