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Posts: 16480
06/05/2013 9:09 PM
NancyOttawa wrote:ANother thing to check into ..... how old is the unit? My building is now 22 years old and ended up needing some major work done. Although we have a very healthy "slush fund" we needed about $600,000 for the repairs required to the brick work. So on top of paying $360/month condo fees, every owner in our 111 unit building got 2 months notice to come up with an extra $3000 "special assessment fee". And they told us this 2 months before Christmas. If you didn't pay up, we were threatened with a lien to be put on our property. So maybe try and find out if there is any work that has to be fixed in the condo community and how much it may cost you extra. My mom also moved out of her condo a few years ago when my dad died, just in time to miss a $25,000 special assessment fee (about 4 months after she sold)! The new owner had to pay it and was pissed off.
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