How does one check out an HOA’s finances before purchasing?
Some friends of ours bought a townhouse in a development that was built in the early 80s around 2004. It had a $150 HOA. Sounds good. Two years later they were whacked with a several thousand dollar special assesment to fix the roofs. Now it’s becoming obvious that the HOA is underfunded at $150. Next, the garage doors needed replacing and the unit needed tenting and painting. The nearby fires didn’t help and caused insurance to go up. With the years of underfunding, they had to make up for it and raised the rate to $350. Yes, from $150 to $350. That hurts when you buy in 2004 expecting that the HOA will stay low, now it’s $350. How would you check this out beforehand?
The property management companies have been pretty upfront with information regarding HOA’s status. I believe you can also order a copy of the minutes from HOA meetings. A good inspection of the condition of the condo before you buy will help. You may want to ask how many owners are paying their dues? Are there any unpaid bills/services/loans/mechanical liens owed by the HOA? Are there any current maintenance issues? Are there any special assessments coming in the near future?
The property management companies have been pretty upfront with information regarding HOA’s status. I believe you can also order a copy of the minutes from HOA meetings. A good inspection of the condition of the condo before you buy will help. You may want to ask how many owners are paying their dues? Are there any unpaid bills/services/loans/mechanical liens owed by the HOA? Are there any current maintenance issues? Are there any special assessments coming in the near future?
The property management companies have been pretty upfront with information regarding HOA’s status. I believe you can also order a copy of the minutes from HOA meetings. A good inspection of the condition of the condo before you buy will help. You may want to ask how many owners are paying their dues? Are there any unpaid bills/services/loans/mechanical liens owed by the HOA? Are there any current maintenance issues? Are there any special assessments coming in the near future?
The property management companies have been pretty upfront with information regarding HOA’s status. I believe you can also order a copy of the minutes from HOA meetings. A good inspection of the condition of the condo before you buy will help. You may want to ask how many owners are paying their dues? Are there any unpaid bills/services/loans/mechanical liens owed by the HOA? Are there any current maintenance issues? Are there any special assessments coming in the near future?
