"Review all HOA documents: Request and thoroughly read the Covenants, Conditions, and Restrictions (CC&Rs), bylaws, rules and regulations, and the most recent meeting minutes (at least 12 months). These documents outline everything from pet policies and rental restrictions (including short-term rentals like Airbnb) to renovation guidelines and noise limits. Assess HOA financials: Request the past three years of financial statements, annual budgets, and the latest reserve study."
"Ensure the reserve fund is adequately funded for future major repairs (e.g., roof, elevators, plumbing risers), as low reserves may lead to hefty special assessments for owners. Inquire about fees and assessments: Confirm the total monthly costs, including HOA dues, property taxes, and individual utilities. Ask if there are any current or planned special assessments or pending litigation, which can affect property value and financing options."
Buying a high-rise condo requires careful evaluation of the unit, the building’s condition, and homeowner association stability. Review HOA governing documents and at least 12 months of meeting minutes to understand pet policies, rental rules, renovation guidelines, and noise limits. Assess financial health by requesting three years of statements, budgets, and the reserve study to confirm adequate funds for major repairs and to avoid special assessments. Confirm total monthly costs, any planned assessments or litigation, and master insurance coverage to identify personal insurance needs. Verify permits, clear title, and regulatory registrations, and check owner-occupancy ratios for financing.
Read at Boston Condos For Sale Ford Realty
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