Futuristic Home Improvement and Interior Design Idea

In most states, HOAs have broad power to enforce the rules and collect fees and assessment. If you don’t follow the rules or pay your monthly fees, the HOA can put a lien on your property and ultimately foreclose to collect back fees and assessments. But having a strong HOA is a double-edged sword.

Strict rules can keep the project looking uniform and inviting, which maintains the community’s value. You may not like all the HOA rules, but changing them is not always easy. It usually entails getting like-minded owners together and electing a new board. If you can get a majority of the homeowners to go along with your proposal, that’s great. If not, you can try again next election. So you don’t end up in a condo complex where you won’t be happy living.

Do the following homework before you buy: Get a copy of the CC&Rs and condo bylaws. Read them over carefully so you can decide whether you will be happy living there. Get a copy of the last several HOA meeting minutes so you know what the concerns are and what direction the community is heading.

Get a financial statement. If major repairs are coming up and the board doesn’t have reserves to handle them, you’ll get hit with a hefty assessment. Speak to several neighbors and get the ‘‘lay of land.’’ Check out the owners or neighbors above and on either side of the unit you’re interested in.

You don’t want to move in next to a neighbor who likes to play bagpipes when he can’t sleep. Walk around the complex and note the condition of the infrastructure. Is it well cared for or are there signs of deferred maintenance? It’s much cheaper to do a little homework and walk away from potential problems than to find out after you’ve moved in that you’re not going to like living there.

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