Unfortunately have to bump this... just got a $40k special assessment in the mail today (that's the lump sum value; they say that up to 24 month payment plans may be available) for our townhouse complex. We first got wind that this would probably be coming about 2 months ago... certainly didn't expect it to be this much or this soon.
Apparently they're replacing all the windows (again), doors, siding, removing some landscaping, and assorted other bits and pieces all at once over the next 3-4 years.
What I don't understand is how one is supposed to be able to prepare for something like this. Even paying our share over 24 months would essentially our cost of living for housing. An emergency fund is great, but ultimately a drop in the bucket. When we moved in (~5 years ago), we - I thought - did all the right things. The home inspection came back relatively clean, just needed a new furnace and hot water heater eventually which we took care of. The windows had just been done and nothing else was flagged. Condo docs showed the reserve fund was great and there were no red flags.
It's honestly frustrating and I'm at a bit of a loss. We keep a maintenance fund, but it doesn't even come close to touching this. I'm extremely debt-averse and we were on track to pay off our mortgage in the next 3 years... but all our plans and best intentions seems for naught, now.
Advice?
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