🏢 Selling a Condo or Townhome? How to Handle a Special Assessment
- grace264
- Aug 12
- 2 min read
In today’s market—where inventory is growing and buyers are more selective—simply offering a good price often isn’t enough to sell your home. For condos and townhomes managed by an HOA (Homeowners Association), Special Assessments can be an unexpected challenge.
These assessments are typically temporary charges levied to fund major HOA projects such as roof repairs, structural work, fire safety upgrades, or exterior renovations. Across the U.S., they’ve become increasingly common due to aging condo communities and climate-related wear and tear.
So, as a seller, how should you handle them?
1. Transparency Is the Best Policy
Whether the assessment has already been approved or is still under discussion, disclose it early—either directly in the MLS listing or during your first conversations with buyers. Full transparency not only avoids disputes later but can also build trust.
2. Consider Covering It Yourself
In a market where buyers have options, sellers who remove uncertainty by covering the cost upfront often stand out.One luxury listing, stuck on the market for months, went under contract quickly after the seller offered to cover over $100,000 in assessments.In competitive conditions, removing buyer objections can be more effective than a price cut.
3. Show Flexibility if You Can’t Pay It All at Once
If paying the entire assessment upfront isn’t possible, consider these alternatives:
Offer a partial or full closing credit toward the cost.
Reduce the sales price to account for the expense.
Agree to pay the buyer’s next 12 months of installment payments toward the assessment.
Even small gestures of flexibility can make your listing more appealing.
From the Buyer’s Perspective
Buyers shouldn’t automatically view an assessment as a negative. Reviewing HOA meeting minutes and project details can reveal whether the work will increase the property’s long-term value.For example, a roof replacement or structural upgrade can enhance both safety and resale appeal.
Bottom Line: An Obstacle Can Become an Opportunity
Handled correctly, a Special Assessment can be marketed as a “bonus” or added value to your property, setting you apart from the competition. The key is to be upfront, flexible, and strategic—ideally with the guidance of an experienced agent.
If you want a tailored plan to make your condo or townhome more attractive to buyers in today’s market, let’s create that strategy together.
📍 Chicago Realty – Sang Chul Han
📱 773-717-2227
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