Hud Condos

Its important when buying a condo to take some steps to keep yourself out of trouble. Here's one such step.

Before actually buying that condo ask the co-op or association whether there are any pending construction projects that will result in a 'special assessment' fee being levied on all the homeowners. If there aren't any such ongoing projects then that's one less concern you have going forward.

If there are such projects try to find out the amount of the assessment. Once you know the amount then you can decide whether you want to accept the responsibility for it, or whether you don't. If you don't find another condo.