Many complexes, apartment buildings, and condos have homeowners’ associations. These associations are responsible for maintaining these complexes. In such areas, the people who live here need to take joint responsibility for taking care of the communal areas and amenities. These associations also have rules that all homeowners must abide by. Here are a few things to consider by renowned Kelowna real estate professional Annette Denk.
1. Know the Rules
Find the relevant documentation online or from the estate agent. Make sure you know and understand all rules. Pay attention to rules that involve fines and non-payment.
2. Check That the House You are Looking at is Compliant
Before deciding to buy the house, check that the house is compliant to the rules of the homeowners’ association. If it is not, you might have a lot of problems when you move in. Find out what you need to do to make the house compliant.
3. Can You Deal With Being Told What to Do?
If you do not particularly like being told what you may and may not do, you might want to reconsider living where there are homeowners’ associations. Having to comply with the rules, might frustrate you. You might not enjoy your new home because of this.
4. Ask About Fees
Find out what the fees paid to the homeowners’ association covers. This way you will know which extras you will have to pay, for example, cable. Find out how often they increase the fees. Keep in mind that you will be paying fees for facilities like a swimming pool whether you use it or not. Ask yourself whether you will be using these facilities.
5. Attend a Homeowners’ Association Meeting
Try to attend a meeting or get the minutes of previous meetings before buying. This will indicate how the policies work, what drama is happening, etc. If you feel that the current board of the association is not managing the association well, reconsider buying a house there.
6. Look for Signs of Under-Management
The opposite of over managed areas is under-managed ones. Sometimes no-one cares enough or no-one is interested in maintaining the buildings and communal areas. In these areas, resident complaints are not addressed.