We are seeing many condo listings with HOA fees in the thousand’s of dollars. There is a surplus of aged condo buildings in the Chicago area. Over time, large and expensive building maintenance is a huge concern. HOA boards meet not only to bid out the work but also to determine and vote on payment of these improvements. Well managed building typically have the funds to make these repairs. What happens if the HOA does not have funds to make these repairs? The board will vote on a one time special assessment just for this specific project. The special is paid by the owner of the condo either in one installment or Â 12-24 month installment, interest might be added. This allows the improvements to start and the owners to reap the benefits through appreciation and improvement. Please note that most buyers and HOA will require the special assessment paid in full at or prior to closing.