— For Owner-Occupiers and Landlords · U.S. and Canada
When you buy 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. Its budget, reserves and rules become your costs and your rules.
I serve as secretary of the HOA in a townhouse-style, single-family community in Florida, where I own four units. Before that, I served on the HOA board of a downtown Los Angeles condo building where I lived. I've seen from both sides of the board table how budgets, reserves and rules get decided, and which questions buyers should ask before they close.
7 sections · Repair cost table to estimate your share · Landlord-only items clearly marked
Use it whether you'll live there or rent it out. Get your free copy below.
— 7 Sections · Covers Florida, Texas, Ontario, Alberta and B.C. Documents
1. The building or community: age, owner-renter mix, who pays for roofs and exteriors, Florida milestone inspections and reserve studies, plus a table to estimate your share of upcoming repairs.
2. Rents and tenants (landlords): rent room, vacancy and the typical renter.
3. Legal, insurance and financing: the document package (status certificate, estoppel certificate, Form B or resale certificate), lawsuits, special assessments, lender limits and the association's insurance deductible.
4. The condo corporation or HOA: board minutes, budgets, reserves, fees, rules and rental caps.
5. Rental management and rental pools for hotel-style, resort and student buildings.
6. Run the numbers, whether you'll live there or rent it out.
7. Buying pre-construction: the developer, your deposit, the contract and closing, and the mistake that cost me my deposit on a Los Angeles condo.
For educational purposes only. Not financial, legal or tax advice. Have a real estate lawyer review the condo or HOA documents before your conditions come off.
