Condo & HOA Buying Checklist

Buying a condo, or a townhouse or house in a community with a homeowners association? You're also buying into the association and the people who run it. This 7-page printable checklist walks you through every question to ask before you sign, whether you'll live there or rent it out.

What's inside:

• The building or community: unit count, owner vs. renter mix, who pays for roofs and exteriors, Florida milestone inspections and SIRS, plus a repair-cost worksheet to estimate your share

• Rents and tenants (for landlords): market rent, vacancy and tenant profile

• Legal, insurance and financing: document packages by state and province, lawsuits, special assessments, lender limits and insurance deductibles

• The condo corporation or HOA: board minutes, budgets, reserve funds, fee history, rules, CC&Rs and rental caps

• Rental management and rental pools for hotel-style, resort and student buildings

• Run the numbers: how to plug fees, assessments, taxes and insurance into your budget or deal analysis

• Buying pre-construction: the developer, deposit protection, contract terms, closing risks and what happens after completion

Items marked LANDLORDS apply only if you'll rent the property out. Everything else applies to everyone. Works for buyers in the U.S. and Canada.

Why I made this: I serve as secretary of the HOA in a townhouse-style, single-family community in Florida, where I own four units, and previously served on the HOA board of a downtown Los Angeles condo building. I own 52 rental units across Texas, Florida, California, Alberta and Saskatchewan, and I'm a former business reporter at Investor's Business Daily.

Instant PDF download after purchase. For educational purposes only. Not financial, legal or tax advice.