Have you ever heard of a special assessment? If you are looking at Kew Gardens condos, special assessments might fall under the "cons" column of your pros and cons list.
Special assessments are an amount of money that condo owners must pay to fund a major renovation or bulk up a low reserve account. Although poorly-managed HOAs tend to get hit with special assessments more frequently, no HOA is immune to them.
If you are learning about special assessments for the first time, your head is probably swimming with questions. Here are some FAQs we hear about special assessments from buyers who are interested in Kew Gardens condos:
Q: If I am interested in a condo with a special assessment due, who is responsible for it?
A: It depends. Special assessments are sometimes used as negotiating points in condo sales.
Q: Does the seller need to tell me about an upcoming special assessment?
A: Generally, the seller must disclose special assessments. As a buyer, you can ensure that you have all the information you need by asking the seller for details about current special assessments. You can also ask the HOA board if they plan to charge a special assessment in the next several months. Use this info to negotiate a fair price for Kew Gardens condos.
Q: Do special assessments happen frequently, or are they a rare occurrence?
A: The answer to this question varies by building. As you browse Kew Gardens condos, ask to review the HOAs financial history documents to check for an undesirable pattern there.
Q: Are special assessments a lump sum payment, or can I spread them out over time?
A: If you encounter a special assessment (and you probably will), be prepared for either situation. Very large assessments are typically paid over time, with the extra amount tacked onto your monthly HOA fee.
If you are interested in Kew Gardens condos, contact Kew Gardens Realty to learn more about how a special assessment could impact your purchase.