Condo owners... what do I need to ask/know?

Community laundry or W/D in your unit? That was a big factor on our decision. I did not and would not share laundry facilities.

Does it include parking?

What is the maintenance fee and how often is it adjusted?

What does the maintenance fee include?

What utilities are or are not included?

Has any maintenance been deferred on the building? Are there future plans to repair or improve? Will that mean there is a special assessment that has to be paid IN ADDITION to the maintenance fee?

Ask to see the minutes & financial reports from the HOA. You need to know how much money they have in reserves for future expenses. What percentage of homes in the HOA are rentals? What percentage of owners are behind on their monthly HOA fees? Request a copy of the CC&R's. Are the homes in the community eligible for FHA financing? Even you if you aren't getting an FHA loan it may be important when you sell it.

I bought a condo in 2008, it was the perfect decision for me. All the other posters are absolutely right, you definitely want to ask about your monthly dues. How much they are and what they cover. However... good luck getting that information. I was unable to get the info and the "rules" about the complex until the night I signed. It was ridiculous but they absolutely would not release the information.

I got lucky and we have a great, hands off board and our fees are incredibly reasonable. I pay $275/month and that includes garbage, water, sewer, pest control and landscaping. The general rule is if it is "outside" the association pays for and handles it. You are on the hook for anything inside your unit. If there is problem between units (for example a leak causing water damage)then the owner of the unit causing the problems pays for it. Since I have lived here we have had new siding put on the building and a new parking lot built along with many smaller improvements and repairs. Our board took out a loan to cover the cost our dues were raised by $25/month for two years until the loan was paid off and then the board reduced the fees back to their earlier cost. Everyone here, owners and the board want to avoid assessments and from what I understand in our 30 year history they have only done assessments once. Before our siding was put on it was recommended that we replace our old single pane windows. The board secured a quote from a local company and mailed it to us. Each individual owner was able to decide if they wanted to participate. We all did and because of that we secured a better rate but it was definitely nice that it was an option and not a requirement or done as an assessment.

Also, if you plan on taking out a mortgage realize that they can be VERY difficult to get for a condo. We are a small complex of 16 units and in order to qualify for a mortgage 9 of those units had to be owner occupied and not rented out to tenants. This was the rule with all 6 of the mortgage companies I applied with. Once again I was lucky and we have exactly 9 owner occupied units. Which, unfortunately means when I move and rent out my unit I will be screwing over anyone that wants to buy here.

If you can find out the name of the property management company who will oversee the property it might be useful for you. Often they have websites where you can read generic guidelines of the HOAs they manage. It might help give you an idea of what to expect.

I currently own a condo. The way Tina explained hers is how mine operates. One thing I don't like is that the dues can be raised at any time. They were increased by $20 last year no no they are voting on another $20 increase. I'm a little concerned that at some point my dues are going to be more than my mortgage. I have had two roof leaks, yellow jacket infestation, and dry rot....all covered by the HOA. For that reason alone I don't mind my dues so much....yet.


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