Condo Media - July 2012 - (Page 26)

HOMEOWNER’S CORNER A Homeowner’s Guide Understanding Special Assessments here’s no way to sugarcoat it: everyone hates special assessments. Getting a notice that you owe more money to the association can put a damper on your day and a dent in your wallet. In a perfect world, there would never be a need for special assessments — or any other type of assessments for that matter — but they are sometimes necessary. Special assessments are often levied when the association needs to make repairs or improvements to common elements but lacks the funds or reserves to cover the costs. While the board may try to keep a healthy reserve fund and T budget in advance for these projects, unforeseen expenses can occur. When this happens, the board may have to call upon residents to pitch in. Unfortunately, special assessments aren’t optional fees and residents are responsible for paying them in the same way they’re responsible for general association assessments. It is important to remember that these fees are funding projects that will benefit all residents, and your special assessment fees are your contribution toward that. Boards don’t take levying special assessments lightly. They understand these can be a hardship for unit owners. They’re also an extra financial burden on resident board members, too. Because of this, levying special assessments is often a last resort. There may also be regulations that must be followed before levying a special assessment. While none of this changes 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 Call the professionals at: PURITAN FLOOD RESTORATION 24 hr Emergency Service Water Removal / Structural Drying Infrared Leak Detection Restorative Drying Toll Free 800-464-0063 or 781-449-5552 26 CONDO MEDIA • JULY 2012

Table of Contents for the Digital Edition of Condo Media - July 2012

Condo Media - July 2012
From the CED’s Desk
President’s Message
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Financial Questions
CertaPro Painters How a Multinational Corporation Keeps it Local for Clients
Protecting Your Association’s Assets Oversight and Due Diligence
Community Association Data Released
Your Condo’s Future Planning for the Expected — and the Unexpected
Lost in Translation Statutes Allow Community Associations to Set their Own Reserve Requirements — or Not
CertaPro Painters How a Multinational Corporation Keeps it Local for Clients
Advertisers Index
Classified Service Directory

Condo Media - July 2012