DGS49
Diamond Member
I have just received a financial report and notices of next years financial obligations from my Homowners' Association ("HOA"). I purchased a very nice three bedroom Condo at a good price, and am in the process of moving in. The big and heavy stuff is in, and we are unpacking boxes and finding space for everything we can, realizing that moving from 3500 ft2 to 2000ft2 is a painful process.
Not having owned a Condo before I was more than a little bit curious about HOA fees and related costs. There are only ten units, and the buildings (2) are 23 years old, hence "we" looking at a new roof in the foreseeable future. If the financial planning has been done properly, there should be a fund accumulated by this time, so that when the other shoe drops, the cost will be covered. We were told that the current HOA fee was $250 per month, which is a little high for a place with no clubhouse or pool - really no common facilities to be enjoyed by the owners. The fee covers landscaping, snow removal, building maintenance, insurance, upkeep of the driveways, sidewalks, etc.
I was told that they were getting prices for a new roof, and there might have to be an "assessment" when it comes, but it will be tolerable. I repeatedly told the selling agent and the HOA President that "I don't want no surprises!" from the Homeowners' Association, or otherwise. "No Problem," I was told.
Today's missive drops the following bombs on me: There are two "Special Assessments" in June, $400 and $500, one to pay for past expenses and one to fund future expenses, and the same thing in December. So, with a $10 increase in the monthly HOA fee, we are looking at (12 x $260) + $1,800 in Special Assessments. That is $4,920 per year in HOA fees. There is no way in hell I would have bought this place if anyone had told me that I would have to pay five thousand after-tax dollars per year to the fucking Homeowners' Association.
When going over this with my wife, she related a conversation she had with the HOA Prez shortly after we signed the purchase agreement. She was told that they decided on "Special Assessments," because they knew that NOBODY WOULD BUY ONE OF THESE CONDO'S IF THEY SAW HOW MUCH THE HOA FEE WAS.
No shit. Like ME!
So this was a conspiracy by the 9 other homeowners to conceal the true cost of living here, in order to deceive would-be purchasers. Otherwise these Condo's are UN-SELLABLE!
I'm not sure what recourse I have, but I'm not inclined to respond affirmatively to the Christmas Party invitation.
Not having owned a Condo before I was more than a little bit curious about HOA fees and related costs. There are only ten units, and the buildings (2) are 23 years old, hence "we" looking at a new roof in the foreseeable future. If the financial planning has been done properly, there should be a fund accumulated by this time, so that when the other shoe drops, the cost will be covered. We were told that the current HOA fee was $250 per month, which is a little high for a place with no clubhouse or pool - really no common facilities to be enjoyed by the owners. The fee covers landscaping, snow removal, building maintenance, insurance, upkeep of the driveways, sidewalks, etc.
I was told that they were getting prices for a new roof, and there might have to be an "assessment" when it comes, but it will be tolerable. I repeatedly told the selling agent and the HOA President that "I don't want no surprises!" from the Homeowners' Association, or otherwise. "No Problem," I was told.
Today's missive drops the following bombs on me: There are two "Special Assessments" in June, $400 and $500, one to pay for past expenses and one to fund future expenses, and the same thing in December. So, with a $10 increase in the monthly HOA fee, we are looking at (12 x $260) + $1,800 in Special Assessments. That is $4,920 per year in HOA fees. There is no way in hell I would have bought this place if anyone had told me that I would have to pay five thousand after-tax dollars per year to the fucking Homeowners' Association.
When going over this with my wife, she related a conversation she had with the HOA Prez shortly after we signed the purchase agreement. She was told that they decided on "Special Assessments," because they knew that NOBODY WOULD BUY ONE OF THESE CONDO'S IF THEY SAW HOW MUCH THE HOA FEE WAS.
No shit. Like ME!
So this was a conspiracy by the 9 other homeowners to conceal the true cost of living here, in order to deceive would-be purchasers. Otherwise these Condo's are UN-SELLABLE!
I'm not sure what recourse I have, but I'm not inclined to respond affirmatively to the Christmas Party invitation.