I'm going through a special assessment in my 80 unit condo building that was built in 2011, the builder used some shitty contractors and there's been some water damage and mold in some units, although mine wasn't affected. Renovations are already underway and the expected cost to repair all of this is about $3 million dollars, I have to pay $37,000 so its a big hit, so far the worst financial kick in the nuts I've ever had. There is a law suit ongoing and hopefully the condo board is able to sue the developer and I'll get some of my money back in a couple of years.
I'm just wondering if anyone has gone through this before and if they have any advice? Also, I hope this is a warning to other guys on here about the risks of condo ownership, I did my due diligence (or so I thought!) by going with a developer that is well established in my city and has many different buildings. Also, my unit never had any issues at all but it was other condos that were affected, so we all have to pay. Once this nightmare is done with and I sell my condo, I will likely buy a house.
I'm just wondering if anyone has gone through this before and if they have any advice? Also, I hope this is a warning to other guys on here about the risks of condo ownership, I did my due diligence (or so I thought!) by going with a developer that is well established in my city and has many different buildings. Also, my unit never had any issues at all but it was other condos that were affected, so we all have to pay. Once this nightmare is done with and I sell my condo, I will likely buy a house.