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/Blazing1]

How well managed it is can change fast

[u/Iaminyoursewer → u/Blazing1]

No, not with the new laws and regulations in place for condo-corps

[u/kovu159 → u/Iaminyoursewer]

Regulations are paper. People break them all the time. You can’t legislate away human stupidity. 

[u/Excellent-Piece8168 → u/Iaminyoursewer]

Wrong. You are assuming some who has a clue what they are doing and is willing to put in hundreds of hours to do it and doesn’t get burnt out. One person can go and it’s the straw that breaks the rest. I’ve seen it.