February 2015
Special assessments are a last resort when a condo corporation lacks the financial resources to meet their financial obligations. The most visible symptom of this is an inability to properly maintain the condo building. This may be evident when damaged infrastructure is not repaired or when common areas of the building look worn and require updating.
Fortunately, this is a relatively easy problem to avoid.
Plan ahead!
Don’t wait for problems to materialize before preparing to address them. Most problems take years to reach a point when costly repairs or replacement is necessary.
Take the time before funds are needed to build up the reserve fund so that it can pay for upcoming repairs and upgrading.
