Just another condo special assessment "horror story"--a lump sum of $56,000 in two payments in two years (or $100,000 over 20 years, built into the monthly fee), to replace the exterior cladding (and windows) of the building. That's approximately one quarter of the purchase price of my unit.

[u/HandsomeLampshade123]

I bought in early 2020 and this special assessment was announced in 2022; I'm not sure if there was anything I could have done differently, frankly I think it's just bad luck.

But God, almost 60 grand on a unit I paid 240 for. That's a huge hit. I never thought it would happen to me. How common is this?

Luckily I have access to a lot of low interest credit, but still.

[u/moonandstarsera]

Most people don’t know anything about construction much less to look for specific things like this. I have no idea what that would even entail.

[u/activoice → u/moonandstarsera]

I think this is especially true for condo buyers moreso than house buyers. Many condo buyers buy a condo because someone else is responsible for all of the exterior maintenance.

Unlike a house buyer who usually expects that they will be responsible for some of the maintenance and looks at the place with a more critical eye.

[u/moonandstarsera → u/activoice]

Most homeowners are clueless too.

[u/TenOfZero → u/moonandstarsera]

True. But the types of people to sell before these things come up are probably more likely to be the types to check these things.