Can condo association assess before the repair costs are in?
Question:
My association has asked for an assessment to fix the foundation in one of our buildings. First assessment was $50K, 2nd was $97K and included items that would be covered by our budget and insurance. Is that acceptable? Not all items had contractor's bids, because the damage is unknown at this time. It will depend on what if any damage is caused by repair of the foundation, which could be covered by insurance. How can you be assessed on something that hasn't happened and cannot be bidable because the contractors would have to be able to foresee the future, 6-9 months in the future?
Answers (11)
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