If you’re purchasing a condominium, it is always good to check on the HOA fees associated with the purchase to make sure there are no surprises. Your Realtor should have this information for you as soon as possible. However, there is another fee that is surprising condominium purchasers – One Time fees to be used on Specific Projects –
Ouch! Where did that come from? It is called Special Assessments.
Special Assessments may be imposed because of an emergency repair that was not budgeted for such as if the city needs to replace sewer lines or new streets, this will have to be passed on to the condominium owners and you will be told about the increase in a meeting or letter from your association.
So if you’re buying a condominium, make sure your Realtor does some research into the condo’s history, budget and any scheduled repairs and find out if they have an emergency fund and how big it is BEFORE YOU PURCHASE!
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