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.
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).
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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.
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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).