What are special assessments? They may not be the sexiest part of Boston real estate discussion, but we have to know it all, friends!
Generally speaking, this situation comes up in a Boston condo building, when the condominium association doesn’t have enough money in the reserves to complete repairs. You have to have enough money in the reserves to cover repairs, OR the special assessment gets passed to the condo owner.
Example: If your condo building needs a new roof, and there’s not enough in the reserves, you have to pay for it!
My rule of thumb for HOA reserves can help out here. I recommend 10K per unit.
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