Condo Media - March 2013 - (Page 24)

HOMEOWNER’S COLUMN NAME CORNER Special Assessments A Homeowner’s Responsibility, A “Necessary Evil” T here’s no way to sugarcoat it: Everyone hates special assessments. Getting a notice that you owe more money to the association can not only put a damper on your day but also a dent in your wallet, both of which the board is sympathetic to. In a perfect world, there would never be a need for special assessments — or any other type of assessments for that matter — but sadly, they’re sometimes a necessary evil. Often times, special assessments are levied when the association needs to make essential repairs, improvements STATEWIDE RM Top quality in masonry restoration, brickwork and waterproofing since 1996 Inch by inch and brick by brick… or additions to the common elements, but lacks extra reserve funds to cover the costs. While boards may put in their best efforts to keep a healthy reserve fund and to budget in advance for these types of projects, occasionally unforeseen expenses occur. When this happens, boards have to call upon residents to pitch in financially so that the association can remain solvent. Unfortunately, special assessments aren’t optional fees, and residents are responsible for paying special assessments in the same way they’re responsible for general association assessments. Just remember, though, that these fees are funding projects that will benefit all residents, and your special assessment fees are your contribution toward that. Thoughtful Consideration & Dialogue We work to ensure the durability and attractiveness of the masonry and other related surfaces of your community association property. 617-686-3302 Kieran Fitzgibbon – President 24 CONDO MEDIA • MARCH 2013 Of course, boards don’t take levying special assessments lightly. Not only do they understand that special assessments can be a hardship for you, but — since they would also be responsible for paying their share of any new special assessment — they’re an extra financial burden on resident board members as well. Because of this, boards try to make levying special assessments a last resort, and, if passed, may offer payment plans when pos- sible. There are also regulations set forth in bylaws that must be followed before levying a special assessment, and in some instances may require residents to vote on the proposed project before a special assessment can be adopted for it. Make sure your opinions on these matters are heard by attending open meetings and voting on these critical projects when necessary. While none of this changes the fact that having to pay special assessment fees is about as fun as a root canal, just remember that it’s all part of the greater good for the association. They’re investments to your home and your community, and can help keep the association a wonderful place to live for years to come. CM

Table of Contents for the Digital Edition of Condo Media - March 2013

Condo Media - March 2013
From the CED’s Desk
Editorial Board
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Vendor Spotlight
Industry Perspective
Self-Managed Association Boards
2013 CAI-NE Spring/Summer Service Directory
Classified Service Directory
Advertisers Index

Condo Media - March 2013