[basil]

I have never lived in a condo or townhouse, but we have owned homes for many years.

I can tell you that every few years, we are hit with a large "maintaince" bill--a new roof, a new plastering job for the pool, new landscaping, etc etc.

I can't imagine that it is any different in a condo or townhome. Property has to be repaired and updated. It's a fact of life--and sometimes, these things cost big bucks.

If we put away say $200/month toward some upcoming repair, chances are it wouldn't be enough to cover the cost of a major repair when the time came.

[1stMarylandRegiment]

A responsible Homeowners'Assocaition should agree on a schedule of depreciation based upon a percentage of the appraised value of the common areas coupled with the expected life of the shared capital assets, and the annual association dues should specifically allocate the capital account portion to a fund whose purpose is clearly-defined as capital replacement, separate from an operating fund for such things as insurance and lawn mowing.

In that way each member of the association pays for the depreciation "consumed" while a member of the association. When selling, buyer should compensate seller pro-rata for the value of the accumulated fund since the seller contributed to the depreciation fund while a member of the association.

Buyers should not then be surprised by large special assessments; but they WILL pay larger annual association dues.

Responsible non-profit institutions such as private schools and churches do this. Why shouldn't homneowner associations?