The Expensive Hidden Cost of Owning A Condo

Are you familiar with the term "special assessment" concerning condo ownership? If not, it's crucial to understand this concept before purchasing a condo. In this short video, we discuss special assessments and their significance. When you become a condo owner, you'll likely pay an association fee, a portion of which might go into a reserve fund for future repairs and renovations.

However, there are instances when these costs exceed the reserves, or the building needs such funds. That's when a special assessment comes into play, adding an extra fee on top of your association fee. It could be a minor or substantial increment, making special assessments a potential burden for condo owners.

Discover why setting money aside for unforeseen expenses is essential and how special assessments can affect older and newer condo buildings, even brand-new ones. Don't let special assessments scare you away from buying a condo; instead, equip yourself with the knowledge to make informed decisions. Tune in now to learn more about special assessments in condo ownership!

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DISCLAIMER❗️
I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be taken as tax, legal, insurance, health & safety, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a Youtube video for entertainment purposes only.

Anthony J. Johnson P.A. is a licensed real estate agent with Voro, Florida, LIC 3370479.

[Yupokoli]

Thanks for the quick and straightforward explanation!