Before you make an offer, make sure you review the Reserve Study from the HOA to reduce you risk of any potential special assessments. Make sure to read and understand fully the HOA’s CCR’s. Also read and study the state law about PUD’s. You will need to know your rights when you live in a PUD.
In very general terms, very old complexes (30+) may have costly reserve problems coming due very soon (roofs, pools, etc.). Newer complexes (2001-2006) may have monthly cash-flow shortfalls due to foreclosures. You need to verify the monthly receipts cover monthly expenses for at least three years.
You are not buying just one unit. You are buying 1/nth of the complex. You could be responsible for the actions of others (board members).
I don’t have a big problem with HOA’s, just know what you are getting into. HOAs are government and politics in a small scale.
