Condo Q&A

Should we raise our HOA fees or get a loan to cover project costs?

Written by CondoAssociation.com | Tue, Aug 4, 2020 @ 12:48 PM

I’ve proposed to our Board of Directors we should get a loan to cover costs of a few major repairs versus imposing a $3600 -$4000 special assessment for one repair. This will raise the dues approximately $50 per month and accomplish more than one project (our dues are rather low) so far it’s been a month and they have not responded. Got any suggestions? This special assessment will result in liens being filed on units I’m sure, we are in a good position with very few delinquency.  Lake Stevens, Washington