• DarthBueller@lemmy.world
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    1 year ago

    Condos don’t have random rent increases, but if there is a capital repair to be done to the building, and the Condo Association doesn’t have a sufficient reserve of condo owner dues to cover the cost, you better believe there’s going to be a sizeable special assessment you’ll have to pay as your share of the expense.

      • DarthBueller@lemmy.world
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        1 year ago

        Yes, it does. As an attorney with experience in the matter, though, the scale of the expense can be outrageous if the COA wasn’t properly funding a reserve account, far greater than typical home surprise expenses. Worse yet if you have a few units in the condo that are bank-owned in a state that basically gives banks a free pass from dues on foreclosed/REO condo properties (Florida, looking at you).