Additional fees charged by a homeowners' association (HOA) or condominium association to cover various expenses such as maintenance, repairs, or capital improvements.
Assessment fees are separate from regular monthly or annual dues and usually arise when an HOA needs to fund a major project — a new roof, repaving, pool renovation — that exceeds its reserve budget. They can be one-time or spread over several months, and they are mandatory for all owners in the association. Buyers should always review an HOA's reserve study and assessment history before purchasing.
GoForth, a luxury co-ownership company, conducts thorough due diligence on every property's HOA financials before acquisition. If a property is in an HOA community, any assessment fees are split equally among the four co-owning families rather than falling on a single owner. GoForth also maintains its own reserves for each property to handle unexpected costs without blindsiding owners.