No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Wednesday, October 29, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Business

Colorado condo owners face $8K fee thanks damage from a hailstorm last year — here’s why HOAs can do that

by TheAdviserMagazine
7 months ago
in Business
Reading Time: 4 mins read
A A
Colorado condo owners face K fee thanks damage from a hailstorm last year — here’s why HOAs can do that
Share on FacebookShare on TwitterShare on LInkedIn


When a severe hailstorm hit the First Creek Farm condominium complex in Aurora, Colorado, residents of the building had no idea the bad weather could end up costing them thousands.

Unfortunately, that’s exactly what has happened, as the storm did $4 million in damage to the condo. While there was insurance on the building, the deductible was substantial — and homeowners are going to have to pay the price, as the condo management is now charging a special assessment fee to cover it.

So, why is management able to pass those costs onto homeowners, and how should the homeowners respond? Here’s what you need to know.

In a condo building, owners and managers are responsible for maintaining common areas and making repairs. However, they charge dues to cover these costs, also known as homeowners association (HOA) fees. Ideally, the regular dues will be large enough to pay for everything the building needs, and some of the money collected will even be put into reserve in case of emergency expenses.

Sometimes, though, major damage happens and the cost of repairs exceeds the funds available. That’s what has happened in the First Creek Farm complex. The hailstorm did around $4 million in damage, and management now needs to charge a special assessment to pay the insurance deductible to make the repairs needed.

Special assessments are extra fees that can be charged in situations like this one. These fees aren’t just imposed on condo owners but can happen in pretty much any HOA neighborhood where the neighborhood covenants allow for their collection.

Accord Property Management manages this particular property, and told 9 News that the fees are necessary. The company said they’ve implemented eight different assessment classes based on allocated interest percentages. All of the 320 homeowners have to pay something, but 72 of them with larger ownership shares are being charged $8,341.

Jacob Lively, a resident of the condo building, had been planning to sell his property and was shocked when he saw the large assessment from the HOA.

Read more: The US stock market’s ‘fear gauge’ has exploded — but this 1 ‘shockproof’ asset is up 14% and helping American retirees stay calm. Here’s how to own it ASAP

Story Continues

“I don’t see how they can charge that much. It’s outrageous,” Lively told 9 News. “Not everybody just has that amount of money just to throw away.”

Because he has an interior unit, Lively’s own condo didn’t sustain any damage in the storm. Still, as a resident of the neighborhood who agreed to follow HOA rules when he moved in, he’ll have no choice but to pay the association the money they’re trying to collect.

If you’re charged a special assessment fee that you can’t afford, you’re in a pretty difficult situation. The rules of the community typically require you to pay by the deadline the HOA imposes. If you don’t, you could be charged late fees, interest and penalties.

HOAs also have legal methods of forcing you to pay. They could place a lien against your property, for example, which would mean they’d have an ownership interest in it because of their claim against you. You’d have to resolve the lien before selling or refinancing.

The association could also sue you for breach of contract, or potentially even initiate a foreclosure on your home to try to force its sale to recoup the unpaid money.

Now, many HOAs won’t do that and will work with you to create a payment plan that’s within your budget as long as you ask and are acting in good faith.

Still, you’re going to get stuck paying the fee at some point — and this is something you can’t insure against as your homeowner’s insurance will usually cover only damage to your immediate property and not to the condo building you live in.

Ultimately, before you buy a condo or move into an HOA neighborhood, you must be aware of the rules in your covenants for when special assessment fees can be charged and how much they can cost. 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 — or the HOA may make them available voluntarily. Or, you can run for the HOA board yourself in the future to change how it’s being run and try to improve its finances.

Unfortunately, none of those steps eliminate your obligations to pay fees like the ones these residents are being charged, though. So, residents of First Creek Farm will need to cover the costs.

If you do decide to live in an association neighborhood and this could happen to you, having a generous emergency fund is essential to ensure you’re prepared if the worst occurs and your building comes to you looking for funds to rebuild.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.



Source link

Tags: ColoradoCondodamagefacefeehailstormHeresHOAsOwnersyear
ShareTweetShare
Previous Post

Best Crypto Presales Backed by Regulation & Wall Street

Next Post

A flight from the dollar could wreck America’s budget

Related Posts

edit post
Quess Corp Q2 Results: Revenue up 3%, headcount rises by 21,000

Quess Corp Q2 Results: Revenue up 3%, headcount rises by 21,000

by TheAdviserMagazine
October 29, 2025
0

Business services provider Quess Corp on Wednesday, reported its September quarter (Q2FY26 ) results, with revenue rising 3% year on...

edit post
Flex signals at least 35% data center revenue growth for FY26 as AI-driven demand accelerates (NASDAQ:FLEX)

Flex signals at least 35% data center revenue growth for FY26 as AI-driven demand accelerates (NASDAQ:FLEX)

by TheAdviserMagazine
October 29, 2025
0

Seeking Alpha's Disclaimer: The earnings call insights are compilations of earnings call transcripts and other content available on the Seeking...

edit post
Nvidia is officially the world’s first  trillion company. CEO Jensen Huang says it’s on track for ‘half a trillion dollars’ in revenue

Nvidia is officially the world’s first $5 trillion company. CEO Jensen Huang says it’s on track for ‘half a trillion dollars’ in revenue

by TheAdviserMagazine
October 29, 2025
0

Nvidia made history Wednesday, becoming the world’s first company to reach a $5 trillion market capitalization as shares surged more...

edit post
VF Corp tops Q2 forecast on strong back-to-school, wholesale demand

VF Corp tops Q2 forecast on strong back-to-school, wholesale demand

by TheAdviserMagazine
October 29, 2025
0

However, on a constant dollar basis, revenue at VF Corp declined by 1% YoY. This still surpassed the company’s previously...

edit post
Israel’s tech sector shrinks amid AI uncertainties

Israel’s tech sector shrinks amid AI uncertainties

by TheAdviserMagazine
October 29, 2025
0

The last quarter of the year is the preferred time for tech companies - large and small to cut...

edit post
Akasa Air will look at IPO in next 2-5 years, says CEO Vinay Dube

Akasa Air will look at IPO in next 2-5 years, says CEO Vinay Dube

by TheAdviserMagazine
October 29, 2025
0

Akasa Air will look at an initial public offering in the next two to five years, its Founder and CEO...

Next Post
edit post
A flight from the dollar could wreck America’s budget

A flight from the dollar could wreck America’s budget

edit post
A flight from the dollar could wreck America’s finances

A flight from the dollar could wreck America’s finances

  • Trending
  • Comments
  • Latest
edit post
77-year-old popular furniture retailer closes store locations

77-year-old popular furniture retailer closes store locations

October 18, 2025
edit post
Pennsylvania House of Representatives Rejects Update to Child Custody Laws

Pennsylvania House of Representatives Rejects Update to Child Custody Laws

October 7, 2025
edit post
What to Do When a Loved One Dies in North Carolina

What to Do When a Loved One Dies in North Carolina

October 8, 2025
edit post
Another Violent Outburst – Democrats Inciting Civil Unrest

Another Violent Outburst – Democrats Inciting Civil Unrest

October 24, 2025
edit post
Probate vs. Non-Probate Assets: What’s the Difference?

Probate vs. Non-Probate Assets: What’s the Difference?

October 17, 2025
edit post
California Attorney Pleads Guilty For Role In 2M Ponzi Scheme

California Attorney Pleads Guilty For Role In $912M Ponzi Scheme

October 15, 2025
edit post
How to Build a Landing Page That Converts (With Clear Examples)

How to Build a Landing Page That Converts (With Clear Examples)

0
edit post
30 Days That Changed My Business: The Net-30 Lesson

30 Days That Changed My Business: The Net-30 Lesson

0
edit post
2026 Retail Predictions: A Flight To Profitability 

2026 Retail Predictions: A Flight To Profitability 

0
edit post
Oasis CEO uses AI to create financial plans, stock analyses

Oasis CEO uses AI to create financial plans, stock analyses

0
edit post
How to Save for a Luxury Car: A Step-by-Step Investment Plan

How to Save for a Luxury Car: A Step-by-Step Investment Plan

0
edit post
Quess Corp Q2 Results: Revenue up 3%, headcount rises by 21,000

Quess Corp Q2 Results: Revenue up 3%, headcount rises by 21,000

0
edit post
Oasis CEO uses AI to create financial plans, stock analyses

Oasis CEO uses AI to create financial plans, stock analyses

October 29, 2025
edit post
Quess Corp Q2 Results: Revenue up 3%, headcount rises by 21,000

Quess Corp Q2 Results: Revenue up 3%, headcount rises by 21,000

October 29, 2025
edit post
2026 Retail Predictions: A Flight To Profitability 

2026 Retail Predictions: A Flight To Profitability 

October 29, 2025
edit post
How to Save for a Luxury Car: A Step-by-Step Investment Plan

How to Save for a Luxury Car: A Step-by-Step Investment Plan

October 29, 2025
edit post
Fiserv stock craters 44% after company slashes guidance

Fiserv stock craters 44% after company slashes guidance

October 29, 2025
edit post
Flex signals at least 35% data center revenue growth for FY26 as AI-driven demand accelerates (NASDAQ:FLEX)

Flex signals at least 35% data center revenue growth for FY26 as AI-driven demand accelerates (NASDAQ:FLEX)

October 29, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Oasis CEO uses AI to create financial plans, stock analyses
  • Quess Corp Q2 Results: Revenue up 3%, headcount rises by 21,000
  • 2026 Retail Predictions: A Flight To Profitability 
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.