Understanding Condominium Maintenance and Special Assessments
What Your Maintenance Covers
Landscaping on front entrances
Maintenance of all amenities: Pools, tennis courts, playground
Utilities for common areas
Common area reserves
Special Assessments are fees that are assessed to pay for mutually owned projects. An example of a special assessment would be damage from a hurricane, that exceeded the amount the insurance would pay. For instances, if the condo association incurred 1.5 million dollars in damages, but the current insurance only covered 1 million, the remaining $500,000 would be assessed to all of the owners.
Another example of a special assessment would be to update a swimming pool that is considered a “common element” which has joint ownership of all condo owners. If the board of directors were to decide to upgrade/update the swimming pool, those funds for the word would be assessed to all of the existing owners in the form of a special assessment.
Special assessments are paid along with your condominium dues each month and continue until the job is complete or the full payment is met.