When you own a condominium along 30A, you’ll be part of a condo owners’ association – and as a member, you may occasionally have to face an assessment. So what is an assessment, and how much will it cost you? Here’s what you need to know.
What is a Condo Assessment?
In addition to monthly association dues, you may encounter a special assessment. An assessment is an extra fee that you and the other owners may have to pay in order to cover a large or unexpected expense. For example, if an alligator falls into your pool and has babies inside the filter, the association will cover the cost of its removal.
How Does a Condo Assessment Work?
If your association’s reserve fund is low (or even empty) when something goes wrong, you’ll have to pay a special assessment. Sometimes associations add these fees in small monthly amounts that last until it’s paid off – but other associations may require a lump sum payment.
How Much Will a Special Assessment Cost You?
A special assessment’s total amount depends on the cost of repairs or replacement. If the board needs $40,000 for a new roof on the building, that cost is typically divided between all the owners. If there are 40 owners in that case, each owner is responsible for paying $1,000.
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