What to know when buying a condo for the first time. Don’t miss these important tips that can save you money & headaches! Subscribe to my channel & reach out when you’re ready to start your home search! What are HOA Fees? What are Special Assessments? What questions should you ask & what should you pay attention to when buying a condo? We’re going to cover all these & more! There’s a lot to learn–feel free to reach out with any questions!
When looking to buy a property in a Homeowners Association (HOA), it’s important to ask the right questions to avoid unpleasant surprises later on. Here are eight key questions to ask before purchasing an HOA property:
- How much are the HOA fees? The HOA fees can vary greatly depending on the community and amenities offered. It’s important to know how much you’ll be expected to pay each month and if there are any additional fees or assessments.
- What does the HOA cover? Each HOA is different, so it’s important to understand what the monthly fee covers. Will it cover maintenance and repair of common areas, landscaping, or trash pickup? Knowing what’s included can help you budget for other expenses.
- What are the rules? HOA communities typically have rules and regulations that homeowners are expected to follow. These rules can range from the color of your front door to restrictions on parking. Knowing the rules ahead of time can help you decide if the community is the right fit for you.
- What is the pet policy? If you have pets or plan on getting them, it’s important to understand the HOA’s pet policy. Some HOAs have restrictions on the number or size of pets, or may require pets to be leashed in common areas.
- What is the rental policy? If you plan on renting out your property, it’s important to understand the HOA’s rental policy. Some HOAs have restrictions on how long you can rent out your property or may require approval before renting.
- What’s the parking situation? Parking can be a major issue in some HOA communities. It’s important to understand if parking is assigned, if there are guest parking spots, or if there are restrictions on street parking.
- What’s the budget? Ask for a copy of the HOA’s budget to understand how the fees are being used. This can help you determine if the HOA is financially stable and if there are any planned improvements or assessments.
- Are there any special assessments? Special assessments are fees that can be charged to homeowners for unexpected expenses or major repairs. It’s important to understand if there are any special assessments planned or if the HOA has a history of charging them.
Asking these eight key questions can help you make an informed decision when considering purchasing an HOA property. Don’t be afraid to ask for documentation or clarification on any of the answers provided to ensure a smooth and stress-free homeownership experience.