Assessment or Homeowners’ association fees.
assessments are fees that you , the owner, pay for the upkeep of property held jointly with others owners. you’ll have to pay some sort of monthly or annually assessment if you choose to buy a condo, co-op, or townhouse. if the single-family home you buy is located in a particular type of subdivision that has common property ( like a private playground, security gate, pool, parking deck or garage, garden, clubhouse etc.), there maybe a home owners’ association that will assess you for a share of the maintenance, upkeep, and taxes of the common property, or any other shared expenses such as doormen or other staff.
If you own 10% of the property, then you should pay 10% of the upkeep.
