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What is a Special Assessment in a Condo Association?
Dated: October 7 2020
Views: 254
If you’re buying a condo for sale in Vero Beach or one of the surrounding communities, you’ll be part of a condo owners’ association – and in addition to your regular dues, you may have to pay an occasional special assessment. Here’s what you need to know so you’re prepared before you sign the dotted line.
What is a Special Assessment in a Condo Association?
A special assessment is a fee that some condo associations must charge residents if the association’s reserve fund is too low to cover an expense. A well-managed association holds a significant reserve fund that should cover major repairs, renovations or replacements of community amenities – but even the best associations can run in trouble from time to time.
How Much Does an Assessment Cost?
Every special assessment is different. The amount each homeowner must pay depends on the cost of the repair.
For example, if you live in a condominium building that needs a $40,000 roof replacement, you’ll share that cost with all the other owners. If there are 40 units in your building, each owner is likely to pay around $1,000.
When Do You Have to Pay for an Assessment?
Some condo owner associations spread the cost over a few months (or more) and collect with your regular dues. However, some associations require homeowners to pay the entire amount in one lump sum.
How Do I Find Out About Past Assessments?
If you’re considering buying a condo, you can ask the association to provide you with information on past assessments.
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Chip Boyer
Chip is the IT Manager for Alex MacWilliam Real Estate. He handles the technology needs of the company as well as helping agents in their day to day problem solving.....
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