Core Insights - Homeowners in Colorado are facing unexpected financial burdens due to a $5,000 special assessment from their homeowners' association (HOA) to address nearly $1 million in deferred maintenance [1][2] - The total cost to rectify the HOA's financial issues could reach $20,000, with potential for more assessments in the future [3] - The community is located in a high fire-risk zone, with aging homes over 50 years old, and the HOA has lost standard insurance coverage, leading to increased premiums [3] Financial Implications - Current HOA fees are $340 per month, with a 3% annual increase cap that may not suffice to cover necessary expenses, risking bankruptcy for the HOA if the $5,000 assessment fails [4] - Total housing costs for residents, including mortgage, insurance, and HOA dues, are approaching 40% of take-home pay [5] - Selling the property now could result in a projected loss of $25,000 when considering realtor fees and lack of appreciation shortly after purchase [6]