What Is an HOA Special Assessment
- By Jim Blackburn
- on
- 100 first time home buyer FAQs
1. A Special Assessment Is a One-Time Fee for Unexpected HOA Expenses
While monthly HOA dues cover regular expenses like landscaping or pool maintenance, a special assessment is an extra charge that covers major, unplanned costs. These might include:
Emergency roof or plumbing repairs
Big upgrades to shared spaces (like elevators, fences, or driveways)
Legal fees or insurance shortfalls after storms or lawsuits
It’s basically a “surprise bill” from the HOA when their reserve fund falls short.
2. Special Assessments Can Be Large—and Often Come With Little Notice
Depending on the size of the repair or project, your share of the cost could be:
A one-time lump sum
Or spread out over several months
Often with tight payment timelines
For buyers on a budget, it can feel like getting hit with a hidden cost—after you’ve already moved in.
3. Ask About the HOA’s Financial Health Before You Buy
Before you close, make sure your real estate agent helps you:
Request the HOA’s budget and reserve study
Review recent meeting minutes for signs of big repairs or financial shortfalls
Ask directly if any special assessments are planned or possible
A financially healthy HOA = fewer surprises for you later.
Buying Into an HOA? Let’s Make Sure You Know What You’re Signing Up For
Download our free “HOA Buyer’s Checklist” — includes questions to ask, red flags to watch for, and assessment prep tips Chat live now if you’ve received HOA documents and want help reviewing them
Schedule a call with a Stairway Mortgage advisor to make sure your budget includes all the hidden costs
At Stairway Mortgage, we help you ask the right questions—
so you don’t get blindsided after you move in.
Ready to Take Your First Step?
Skip the guesswork. Take our quick Discovery Quiz to uncover your top financial priorities, so we can guide you toward the wealth-building strategies that fit your life.
- Takes just 5 minutes
- Tailored results based on your answers
- No credit check required
Need a Pre-Approval Letter—Fast?
Buying a home soon? Complete our short form and we’ll connect you with the best loan options for your target property and financial situation—fast.
- Only 2 minutes to complete
- Quick turnaround on pre-approval
- No credit score impact
Got a Few Questions First?
Let’s talk it through. Book a call and one of our friendly advisors will be in touch to guide you personally.
Schedule a CallRelated Posts
