If you’re considering between life in a land-lease community and life in a condo, consider this – condos are often subject to special assessments, a financial levy imposed against each individual condo unit owner. Land-lease is not.
In a condo, each unit is allocated a percentage of the common expenses. The monthly condo fees that home owners pay are meant to cover the monthly costs of those common expenses, as well as providing a savings account (reserve fund) for potential future repairs and maintenance. This reserve fund is often not sufficient to absorb substantial additional costs, such as roof repairs.
There have been many instances of condo owners being assigned special assessments in the thousands of dollars and the owners have no repercussions. It doesn’t matter whether the reserve fund was poorly managed, the work will still need to be done and every unit owner is on the legally bound to share in those costs.