If Forest Hills condos are on your radar this spring, there is one “special” thing to consider. Before you snag or sell a condo, you’ll need to be well-informed about special assessments.
Maybe you’ve heard murmurs about special assessments but never really paid attention because they didn’t apply to you. Perhaps this is all new information! In any case, we are going to clear your confusion about special assessments in Forest Hills condos. Most importantly, we will explain how these charges might impact your real estate transaction.
What Is a Special Assessment?
A special assessment is an amount of money billed to HOA members for large-scale or unexpected repairs or renovations. In some cases, a special assessment is used to bulk up an underfunded reserve account.
Needless to say, special assessments elicit grumbles and groans from HOA members. While you can protest a special assessment, your objections won’t hold much weight if the assessment is intended for a project that maintains residents’ health and safety.
How Does a Special Assessment Affect a Real Estate Transaction?
If you are buying or selling a condo that has a special assessment on the horizon, there are a few things you should know. Here are the biggies:
Special assessments are worth considering, but they are not a deal-breaker in your real estate transaction! If you are thinking about buying or selling Forest Hills condos, connect with Forest Hills Realty today to learn more.