A healthy HOA keeps reserve funds for major repairs, protecting you from surprise assessments that can cost thousands. Before buying a condo, review the HOA's financial statements and reserve studies, or hire someone to read them for you.
Previously, we talked about what the HOA fees cover and the CC&Rs. Today, let's talk about the financial health of the HOA. This is absolutely critical. A strong, financially stable HOA has adequate reserves set aside for major repairs and future maintenance needs. On the other hand, an underfunded HOA could lead to unexpected special assessments where you may be asked to contribute thousands of dollars for repairs. Always request the HOA's financial statements, reserve studies, and budgets. Take the time to review them carefully or consult with a professional who can help interpret them for you. I hope you found this information helpful. Please like our page and like this video. If you have any questions, please call or message me here.
