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"Navigating Special Assessments in Kingston Condos"
Estimated Reading Time: 2 minutesSpecial assessments in the condo world can be daunting, potentially involving significant out-of-pocket expenses for unit owners. These are levied when the condo corporation faces a repair or upgrade that the reserve fund cannot fully cover. The cost is then divided among the unit owners, usually based on the square footage of their units.Understanding the potential for special assessments is crucial, whether you're looking to buy or sell. For sellers, knowledge of upcoming assessments can impact pricing and negotiation strategies. Buyers, on the other hand, need to be aware of these possible extra costs to make informed decisions and budget accordingly.Imagine a building with 80 units, all the same size, facing a significant repair. Each owner would be responsible for 1/80th of the total cost. This scenario underscores the importance of reviewing the status certificate, which includes the financial health of the reserve fund and any planned special assessments.To navigate Kingston's condo market successfully and mitigate the risk of unexpected financial burdens, reach out for expert guidance and resources tailored to your needs.Produced in Kingston, Ontario by Jaeson Tanner https://localyoutube.comLogical Hashtags:
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