Home Owners Associations for condos and villas, part 2, gives more background and information to help you insure that your experience with an HOA turns out to be positive.
An important early task for a potential buyer is to get a copy of recent HOA board meetings to see if there are any recurring or negative issues regarding life in the neighborhood. Also, check to see if there is any legal history available to give you guidance as to what type of issues have arisen and how they were resolved.
Another area to investigate is whether the association is professionally managed or homeowner managed. Both can be effective, but professionally managed associations can sometimes be better run and more equitable in solving problems.
Also check to see if the association has some sort of catrostrophic insurance coverage. You don't want your association blindsided by a major event that is not covered properly by insurance. This applies more to condos than to villas, where you are normally expected to carry your own castrophic insurance.
If you are considering purchasing a condo or villa because the price of entry is lower than for a single family home, make sure your budget can handle the HOA fees in addition to your mortgage.
Finally, know what's restricted before you make the leap. Each association has it's own rules about what you can and can't do. Don't assume anything!
Give us a call at 419-779-6229 for more information. We'd love to help!
Kelley Knitz has been a RE/MAX agent for over 26 years and is in the RE/MAX Hall of Fame and is a long time member of the Toledo Board of Realtors Million Dollar Club.
1911 Indian Wood Circle
Maumee, OH 43537