Money help: Hi, I purchased a condo last May. - Help.com

Yeah I can. I’m on the board of my Home owner’s association and what you’re going through is called a “special assessment.” The rules that govern these thing change depending on your HOA’s charter, but basically what these things are for is for major repairs/improvements to the property. More than one special assessment per year is a good sign that you need to call for elections.

your HOA dues of $400 per month are actually prety good. What utilities are you responsible to cover? What expenses does your HOA cover?

You should get to know the president of your HOA by name and by site and tell him you’re upset with the special asessment. He can at least put your mind at ease about it or perhaps issue you an extension or excuse from participation. .

By the way, all of these things are your responsibility to know as a home-owner. If you don’t know what you HOA covers than you honestly need to re-assess how seriously you are taking your investment.

was there anything that you signed showing that this is expected when you bought the place? if not.. i would hire an attorney… if you did.. then looks like you are screwed.. but.. check into the better business bureu (sp).. to see if this is a legal thing that they are doing… best of luck..

Follow krezebebe’s advice and talk to your neighbors. Ask them about the history of the HOA, how the members get a long with the presidents, etc. When was the last time a new president was elected? How often do they hold elections? Do the HOA members vote on major repairs and expenses before they’re ordered to hand over money?

Get involved with the Association as much as you can. Learn how it works and what it is for. If you can’t handle it, get out, because you need to be in a home where you are comfortable with the terms of your living there.