Part 4/9:
Now, any condo building three stories or higher that is older than 30 years — or 25 years if located within three miles of the coast — must undergo milestone inspections and reserve studies. These assessments are designed to ensure that buildings are structurally sound and financially capable of addressing necessary repairs. However, many condo owners are unprepared for the substantial assessment costs that may arise. Reports of unexpected financial burdens, ranging from $20,000 to $150,000 for critical repairs, have left many owners scrambling to make ends meet and even led to the decision to sell at rock-bottom prices.