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Old 12-05-2007, 06:06 PM
 
2 posts, read 6,093 times
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Ok so I am trying to buy a condo in the LA but the HOA is $339.00 which seems high to me especially since there is only 175 units and the rec room, jacuzzi are not even working. Also, there seems to be alot of repairs that needed. I would like to hear what other people are paying and what it includes. The one I am trying to buy is only a one bedroom. Thanks
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Old 12-05-2007, 06:15 PM
 
Location: West LA
723 posts, read 2,808,940 times
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Mine is around $240 for a 40 unit building; and thats considered pretty low.

$340 wouldn't be TOO bad. You can get the HOA's paperwork if you're a buyer. Have your agent get you the reserve study and all other pertinent documents. Even if they have repairs to do, they may have good reserves.
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Old 12-05-2007, 06:16 PM
 
1,297 posts, read 5,107,470 times
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Quote:
Originally Posted by mcedillo25 View Post
Ok so I am trying to buy a condo in the LA but the HOA is $339.00 which seems high to me especially since there is only 175 units and the rec room, jacuzzi are not even working. Also, there seems to be alot of repairs that needed. I would like to hear what other people are paying and what it includes. The one I am trying to buy is only a one bedroom. Thanks
Are utilities included? That makes a big difference.

You can ask for a copy of the HOA budget and past minutes from the board meetings. If they dont have minutes or they are not very comprehensive, you should think twice about investing. Also consider checking any major rennovations done. You dont want an assessment for a re-pipe or re-roof next year.

That will give you a better idea of what is going on with the building.

Your broker should contact the hoa management co to obtain this info.

Also, does the condo look like an apartment building or like a condo. Generally, you should be able to tell the difference between a renter and an owner occupied building. Ask the % of rented units vs. owner occupied.
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Old 12-20-2007, 11:55 AM
 
2 posts, read 6,093 times
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It looks like a rental and I checked and the majority are actually rentals. That must be why the homeowner's are not that involved with the HOA. I know that recently they changed management companies so maybe I can get involved and help make some changes. Unfortunately, my contingency period is up and I already signed final paperwork so we'll see. Worst case scenario, I can always make it a rental later. Thank you for your thoughts
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