ForgotPassword?
Sign Up
Search this Topic:
Forum Jump
Posts: 26479
06/06/2013 10:29 AM
lilSS wrote: 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.RE: Special assessments...when you get your homeowners insurance, make sure that there is a provision for such. I didnt know I shouldve had this provision until I switched my provider after almost 6 years. I made sure that I now have at least $10k coverage for special assessments and it barely raised my premium. Good way to make sure that unless its really nuts, you have some coverage for such.
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.
Share This Link