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My former condo, very small- only 17 units, does not have a restriction against rentals, but to my knowledge, we did not even have even one rental unit in the 30 years that I lived there.
Obviously, you've been spared the rash of Chinese investors due to your location. During the crash here in Las Vegas, 40% of the investors were Chinese. When the secretary of our HOA mails out letters to owners, a good number of them are mailed to Hawaii!
Rentals are tough to control. For instance we have folks who buy in LLCs so who is owner and who is renter. We have homes in probrate being rented. Homes with roomates, homes rented furnished so no move in or move out notices. We even have folks who refused to tell us who owns unit. Bought cash, pay common charges. In my opinion folks with mortgages are renters as they are renting from the bank. Same for reverse mortgages.
True owners pay cash and live in the unit. Not to many in any complex.
Florida requires a building inspection at 40-years, and every 10-years thereafter.
Many condos in Miami are required to make major upgrades as a result.
Example required repairs involve sprinkler systems, elevator, concrete work, foundation repairs, etc.
Almost all condos are concrete block structures (CBS).
One scary repair is replacement or major repairs to balconies.
Problem is water works its way into prestressed concrete balconies and corrodes the rebar.
Many buildings have to repair the balconies.
MY QUESTION is: how much does balcony concrete restoration cost?
The building in which I am considering purchase of a condo is 5-stories, 35 condos (total).
Each condo has a 5 x 10 balcony, and each floor has a catwalk to access each condo.
I guess a newer, well-reviewed condo would be the safest bet. The states we're considering are Oregon or Washington.
Washington state law requires non-exempt condo associations (most condos built after July 1990, I think) to update their reserve studies annually. Prospective buyers should have access to these reserve studies. If you are interested in a property, just make sure you work with a knowledgeable realtor.
Washington state law requires non-exempt condo associations (most condos built after July 1990, I think) to update their reserve studies annually. Prospective buyers should have access to these reserve studies. If you are interested in a property, just make sure you work with a knowledgeable realtor.
Even in places where it's not the law, I would not buy a condo that didn't have a current reserve study - I would not consider it a well managed association without one.
It doesn't guarantee there will never be a special assessment for some truly unanticipated event, but it should at least mean you won't get hit with one for expenditures that should be routine and planned for such as a new roof.
Even in places where it's not the law, I would not buy a condo that didn't have a current reserve study - I would not consider it a well managed association without one.
It doesn't guarantee there will never be a special assessment for some truly unanticipated event, but it should at least mean you won't get hit with one for expenditures that should be routine and planned for such as a new roof.
Emm, I agree. An association that can't provide a prospective buyer with a current reserve study is a suspicious one. As a condo buyer, doing due diligence means understanding both the unit and the community. Always look at the reserve study, governing documents, financial statements, building insurance documents, HOA minutes, and building bulletins/newsletters to get a sense of the condo community.
The unfortunate reality is that there will always be selfish neighbors who try to shift the cost of maintaining a building to the next person. They will do everything possible to keep the monthly assessments low rather than build up a healthy reserve. Some genuinely think it is not their problem because they plan to move out before the planned improvements/upkeep of common space items. Yet, they have no problem fully enjoying the common space and contributing to its everyday wear-and-tear while living there. I look for buzz phrases on whom NOT to elect to the HOA board...usually people who complain about high HOAs or push for no HOA increases.
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