Ten Questions to Ask the Homeowners Association
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Transcript of Ten Questions to Ask the Homeowners Association
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Ten Questions to Ask the Homeowners AssociationTen Questions to Ask the Homeowners Association
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Buying a high-rise condo or loft can be the entryway to a new and exciting lifestyle
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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.
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You should look into a number of issues before making the decision to purchase your condominium.
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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:
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1 – What are the covenants, bylaws and restrictions of the association?
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The condominium homeowners association should provide you with a current book of rules.
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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.
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Ask the association if any changes in the rules are pending that could affect you.
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2 – What percentage of the units is owner-occupied, and what percentage is tenant-occupied?
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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.
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3 – How much money does the association keep in reserve?
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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.
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4 – What does the association assessment cover, and what isn’t covered?
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Find out exactly what the period assessments cover.
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Most assessments cover such services as trash collection, snow removal, pool maintenance and upkeep of public areas.
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However, some condominiums may cover additional services in their fees.
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5 – Are the association assessments keeping pace with inflation?
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Periodic fees can rise significantly in condominium associations that have not determined a reasonable budgeting process for the property.
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Ask how frequently fees have been raised and whether increases are expected in the near future.
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6 – Over the past five years, have special assessments been mandated, and how much did each owner pay?
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– 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.
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7 – What is the rate of turnover in the building?
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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.
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– Is there any litigation pending concerning the building or association?
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Legal problems could mean additional assessments for residents in the future. Find out if any litigation is pending and the nature of the problem.
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9 – Does the developer have a good reputation in the industry?
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Some condominiums have been converted from other types of property. Find out if the developer has a good reputation for quality construction and reliability.
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10 – Is the property handled by multiple associations?
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Larger properties may be covered by multiple homeowners associations. This situation can lead to multiple assessments for various expenses.
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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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Their realtors are experts when it comes to urban living.
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Visit the site to see what's available right now:
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Will Daly, BrokerWe Know Urban Realty, LLC834 E Claremont Street, No 3Phoenix, AZ 85014(480) 510-8755