Special Assessments When Buying & Selling Condos

When selling a condo with a special assessment, it is essential to hire an agent who understands special assessments and can educate potential buyers about them. The reason for the special assessment matters; if it adds value to the property, buyers may be more receptive, but if it indicates improper budgeting, it could be seen negatively. While some condo owners may prefer lower fees to attract buyers, it is crucial to be honest about any ongoing special assessments. It is recommended to raise maintenance fees to avoid special assessments whenever possible. Special assessments can be negotiated during the selling process, either by paying them off in advance or reimbursing the buyer upon closing.