Special Assessment: An additional payment that a condo board levies on owners if there are expenses not budgeted or not outlined in the reserve fund study/plan for which current reserve funds are not budgeted to cover.
What would happen to your personal finances if you were required to pay an additional $800 this year towards condo repairs? What would happen if that figure was $18,000?
A buyer needs to always be careful when making a condo purchase, but a series of reports last week brought to light some of the challenges and issues arising in some projects.
The reports can cause fear and the media hype is there, but it is most important for buyers to educate themselves so that they buy a condo with knowledge. The issues highlighted in this series range from minor to major. CBC Special Report Series
Buyers must review the pile of condo docs provided and it is highly recommended they use a professional condo review company to review documents on their behalf. It is about so much more than granite countertops and cabinet design which become rather irrelevant when there is mould in the ceilings.
There are hundreds of condo buildings in our city and may have great reputations and history. Others have issues as highlighted above. Last year I wrote a blog called 'So you Want to Buy a Condo' which went over some of the main items to review when considering a condo purchase.