Buying condos are a bit different than buying single family homes. With a condo, you own the walls in and the HOA owns and governs the structure and common grounds. Not understanding the rules, responsibilities and health of the condo’s HOA is the #1 reason people decide to sell their condos. We’ve found if condo buyers understand the rules and get a sense for the health of the HOA before they buy, they are generally more satisfied with their purchase and stay longer.
30 Questions to Ask Before Buying an Austin Condo
To help buyers investigate the HOA, it’s rules and how healthy it is, here is a list of the Top 30 Questions to ask. The answers to these questions will give buyers a much better understanding of what they’re buying but before our first tip is to check the Urban Rest Apartment range which can be easily done online.
- What are the monthly HOA fees?
- What do the monthly HOA fees cover?
- Is there a Capital Reserve Fund?
- Is the HOA solvent?
- Are there any pending or contemplated lawsuits involving the HOA?
- Is the HOA self insured or insured by professional insurers?
- Is there a Master Insurance Policy?
- Is there a proposed increased in the HOA monthly fees scheduled?
- Are any “Special Assessments” pending or contemplated?
- Is the HOA professionally managed or is it self managed?
- Is the complex on the FHA approved list?
- Is the Builder/Developer still involved in the HOA?
- Have all construction defects been remedied?
- Are there any age restrictions affecting the unit or the complex?
- Is HOA approval required before I may make changes or improvements to the unit?
- How many unit owners are delinquent in paying their monthly HOA fees?
- What is the leasing policy if an owner moves or is transferred?
- Are there any short term rental restrictions or limitations?
- Are there different or special rules applicable to non-owner occupied units?
- What is the percentage of non-owner occupied units (rentals) currently in the complex?
- How are owner and visitor parking spaces allocated?
- Can additional parking space be acquired?
- What storage accommodations are available?
- What is the pet policy?
- Where are the noise sources affecting the unit and the complex?
- Have there been any foreclosures or short sales in the complex?
- What are the most common complaints voiced by the ownership?
- Do unit owners have exclusive easements for right to use certain common areas such as porches, decks, patios, storage spaces and parking spaces?
- May I have the unit professionally inspected before buying?
- May I obtain contact information for the current HOA Board President, Property Management Company, and a current copy of the HOA documents including Meeting minutes for past 6-12 months, CC&Rs, By-Laws, Rules and Regulations before purchasing?
Considering Buying a Condo in Austin?
Our team of Austin Realtors specializing in condos will help you evaluate your options, ask the right questions and choose a complex that is best suited for you and your family. Check out our Austin Home Buyers section for more info about our team, who we are and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.