08/30/2026
A low condo price can look like an incredible opportunity - until you discover the special assessment waiting behind it.
Before making an offer on a condo, do not look at the purchase price alone. Review:
š¢ Current and recently approved special assessments
š° The associationās budget and reserve funding
š Board meeting minutes for discussions of upcoming projects
šØ Planned roof, plumbing, elevator, balcony or structural repairs
š Flood, wind and property-insurance costs
āļø Whether an existing assessment has been paid - and who will be responsible for the remaining balance after closing
A condo priced below similar properties may still be a good purchase. But first, you need to understand why it is priced lower and calculate the true cost of ownership.
A $20,000 or $30,000 assessment can quickly erase what appeared to be a bargain.
Thinking about buying a condo? DM me the word CONDO, and Iāll send you my condo due-diligence checklist.
Save this Reel before you start touring condos - and share it with someone planning to buy in Florida or Virginia.
Alina LeMay
Florida REALTORĀ®
Sarasota ⢠Siesta Key ⢠Florida Gulf Coast⢠Northern Virginia 941-702-4843