Condo assessments are made when more money is needed to fix an issue within the condo association.

Condo Assessments

Condo assessments are additional fees paid by the owners on a monthly or quarterly basis. These are not unusual but you should be aware of the magnitude of the fees. The monthly condo fees are set up to take care of the operating expenses of the condo units and to set aside money for future needs such as new roofs etc. When it comes time for all new roofs, all new sidings or unusual major repairs the money is usually not there. The members assess themselves fees to take care of these needs. So if the fees seem very low then the association does not have a cushion for future needs. Ask how much is in reserve for major repairs. Are there any assessments currently being levied on the members.

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