FYI: You might “only” be responsible for what is inside your condo but you are 100% on the hook for the costs external to your unit.
Surfside in Miami has forced all of the Condos to re-imagine their finances. Some units are being hit with $100,000 Special Assessments to repair the foundation, or facade, or just keep sufficient balance. There is no way out of this except to sell. They can charge you whatever they want, whenever they want.
Also “external” problems are also yours. One of the 5 units above yours flood into yours? That’s a civil problem between you and the whichever unit it is. Good luck finding them, and getting your money. Even if you get it. You still have to deal with the trouble.
Had condo suffer water damage 11 times in 8 years due to various reasons caused by units above. Basically on your own. Condo board is not getting involved. You get all the problems of someone else’s lack of maintenance, and none of the benefits of your own maintenance.
Condo Fees went from $110/month to $930/month because ‘fuck me’ I guess. No control over that either. You can petition the board but it’s full of old nosy fucks.
Oof, glad I read this so we know what questions to ask/red flags to look out for if we ever do pull the trigger on purchasing a condo!
COA fees going from $110 to $930 is fucking wildly crazy work. Did they at least tell you WHY it shot up like that?
And its also crazy that special assessments cab be billed for that high per unit. We’d be fucked! I thought the point of paying COA fees each month was supposed to spread the cost of maintenance around/ensure there are savings in the bank to cover major repairs!
FYI: You might “only” be responsible for what is inside your condo but you are 100% on the hook for the costs external to your unit.
Surfside in Miami has forced all of the Condos to re-imagine their finances. Some units are being hit with $100,000 Special Assessments to repair the foundation, or facade, or just keep sufficient balance. There is no way out of this except to sell. They can charge you whatever they want, whenever they want.
Also “external” problems are also yours. One of the 5 units above yours flood into yours? That’s a civil problem between you and the whichever unit it is. Good luck finding them, and getting your money. Even if you get it. You still have to deal with the trouble.
Had condo suffer water damage 11 times in 8 years due to various reasons caused by units above. Basically on your own. Condo board is not getting involved. You get all the problems of someone else’s lack of maintenance, and none of the benefits of your own maintenance.
Condo Fees went from $110/month to $930/month because ‘fuck me’ I guess. No control over that either. You can petition the board but it’s full of old nosy fucks.
Oof, glad I read this so we know what questions to ask/red flags to look out for if we ever do pull the trigger on purchasing a condo!
COA fees going from $110 to $930 is fucking wildly crazy work. Did they at least tell you WHY it shot up like that?
And its also crazy that special assessments cab be billed for that high per unit. We’d be fucked! I thought the point of paying COA fees each month was supposed to spread the cost of maintenance around/ensure there are savings in the bank to cover major repairs!