Twin Cities Condos: Why and When Do Owners May See Special Assessments?
Owners of Twin Cities condos & lofts typically pay monthly assessment, known as the Homeowners’ Association (HOA) fee. If you have a mortgage on the property, it is a separate payment. The monthly association fee keeps the common areas in good condition year-round, etc.
By pooling the maintenance funds, condo owners tend to pay more cost-effectively than do homeowners or renters who pay individually for landscaping, roofing, drainage and paving repairs, pool cleaning and safety, snow and debris removal, and so forth.
The Special Assessment: What It’s For, How It’s Charged
Occasionally, the owners of condos, townhouses, or lofts could be charged a special assessment above the normal HOA fee. The assessment cost may cover the repairs and/or replacement for a roof, tuck-pointing, etc..
The board of directors that manages the collective property levies the special assessment against the owners while each unit covers a small portion of the fund. Similar to the HOA, the special assessment bill may vary by condo square footage—each owner’s interest or a flat fee. The association and/or board also selects and hires the contractors.
In Minnesota, the condo association’s set of governing documents will set forth particular operating rules. Read these documents to understand the association’s expectations, how often and where to pay the regular monthly assessment (HOA fee), and whether special assessments are paid monthly, annually, or with an option to pay the entire balance. The condo owner may see special assessments added to their annual property taxes. To participate in the association’s decisions, run for a board position, or at least attend the meetings.
Making Condo Living Your Lifestyle Choice
We encourage you to learn more about the varied selection of downtown St Paul condos for sale, as well as downtown Minneapolis condos for sale. Twin Cities condo living is not just a trend; it’s a lasting lifestyle choice.
If you’re ready to set up an appointment and tour your next home, please feel free to contact Shannon today!
Shannon Lindstrom, REALTOR®, AHWD, CRS, GREEN
748 Grand Avenue
St. Paul, MN 55105