Updated over 8 years ago on . Most recent reply
Condo
Can the homeowners association raise prices at all. I'm looking at a condo but want to know what the process would be if they needed to raise the price from 200$ to a higher price?
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I know of no laws limiting the amount of condo fee increases, but there may be localities where there is some law like rent control.
Besides condo fees they also have the ability for "special assessments". This happens when there is some large expense that the association can't cover out of their funds so they assess all the owners to pay the large bill. For me it has happened for new roofs, new siding, repaving the parking lot and for extraordinary high snow removal costs (think Buffalo on smaller scale.) They assessment are not so special and have cost me thousands of dollars. Some times condos purposely keep the monthly fees low to attract buyers, then make up the difference with special assessments.