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SPECIAL ASSESSMENT – CONSIDER THE ALTERNATIVES

Author: 
Toronto Condo News
Publication date:
March 1, 2023
Article Summary: 

The article titled "Special Assessment: Consider the Alternatives" discusses the concept of special assessments in condominium communities and explores alternative options for funding major repairs or unexpected expenses. It highlights that special assessments can place a financial burden on condo owners and may not always be the most favorable approach. The article explores alternatives such as borrowing, using reserve funds, obtaining government grants or loans, and implementing cost-saving measures. It emphasizes the importance of careful consideration, open communication, and collaboration among condo owners and the board when determining the most suitable funding approach. The article aims to provide information and insights to help condo communities navigate the financial challenges associated with major repairs or unexpected expenses.

Keywords: 

special assessment, alternatives, condominium communities, funding, major repairs, unexpected expenses, financial burden, borrowing, reserve funds, government grants, government loans, cost-saving measures, careful consideration, open communication, collaboration, condo owners, board, financial challenges.

Source Citation: 
Toronto Condo News
SPECIAL ASSESSMENT – CONSIDER THE ALTERNATIVES
March 1, 2023
https://tocondonews.com/archives/special-assessment-consider-the-alternatives/
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