What is a condo special assessment?

What is a special assessment? When you buy a condo, you pay association fees, some of which go into a reserve fund for repairs or renovations. But sometimes, these costs exceed the reserves, or the building needs them. Cue the special assessment—a fee on top of your association fee. 💸

📍 Special assessments can burden condo owners unexpectedly. You chose a condo for its low maintenance, right? Well, repairs and shared expenses among owners can happen, disrupting that convenience.

☔️💰Tip: Always set aside money for unexpected expenses related to your property. Being proactive will help you weather those special assessments, which can be costly.

🏗️🤔 Recent events, like the Surfside collapse, have shown that special assessments may increase, especially for older buildings. But even new buildings aren't immune—construction flaws can surprise you.

💪💼 Stay informed, be prepared, and navigate the world of special assessments as a savvy condo owner—plan, so you can handle any financial surprises that come your way. Your
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