Ten questions to ask the home owners association
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Transcript of Ten questions to ask the home owners association
However, one of the most common problems of condominium living is a dispute with the homeowners association, and unexpected increases in fees that can occur.
Here is a list of questions you should ask to determine how well the association is being run and how your expenses will be affected as a resident:
Read these over carefully to ensure that you understand the restrictions on renting the unit, number of residents and other issues that could come into dispute.
The number of units that are occupied by owners, instead of being rented out, can have a significant effect on the marketability of your unit, when and if you wish to resell it.
Associations that keep a sizeable “cushion” for unexpected expenses will not need to impose “special assessments” frequently. This foresight will help to keep your expenses lower.
Most assessments cover such services as trash collection, snow removal, pool maintenance and upkeep of public areas.
Periodic fees can rise significantly in condominium associations that have not determined a reasonable budgeting process for the property.
6 – Over the past five years, have special assessments been mandated, and how much did each owner pay?
– Frequent special assessments are a sign that the association is not planning realistically for possible expenses, and could be a sign that you could be responsible for additional payments in the near future.
If the building changes residents more frequently than every 4 to 5 years, it could mean that there are problems that make it unpleasant to live there.
Legal problems could mean additional assessments for residents in the future. Find out if any litigation is pending and the nature of the problem.
Some condominiums have been converted from other types of property. Find out if the developer has a good reputation for quality construction and reliability.
Larger properties may be covered by multiple homeowners associations. This situation can lead to multiple assessments for various expenses.
If you are looking for a condo to buy in Arizona, We Know Urban Realty will help you find the perfect place.
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