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.
Prevent home-buying mistakes before searching for a home. Fill out the online form:
HOAdtla.com – For those who need to reach a particular condo building, here is an alphabetical list of Downtown L.A. condominium building managers, HOA management offices, front desk concierge, security guard phone number and management websites. This directory also includes the websites for sales and leasing information. For rentals, click Sales. #dtla
Your Referrals Help the Kids. For every referral I receive, I donate a portion to the Children’s Hospital Los Angeles. With your referrals, you are helping Children’s Hospital ensure that critical life-saving care is available to every child they treat. http://www.ReferralsHelpKids.com
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.
