Severe hailstorm damages condo complex
This is a Aurora news story, published by Yahoo Finance, that relates primarily to HOA news.
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Business & Economics
Colorado condo owners face $8K fee thanks damage from a hailstorm last year — here’s why HOAs can do that
67% Informative
A severe hailstorm in Aurora , Colorado , caused $4 million in damage to the First Creek Farm condominium complex.
Management is now charging a special assessment fee to pay the insurance deductible to make the repairs needed.
Owners and managers are responsible for maintaining common areas and making repairs.
These fees can happen in pretty much any HOA neighborhood where neighborhood covenants allow for their collection.
You may also want to research the HOA ’s finances, including whether they have a generous rainy day fund to reduce the chances of big bills you’ll have to pay.
If you feel your condo funds are being mismanaged, your state laws may allow you to request a copy of financial records.
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