Are you in the market for a condominium? If you buy a condominium you will become a member of an owners association. The owners association (or HOA) offers to protect the value of properties in the community through maintenance services, restrictive covenants and rules and more. The HOA is likely administered by a board of directors—volunteer homeowners elected by their fellow residents to set budgets and policy.
Before purchasing in a condominium community, it is important to research the community fully. Ask questions like:
- Is the community built out?
- What are the assessments?
- What do the assessments cover?
- What does the HOA maintain?
It’s important to ask lots of questions so you are prepared to make the decision on whether or not to purchase in that community. Condominium living is not for everyone. There may be difficult issues and decisions are not always met with unanimous approval.
For a complete list of questions, read our article, “Checklist for buying a condominium – What you should know before you buy”.
