When buying a condo, we are all seduced by the decor, the ambiance, the view, and other visual effects, when we should really be checking something else that is not visual!
The Home Owners Association (HOA) often plays a very nondescript part in the whole process of choosing a condo, – especially for first-time condo buyers. However, the HOA can play a very large part in using up your finances if you hit an unlucky situation after moving in.
In order to avoid a surprise, ask a few pertinent questions about the HOA. One of the important factors would be ‘who is running the show?’ In a very small condo complex it may be run by residents, but a professional management company is preferable, especially in a condo of any size.
Professional management companies do charge for their services, but they can often save this fee by obtaining lower quotes for repairs, because they will use the same company many times. There is also less chance of the company using their influence on resident votes, so they may be construed as more fair. Finally, it is a business to them, and it the HOA will be run as such, instead of as a part-time rush before each...
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