Research The HOA Before Buying A Condo To Avoid Problems In The Future
Buying a condo is different than buying a house, as you need to share connecting walls with your neighbors and other physical elements. Before you invest in a condo, you first must understand the differences between living in one and single-family homes. This essential step will help you decide whether the condo lifestyle suits you. Consider all the pros and cons right at the start.
- The need to research the HOA before the purchase
One of the most vital things to do is research the HOA. You can request the minutes of the member and board meetings that have been held recently to determine whether the dues of the HOA have increased in the last couple of years. You must sit in on their meetings before making the purchase and talk to neighbors to check whether they are happy with the management. Besides the above, before you buy the condo, you must review the bylaws to determine whether the condo’s HOA covers them.
- Review the history of litigation involving the HOA
This is another field you must research before investing in a condo. You must check the litigation history of the condo for taxes and other joint problems. You may find some pending lawsuits you wish to avoid becoming a part of. In this way, you can step back and look elsewhere. You must also check into the joint bankruptcy angle for some condos due to HOA dues that have yet to be paid. If this is the case, lenders will not offer to finance the units, which will affect their value at resale in the future.
- Check the financial records of the condo
You must check the financial records of the condo for reserve funds and delinquencies. The condo must have at least 25% of its gross income in reserve or emergency funds. If the condo runs out of funds, you will be affected by property tax assessments. You must check that the property tax assessments align with the condo’s value.
Consult experienced and sound real estate companies and professionals to help you with your condo search. The specialists will give you all the information you need before you make the final purchase. They also offer legal guidance and have partnerships with other specialists to help you choose the right condo for your needs.
Finding a reputable realtor in Vancouver, WA, is relatively easy, as there are several esteemed companies and specialists in the region. Make a list of the reliable experts and you should contact the professionals and discuss your requirements with them. Find out what they have got to say. They will understand what you are searching for and provide you with a list of residential condo properties in the region. Take your time to research them. You must physically visit every property and inspect the site. Last, avoid condos with problems, even if their price is low. Look for properties that offer good value for money and have a responsible HOA so you can live in peace!