{"id":6063,"date":"2024-10-21T21:44:28","date_gmt":"2024-10-22T01:44:28","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=6063"},"modified":"2024-10-21T21:44:30","modified_gmt":"2024-10-22T01:44:30","slug":"buying-my-first-condo-can-i-avoid-special-assessments","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/buying-my-first-condo-can-i-avoid-special-assessments\/","title":{"rendered":"Buying My First Condo. Can I Avoid Special Assessments?"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full is-style-rounded is-style-rounded--1\"><img loading=\"lazy\" decoding=\"async\" width=\"1430\" height=\"953\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/10\/buying-my-first-condo-can-i-avoid-special-assessments.webp\" alt=\"\" class=\"wp-image-6064\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/10\/buying-my-first-condo-can-i-avoid-special-assessments.webp 1430w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/10\/buying-my-first-condo-can-i-avoid-special-assessments-300x200.webp 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/10\/buying-my-first-condo-can-i-avoid-special-assessments-1024x682.webp 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/10\/buying-my-first-condo-can-i-avoid-special-assessments-768x512.webp 768w\" sizes=\"auto, (max-width: 1430px) 100vw, 1430px\" \/><\/figure>\n\n\n\n<p>You might be considering a condo as a way to break into the housing market. Or you might be downsizing, and opting for a compact lifestyle. Maybe you just want to live in a community with great amenities. You could even be planning to <a href=\"https:\/\/www.deeds.com\/articles\/can-condo-buyers-freely-work-in-sell-and-rent-their-condos\/\">buy a condo to rent out<\/a>.<\/p>\n\n\n\n<p>You know about the monthly HOA dues, of course. But what\u2019s up with potential special assessments? When the monthly dues can\u2019t cover an unplanned expense, then the homeowners\u2019 association (HOA) board of directors may decide to impose a special assessment.<\/p>\n\n\n\n<p>It\u2019s fairly common for condo owners to face these unexpected costs for major repairs. So, let\u2019s talk about condos and one of their least popular aspects: special assessments. Consider this article your issue-spotting checklist.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">\u2705 Check the Age of the Building(s).<\/h2>\n\n\n\n<figure class=\"wp-block-image alignright size-large is-style-rounded is-style-rounded--2\"><img loading=\"lazy\" decoding=\"async\" width=\"769\" height=\"1024\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/10\/check-the-age-of-the-building-769x1024.webp\" alt=\"\" class=\"wp-image-6065\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/10\/check-the-age-of-the-building-769x1024.webp 769w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/10\/check-the-age-of-the-building-225x300.webp 225w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/10\/check-the-age-of-the-building-768x1023.webp 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/10\/check-the-age-of-the-building.webp 781w\" sizes=\"auto, (max-width: 769px) 100vw, 769px\" \/><\/figure>\n\n\n\n<p>The phrase &#8220;special assessment&#8221; usually won\u2019t sit well with unit owners. But the older the development is \u2014 all other things being equal\u2014 the more likely they\u2019ll hear it.<\/p>\n\n\n\n<p>Is the development you\u2019re looking at more than 35 years old? If so, there\u2019s probably a good deal of wear and tear on the common areas. The property\u2019s infrastructure may need special maintenance or updating. The board might need all the owners to come up with the extra money, above and beyond the dues they pay monthly.<\/p>\n\n\n\n<p>Skilled property managers:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Perform regular inspections.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Anticipate and carry out necessary upgrades.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Keep ample sums in a reserve account.<\/li>\n<\/ul>\n\n\n\n<p>If the property managers are alert, they can anticipate unscheduled costs in older buildings. Still, condo buyers can make their purchase offers contingent on an inspection of the building\u2019s foundation, roof and duct work, and overall structural integrity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u2705 Check the Governing Documents.<\/h2>\n\n\n\n<p>Look for information on how condo dues and special assessments work in the property\u2019s Covenants, Conditions, and Restrictions (CC&amp;Rs). You\u2019ll see how the property imposes payments (and the penalties for nonpayment). HOA documents&nbsp;often say&nbsp; <em>capital improvement assessments.<\/em> That means special assessments.<\/p>\n\n\n\n<p>Regular monthly dues (<em>regular assessments<\/em>) pay for the property\u2019s common needs. This means routine maintenance for buildings and grounds, salaries, the master insurance premiums, and other normal operational expenses. When the regular funding falls short of a pressing need, or there\u2019s sudden damage that can\u2019t be covered by the master policy, the board can impose special assessments. At that time, the condo unit owners may need to cover, proportionate to their ownership share, the amount needed. But HOA boards can\u2019t exceed their authority as laid out in a property\u2019s governing documents and applicable laws.&nbsp;<\/p>\n\n\n\n<p>So, look at the master policy deductibles and caps. This will help you and your insurance broker project your potential needs for extra coverage. The state\u2019s condo law will tell you more about the limits of an association\u2019s assessment authority. It may tell you other important information too, such as stating that unit owners have to vote to approve larger special assessments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u2705 Check the Reserve Fund.<\/h2>\n\n\n\n<p>The HOA\u2019s cash reserves get replenished month by month by unit owners\u2019 HOA dues. But how does the board determine what the reserve fund will be? How often are the property\u2019s financial needs actually up for review?<\/p>\n\n\n\n<p>Some condo properties, for instance, bring their engineering company in and carry out reserve fund studies every three years.<\/p>\n\n\n\n<p>Ask the property manager how this is handled. Or consult with the current board chair.<\/p>\n\n\n\n<p>Ask to see the latest reserve study and the property\u2019s master insurance policy. Get an opinion from your insurance broker. A well insured condo is less likely to call for special assessments to cover unpredictable damage, spikes in inflation, or other tricky situations.<\/p>\n\n\n\n<p>Speaking of getting professional opinions, your mortgage specialist may also be a good guide. A mortgage expert can look over a condo property\u2019s financial plans, its reserves, and its insurance coverage to help you judge the property\u2019s financial strength.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u2705 Check With Your Tax Specialist.<\/h2>\n\n\n\n<p>As long as a condo board follows its rules and the condo law of the state, and assuming its decision-making process is reasonable and in the condo unit deed holders\u2019 best interest, owners will need to pay the extra charge. Otherwise, they risk getting liens slapped on their units\u2019 titles.<\/p>\n\n\n\n<p>Now, you might wonder: can these unforeseen charges be written off your tax bill?<\/p>\n\n\n\n<p>Unfortunately, no. If you buy a condo to live in, your condo fees and assessments aren\u2019t deductible. Later on, your extra payments can be added to the cost basis of your property when you sell, so you could receive a tax advantage then.<\/p>\n\n\n\n<p>If you\u2019ll rent out part or all of the condo, you may be getting tax breaks on the costs of improvements to the property. We cannot offer personalized financial planning or tax advice. So, speak to a tax expert for current guidance that applies to your situation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u2705 Check the Area\u2019s Weather History&nbsp;<\/h2>\n\n\n\n<p>Buying into an area prone to flooding, fires, earthquakes, or severe weather? Find out if the board and management are acting mindfully, and keeping enough in their reserves.<\/p>\n\n\n\n<p>Do your own research to learn whether the area is prone to fires or <a href=\"https:\/\/www.deeds.com\/articles\/safe-or-sorry-the-evolving-law-of-disclosing-flood-risk-and-how-to-look-up-your-own-homes-risk-of-flooding\/\">prone to flooding<\/a>. In a time of climate disruptions, this step is essential.<\/p>\n\n\n\n<p>Some homeowners\u2019 associations go many years without a special assessment. Some elect competent boards and hire experienced work teams, and supportive managers. Some don\u2019t. (HOA boards are made up of unit owners and many have no particular qualifications.)<\/p>\n\n\n\n<p>If you really want to know where the finances stand, run for a board position. At least attend the meetings. Learn how frequently the board meetings are open to the whole community. If the board acts in a transparent way, you should be able to get a good idea of how your funds will be handled.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u2705 Check In With Your Insurance Broker<\/h2>\n\n\n\n<p>You could ask your broker about purchasing an endorsement to your home insurance policy called <em>loss assessment coverage<\/em>. This coverage can help you pay for property damage, and even medical costs.<\/p>\n\n\n\n<p>Such an endorsement could be useful in the case that damages to the common elements of the property add up to more than the property\u2019s master insurance policy will cover.<\/p>\n\n\n\n<p>This type of coverage doesn\u2019t help pay for preventative upgrades \u2014 just the damages involved in the special assessment. To find out more, ask your insurance pro.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">In This Together<\/h2>\n\n\n\n<p>As long as the property has a functional board and competent management, the potential for special assessments should not be a deal-breaker for the condo shopper.<\/p>\n\n\n\n<p>As a rule, everyone dislikes special assessments. Board members are unit owners, too. They\u2019ll take pains to avoid burdening owners with surprise costs. But unplanned needs can occur at any property. When used with care, special assessments can support the best interests of the deed holders.<\/p>\n\n\n\n<p>So, it\u2019s important to learn how a property is operated before signing that purchase agreement. To take care of the property\u2019s needs, the board must be committed to sound, regular financial planning. It\u2019s the only way to avoid too many special assessments.<\/p>\n\n\n\n<div class=\"wp-block-group has-accent-5-background-color has-background has-small-font-size is-layout-flow wp-block-group-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--10);padding-right:var(--wp--preset--spacing--10);padding-bottom:var(--wp--preset--spacing--10);padding-left:var(--wp--preset--spacing--10)\">\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p><em>Deeds.com<\/em>: <a href=\"https:\/\/www.deeds.com\/articles\/condos-and-special-assessments\/\">Condos and Special Assessments<\/a> (Jun. 24, 2022).<\/p>\n\n\n\n<p>And as linked.<\/p>\n\n\n\n<p><strong>More on topics: <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/with-home-prices-soaring-condos-are-a-relative-bargain-heres-how-their-deeds-work\/\">How condo deeds work<\/a><strong>,&nbsp;<\/strong><a href=\"https:\/\/www.deeds.com\/articles\/when-condo-associations-and-free-speech-rights-collide\/\">condo property restrictions<\/a><\/p>\n\n\n\n<p>Photo credits:\u00a0<a href=\"https:\/\/www.pexels.com\/photo\/stylish-apartment-interior-with-cozy-windowsill-and-dining-area-7393994\/\" target=\"_blank\" rel=\"noreferrer noopener\">Max Vakhtbovycn<\/a> and <a href=\"https:\/\/www.pexels.com\/photo\/white-concrete-high-rise-building-2119714\/\" target=\"_blank\" rel=\"noreferrer noopener\">Tobias Bj\u00f8rkli<\/a>, via Pexels.<\/p>\n<\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>You might be considering a condo as a way to break into the housing market. Or you might be downsizing, and opting for a compact lifestyle. Maybe you just want to live in a community with great amenities. You could even be planning to buy a condo to rent out. You know about the monthly [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6064,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[183],"tags":[1872,1106,1871,1715,1870,1868,643,1869],"class_list":["post-6063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-condo","tag-avoiding-special-assessments","tag-condo-buying","tag-condo-governing-documents","tag-condo-insurance","tag-condo-reserve-funds","tag-hoa-dues","tag-real-estate-tips","tag-special-assessments"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Buying My First Condo. Can I Avoid Special Assessments? - Deeds.com<\/title>\n<meta name=\"description\" content=\"Buying a condo? Learn how to avoid special assessments by checking building age, reserve funds, governing documents, and insurance coverage. Essential tips for condo buyers to make informed decisions and avoid unexpected costs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.deeds.com\/articles\/buying-my-first-condo-can-i-avoid-special-assessments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buying My First Condo. Can I Avoid Special Assessments? - Deeds.com\" \/>\n<meta property=\"og:description\" content=\"Buying a condo? Learn how to avoid special assessments by checking building age, reserve funds, governing documents, and insurance coverage. Essential tips for condo buyers to make informed decisions and avoid unexpected costs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.deeds.com\/articles\/buying-my-first-condo-can-i-avoid-special-assessments\/\" \/>\n<meta property=\"og:site_name\" content=\"Deeds.com\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/deedsrealestate\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-22T01:44:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-22T01:44:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/10\/buying-my-first-condo-can-i-avoid-special-assessments.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1430\" \/>\n\t<meta property=\"og:image:height\" content=\"953\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Deeds.com\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@RealEstateDeeds\" \/>\n<meta name=\"twitter:site\" content=\"@RealEstateDeeds\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Deeds.com\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.deeds.com\\\/articles\\\/buying-my-first-condo-can-i-avoid-special-assessments\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.deeds.com\\\/articles\\\/buying-my-first-condo-can-i-avoid-special-assessments\\\/\"},\"author\":{\"name\":\"Deeds.com\",\"@id\":\"https:\\\/\\\/www.deeds.com\\\/articles\\\/#\\\/schema\\\/person\\\/8e0eeca72de74094ddaa30fc54159b6b\"},\"headline\":\"Buying My First Condo. 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