Video Summary
What should I know before buying a home in a community with an HOA? Well, if you’re using a realtor, you need to ask them to provide you with a copy of all the restrictive covenants and review those to make sure that you understand them or have a lawyer maybe review them for you. You then need to determine what the monthly assessments are so that you know how much you’d be obligated to be paying each month. You need to ask for a budget for the assessment to see if they have line items for reserves and the budget meets with the present statute. Also ask for the minutes of the last meeting, which may indicate whether or not there is a proposed assessment that the board of directors is considering. So all of these are necessary. You may also inquire as to whether or not there are two or more homeowners’ associations and that there may be a master association that requires payment of a due and a regular homeowners assessment, a homeowner association that assesses your property. If you have any questions, give me a call at 727-847-2288.