Special assessments can happen unexpectedly to home owners of condominiums.
An unknown expense is difficult for a homeowner to budget for, which can be challenging to pay for. A Homeowners Association board can at any time decide that they need more money for maintaining, repairing and replacing equipment or other features in all the common areas. To pay for the costs of the common area upkeep, the HOA normally collects periodic dues from each homeowner, but this may occasionally not be enough, and therefore a special assessment may be initiated.
Higgins Building homeowners have recently decided that a special assessment is required to maintain and correct the construction problems with the original facade of the building, which has been crumbling and falling down onto the sidewalk below. The assessments may be for as much as $20,000 to $25,000 per unit. The exact dollar amount is unknown, as is the payment plan.
Sometimes homeowners insurance can cover some special assessments.
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Copyright © 2016 This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association, seller or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.