Buyer’s Guide to Buying a Condominium or Home in an HOA
- Investigate and inspect the property and the Condo/HOA Association
- Verify verbal statements – Get everything in writing
- Review both the property and the Association disclosures
- Hire a Home inspector
- Hire an Association document inspector (Condo-Smart.com)
Determine what’s important to you and ask questions:
This may include:
- schools, daycare, health facilities
- proximity of registered sex offenders: www.nsopr.gov
- Proposed construction or development
- Views, traffic, airport flight paths
- Condition of common areas
- Pet Restrictions
- Rental Restrictions
- Parking Rules & availability
- RV or Boat parking
- Financial Health of Condo/Homeowners Association. Any pending special assessments? planned major repairs? deferred maintenance?
- Many Condo & Homeowners Associations have completely different rules of what the association is responsible for repairing as well as the individual homeowner’s responsibility
- Some repair descriptions are ambiguous and confusing
- The best solution is to read all the documents thoroughly
- Lenders will often not lend on a financially troubled Association
- Lenders will also request # owner-occupied units. % of owners in arrears, insurance info and more
- Who is responsible for the deck?
- Who is responsible for the plumbing?
- Who is responsible for the HVAC?
- Who is responsible for the front door? Chimney? Window Frames?
- How often are the condos/townhomes painted? When were they painted last?
- Does the Association have enough money in Reserves (Savings) for expected major repairs?
Get all your answers in writing, if they aren’t already included in the governing documents.Share