Assessments: The Best Bargain in Town

Some people question why they have to pay what is commonly known as the member assessment when they move into a condominium or homeowner association. While assessments may be a technically correct term, the fact is that they are actually property maintenance fees. When the collective buying power of the entire association is factored in, they prove to be a real bargain for individual homeowners. These fees cover exterior maintenance, snow removal, landscaping, trash removal, and sometimes utilities, security, recreation facilities, and more. They also include savings for future big-ticket items like roofs, hot water heaters, and repaving—which means homeowners will not be hit unexpectedly with a special assessment or loan payback when the roof needs to be replaced in a few years.