I lived in a condo for almost eight years. As a single guy, having my ‘bachelor pad’ was great and I loved it. I got my feet wet in home ownership, actually built some equity with a rising housing market, and had a sense of pride that I never had while previously renting.
When looking around, I did a lot of research and knew pretty much exactly what I was getting myself into before I finalized the purchase. I knew what my mortgage entailed, I understood the rules, I even understood the monthly association fees.
One of the things that I knew about but never really thought too much about, though, was what I now call the ‘wild card’ risk. That is the special assessment.