Water leaks in condo garage leads to $70, 000 special assessment for every condo unit owner : housing_bubble

[-] The_v@lemmy.world 19 points 2 months ago

It's a 7 year old building. Why are they not chasing after the builder to repair it?

[+] _bcron@lemmy.world 12 points 2 months ago

[deleted]

[-] SeattleRain@lemmy.world 4 points 2 months ago* (last edited 2 months ago)

The difference is is that if you're not responsible for screw ups that were caused by the HOA anywhere near the degree you are in a condo.

[-] maryjayjay@lemmy.world 4 points 2 months ago* (last edited 2 months ago)

If you bought a property in an hoa, YOU are the hoa. Why do so many people have a hard time with that? YOU are the hoa and the hoa elects a board to represent you. If you aren't voting and aren't participating, YOU are the problem

[-] surewhynotlem@lemmy.world -3 points 2 months ago

May I please introduce you to children and spouses? You can still be liable for some other idiot's screw up.

[-] kitnaht@lemmy.world 1 points 2 months ago* (last edited 2 months ago)

With a house, since its yours, it's pretty easy to get a home equity loan and deal with that cost over time.

Can you equity loan a condo?

[-] grue@lemmy.world 7 points 2 months ago* (last edited 2 months ago)

With a single-family house, you can also choose to DIY (especially since the scale is typically smaller), or make cost/quality trade-offs without having liability to your neighbors or being beholden to their opinions on what to do.

[-] knexcar@lemmy.world 4 points 2 months ago

But what if I want to live somewhere dense and walkable, but still want to build equity?

[-] bitchkat@lemmy.world 1 points 2 months ago

Maybe close if the house is in an HOA. I sold my house a few years ago and bought a condo. It's definitely not the same as owning a house. It's not better or worse, it's just different.

I'm not sure why their insurance isn't paying for it.

[-] butwhyishischinabook@lemmy.world 2 points 2 months ago

In my state the sublimit on condo assessments is very low, maybe a couple thousand per year

[-] bitchkat@lemmy.world 1 points 2 months ago

What is sublimit?

[-] butwhyishischinabook@lemmy.world 2 points 2 months ago

So there are limits on major areas (the property itself, other structures like fences and sheds, lost rental income, etc.) And other more specific things like condo assessments. Generally you can't get a lot of money for condo assessments, unless you pay a lot extra to lift that limit higher.

Housing Bubble 2: Return of the Ugly