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Real Estate
Reply to "I need to raise Common Charges Again - When do I tell People?"
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[quote=Anonymous][quote=Anonymous]You could do a one time assessment to help build the reserves / keep common charges down another year. Effectively the same as raising common charges but sometimes feels better psychologically…..[/quote] Do a meeting, be super transparent about the new costs, explain that you wish you upped the rates, and ask them if they want a special assessment or raised rates. I've lived in a townhouse condo for 21 years. We had good reserves until recent construction inflation increased the price of a 25 year roof replacement. We are going to have an $8,500 special assessment payable as a lump or in 24 month installments. If you don't have reserves that should also spook buyers. The person who is selling may prefer to lump sum and pay as the sale goes through. Or give a price discount to the buyer.[/quote]
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