It might sound like a crazy idea, but with recent advancements in technology & the fact that anyone who owns a smartphone can interact with Virtual Reality/360 content, this comical notion can actually become reality & end up being a very useful tool in today's real estate market!
The words “special assessment” bring goosebumps to many condo owners & with good reason! These additional fees can appear to come out of nowhere if you don’t approach your condo purchase properly & do your homework on the building!
A special assessment occurs when there are repairs that need to made to a condo building but the existing reserve fund doesn’t have enough cash on hand to cover the expense. As a result, owners are left with an additional lump sum that they must pay to cover the costs.