What do your monthly dues include?
- Water, Sewer, Cable
- Ground maintenance / gardeners
- Trash pick-up
- Insurance: How much coverage and what does it cover?
- Professional management fees
- Pool, spa or fitness centers
- Roads and sidewalks
- Assigned parking (and if so, how many spaces?)
- Gate access
How do the fees compare to fees charged by other condos in the area?
Once you make an offer, It is always a good Idea to speak with the association yourself You need to assess How Financially Sound the Homeowners Asoiation is.Try to get copies of:
- Covenants, Conditions and Restrictions
- By-Laws and Regulations
- Meeting Minutes for the last year
- HOA Financial Statement
This requires hours of reading but it will help you get a handle on what's in store for you.
These documents will tell you about:
- Special assessments being planned to address deferred maintenance.
- Capital improvements planned
- Amount of cash reserves
- Whether the association is being or has been sued
- History and likelihood of dues increases
Make every effort to educate yourself so you know what your buying.