Before You Buy
Is the HOA In Good Financial Shape? An HOA that is well run charges dues that sufficiently cover shared spaces and maintaining amenities, including saving up for future maintenance and issues (a reserve). We encourage potential buyers to review the association’s reserve accounts and financial statements.
A reserve account will give a buyer insight into whether the community might need to face a special assessment in the future. For example, it is doubtful you’ll want to pay out a large amount of money after just buying a home. However, at some point, the association will need to replace windows and doors or renovate the clubhouse or make other large repairs to the common area. The reserve account should have enough money in it to fund significant repairs.
Successful homeowner associations meet the needs of the homeowners and protect their real estate investments. We offer impartial assistance for HOA boards and homeowners so they work together and have the tools they need to take action.
We’re Here to Help
For more information, contact Hudack Law today at (877) 314-4309 Toll-free, please visit areas of service (open link in a new tab) or hudacklaw.com (open link in a new tab).