Dear Karen,
I’m thinking about buying a condo, but I’m worried about assessments. Is a condo riskier than a house?
— Carrie
Karen answers
Sometimes. With a house, you are responsible for your own repairs. With a condo, you also depend on the financial health of the condo association. A poorly maintained building can result in large special assessments or rapidly increasing monthly fees. Before buying a condo, check the reserves, insurance, inspections, assessments, and association finances.
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