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Does the HOA board matter if it is a small complex (12 or less units) as opposed to a large complex (75 or more units?)
Size doesn't matter. Small ones in my experience tend to be worse than the big ones. I've been involved in hundreds of condo sales and have been on multiple boards and this is my experience. There may be some magical land where most condo boards are functional and harmonious but in my world they are very often contentious, divided organizations.
Parking issues.
Violation notices in the mail.
Monthly fees. $10,000 assessment to put a new roof on building.
Never mind the minimal construction of building. Thin, no sound deadening walls, floors, ceilings.
The bolded should not happen because there should be a long-term plan based on a reserve study to have sufficient funds from the fees to cover a new roof when it is needed.
In ten years, we had one special assessment here. There was exceptionally heavy snowfall that winter, and we overran the snow-removal budget. The hit to everyone was $150 apiece, payable, if desired, in three installments of $50 each.
We are having our parking lots repaved. There will be no special assessment because we have the money in the reserves.
We don't have parking issues here. Every unit has an assigned space, and there are plenty of unassigned parking spaces for visitors and people with second cars.
These are obviously things that need to be checked out before one buys.
The bolded should not happen because there should be a long-term plan based on a reserve study to have sufficient funds from the fees to cover a new roof when it is needed.
In ten years, we had one special assessment here. There was exceptionally heavy snowfall that winter, and we overran the snow-removal budget. The hit to everyone was $150 apiece, payable, if desired, in three installments of $50 each.
We are having our parking lots repaved. There will be no special assessment because we have the money in the reserves.
We don't have parking issues here. Every unit has an assigned space, and there are plenty of unassigned parking spaces for visitors and people with second cars.
These are obviously things that need to be checked out before one buys.
Bad construction can definitely be an issue.
In Florida associations can choose not to fund reserves or to partially fund reserves. Also there are items that no one thought to reserve for, notably concrete restoration. I can point out several associations with fully funded reserves that got hit with massive special assessments for concrete restoration. It wasn't a concern years ago but as these oceanfront concrete structures entered their third decade it became an issue. Ever increasing insurance premiums has been an issue, too, here in coastal Florida. Rather than raise monthlies I know of an association that levies a special assessment once a year to pay the increase/difference in the premium.
Problem is many of those bylaws and stuff are vague and open to interpretation, using many non-objective keywords. Also, selective enforcement of such rules is a possible issue.
If you move into a complex with HOA type people, you will likely have a strong HOA and a very good environment.
If you are NOT an HOA type person, and you move into a place with a strong HOA, you are likely not going to like it.
And lastly, if you are an HOA type person and you move into a weak HOA complex you are going to hate it.
You have to do your homework and determine exactly what you are getting. Do your due diligence and talk with a LOT of neighbors/residents before you pull the trigger.
In Florida associations can choose not to fund reserves or to partially fund reserves. Also there are items that no one thought to reserve for, notably concrete restoration. I can point out several associations with fully funded reserves that got hit with massive special assessments for concrete restoration. It wasn't a concern years ago but as these oceanfront concrete structures entered their third decade it became an issue. Ever increasing insurance premiums has been an issue, too, here in coastal Florida. Rather than raise monthlies I know of an association that levies a special assessment once a year to pay the increase/difference in the premium.
Interesting. We had some similar situations in this area because salt water can do damage. There were spiffy new condos built along the beach. $750K per when they first opened. Lots of glass, balconies.
All the metal balcony rails had to be replaced in a few short because of corrosion.
The highest we had to raise fees one year was about $15. It's usually $5, some years nothing. That year our insurance for the buildings (unit owners pay for their own walls-in insurance) went sky-high because of the Sandy "superstorm" that devastated this area in 2012. Insurance on wood-frame condos in New Jersey was jacked up, and many companies flat-out refused to insure them anymore. If you lived within 2 miles of the ocean (we are about six miles inland) there was exactly ONE company that would insure condos, and they were naming their price. 24% of our fee goes for insurance.
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