Condo & HOA buyer guides

A special assessment is a one-time charge your HOA bills every owner — on top of monthly dues — to cover a cost the reserve fund cannot, such as a major repair (roof, elevator, plumbing, balconies) or an insurance shortfall. They commonly run from a few hundred to tens of thousands of dollars per unit, and owners generally cannot opt out.

A reserve study is a professional forecast of an HOA’s major repair costs and a savings plan to pay for them. "Percent funded" compares the cash actually in the reserve to what the study says should be there — above ~70% is considered strong, 30–70% fair, and below 30% weak, the range where special assessments and dues spikes become likely.

SB-326 is California’s balcony-inspection law for condos (Civil Code §5551). It requires HOAs with three or more units to have a licensed engineer or architect inspect exterior elevated elements — balconies, decks, walkways and stairs more than six feet above ground and built of wood — by January 1, 2025, and every nine years after. For buyers, a failed or overdue inspection can trigger costly repairs and special assessments.