Yes. We had a similar situation years ago with regard to raising a fuel tank that was below ground used for emergency power outages in my condo. The tanks had to be moved above ground. We were late and we paid a fine!
So if you own a condo in one of these properties, these inspections are done every 10 years so if you get hit with a 100k assessment you will have 10 years to pay off your loan for these assessments then you start over for another 10 years. So basically your screwed unless you walk away
And that’s all because you’ve decided that these buildings require $100,000 every 10 years. And no part of your hundred thousand dollars is keeping reserves so 10 years from now there will be no assessment.
@ read my post again, I did not decide, I understand how condo’s operate and the condo HOA will do the bare minimum to pass the first time and the second wave in 10 years will be more. If you think about this for a min. And this you need to really think about this next step- 10 years after the 1st assessment the building will 10 years older and with extreme weather events you would be smart to plan for the worst and hope for the best. Now here is a question for you bright boy how many extreme weather events do you think the state of Fl. Will get hit with each year for the next 10 years, and if your best predictions is 5 major hurricanes or extreme weather events per year that comes to 50 extreme weather events over a 10 year span and with the property aging ten years it will need minor to major repairs, now add in the increased cost of those repairs in 10 years. The one thing that really pisses me off is people like you who want to tell me what I posted. Next time read the post & understand the post before you reply bright boy.
Prospective buyers. Stay away from condos who have not completed the inspection and understand the special assessments.
Moving is the better alternative
No one can afford this high beeping insurance
NICE!! Either pay, or you’re going to end up paying MORE 🥴
Yes. We had a similar situation years ago with regard to raising a fuel tank that was below ground used for emergency power outages in my condo. The tanks had to be moved above ground. We were late and we paid a fine!
These buildings have been collecting maintenance for decades.
Don't put the pool on the roof
No bailouts!
Ain’t no ordinary deadline! It’s one of those MAJOR deadlines!
I guess deadlines are optional. I'll have to let my boss know this.
So if you own a condo in one of these properties, these inspections are done every 10 years so if you get hit with a 100k assessment you will have 10 years to pay off your loan for these assessments then you start over for another 10 years. So basically your screwed unless you walk away
And that’s all because you’ve decided that these buildings require $100,000 every 10 years. And no part of your hundred thousand dollars is keeping reserves so 10 years from now there will be no assessment.
@ read my post again, I did not decide, I understand how condo’s operate and the condo HOA will do the bare minimum to pass the first time and the second wave in 10 years will be more. If you think about this for a min. And this you need to really think about this next step- 10 years after the 1st assessment the building will 10 years older and with extreme weather events you would be smart to plan for the worst and hope for the best. Now here is a question for you bright boy how many extreme weather events do you think the state of Fl. Will get hit with each year for the next 10 years, and if your best predictions is 5 major hurricanes or extreme weather events per year that comes to 50 extreme weather events over a 10 year span and with the property aging ten years it will need minor to major repairs, now add in the increased cost of those repairs in 10 years. The one thing that really pisses me off is people like you who want to tell me what I posted. Next time read the post & understand the post before you reply bright boy.