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Special Assessment

August 6th, 2022 at 03:24 pm

Got the official word on the special assessment.  It is $3498. I'm going to pay it in full, although financing was offered. I'll write a check once the transfer goes through from savings to checking.  I had been hoping to charge it, in order to get the cash back reward, but I don't think that's an option.

I transferred $3900 instead of $3500, getting my numbers mixed up off the top of my head!  Well, checking is low, anyway, because of the electricians' bill, so I'm going to let it stay there. It will eventually get swept back when I start building back my EF. Right now I'm just in survival mode.

My knee is worse again, after one day of moderate activity. So it's back to rest and inactivity.

4 Responses to “Special Assessment”

  1. Lots of ideas Says:

    CB, is there a cost to financing? If not, it might make sense to stretch the cost out because if something else should happen, that might not have a good financing option.

    Just something to think about.

  2. CB in the City Says:

    Well, I've already notified them that I'll be paying in full by check, so this is a moot point. There is a cost to financing. The interest rate would be 5%, the duration 24 months, and I would have to pay $154 per month in addition to my current assessment fee. The total interest would be $188. While this is not huge, I have been very averse to paying interest ever since I paid off my credit cards. And I would hate paying that larger assessment fee every month.

    I do still have money in my EF; it's just not where it should be now. I realize I'm trusting that nothing else will happen -- but I do have my bathroom fund if something does. Fingers crossed.

  3. Lots of ideas Says:

    I agree that if there is a finance charge it doesn’t make sense to stretch out payment.

    When we did a couple of expensive repairs to my condo building, we let people pay in installments to make it easier for them, and used a combination of the fact that we paid for the work over a few months and we had a reserve fund that we could use if we needed to pay before the payments came in. We charged no interest…our reserve fund earned no interest so it cost us nothing to offer that. We knew who would pay up front and who would struggle so we could estimate the risk, and eventually, everyone paid!

  4. rob62521 Says:

    It's good you have the cash, even if it means taking it from savings. I don't blame you for not financing it. Better to have it done and dusted.

    Hope your knee gets to feeling better.

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