HUGE Condo Special Assessment (Be Aware!!)

HUGE Condo Special Assessment (Be Aware!!) Everyone needs to be weary buying a condo or in an Association as there could be a Special Assessment looming around the corner.

Special Assessments usually happen when there are issues with buildings or common elements inside an association where they did not have enough reserves to cover the cost to repair.

In this situation, this special assessment happened on a Florida condo where there was much needed concrete restoration. Unfortunately most owners will be assessed around $20,000 as again no adequate funds for this unforeseen project.

Therefore, a special assessment was the only option in order to repair the buildings quickly and safely.

In this video, I also talk about some tips to try to prevent buying into a community that might have future special assessments. Thank you for watching!

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Disclosure: Steve Daria is a real estate broker. He is NOT an attorney, accountant or financial planner or any other type of licensed professional. Always seek out the appropriate professionals in your area for the advice needed regarding taxes, law, construction and finance. Florida Real Estate Broker Lic# BK3030453.

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