When you bought your condo unit, there were no special assessments and none were being considered. Six months later, the association decides it's time for a new face and there's not enough money in the reserves. They decide to go ahead with the face lift and pay it with special assessments. Your share is going to be twice your profits for the next 20 months. Can happen.
Yes, things can go wrong with a single family investment or an apartment building investment. But there you have more control. Because there you can have a home inspector inspect the whole structure. Because there there's no board of director's member whose boyfriend owns a construction company that could use a few thousand dollars.
So, overall, buying a Terra Hill Condo condo as an investment is not the way to go. That is, if you can afford a single family house. A single family house is not the best way to go if you can afford a 2-unit building. A 2-unit building is not the best way to go if you can afford a 3-unit building and so on. Because of 2 reasons: when a condo is vacant (or a single family house) the whole income source is gone but the expenses are still there.
In any case, if you're buying a condo as an investment property, you should know what you're getting into.
If after getting this far in this article you have decided that a condo lifestyle is for you, your next decision will be whether to buy a resale or a new condo.
Resale
If you decide upon a resale condo you will be able to physically inspect the building as well as the unit itself. You will see first hand how the building is being maintained and whether or not the management company is doing a good job.
You will also be able to see the kinds of neighbors you will be living alongside and whether or not you feel the building itself will be a good "fit" for you.
Your unit is ready to move into within a very short period of time.
