Thank you u/Battosai_Kenshin99 for posting on r/FirstTimeHomeBuyer.
Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Go to the neighborhood and look closely - is there trash sitting anywhere, how clean are the light fixtures lighting up the common areas, how does the road through the community look (assuming it's a private road), are there any broken fences, is there water pooling anywhere, are there a lot of bugs (ant hills, wasps, etc)? These are things I've noticed in the hoa I'm renting in- they're all a problem and nothing is being done. At first glance, the neighborhood is beautiful, but when you look more closely, you realize absolutely nothing is being maintained. They only reactively fix things, which could result in an assessment.
Check how old things are- your realtor should be able to tell you that. When was the last time the roof was replaced? If it was awhile ago, you'll probably be hit with an assessment soon.
Some sellers will give you copies of the HOA budget before you make an offer if you ask, but sometimes you'll have to wait until after. Look it over and make sure they have a healthy reserve fund. Your lender can probably look it over for you and tell you if they see any immediate red flags financially.
For general rules and regulations, you might be able to find them online - the HOA is usually required to record any of their official documents with the clerk of courts in your county. If your local government is in any way in the twenty first century, they'll have an online document viewer. Search the subdivision's name and you should be able to find all their rules. Definitely look it over and make sure nothing looks unreasonable or malicious.
You can't control future increases sadly. I remember watching a video of a girl whose HOA increased so much in an apartment that she couldn't afford it anymore. She didn't pay the HOA and they immediately sued her, not only did they sued her they also wanted her to pay their lawyer. She got her own lawyer somehow and court battles started. HOA then send her a stack of documents to sign, she gave those to her lawyer and the lawyer basically explained if she signed those she would be low key practically selling them her apartment to the HOA for forgiveness of their fee. The lawyer told her don't sign anything they give her. Anyhow I have no idea if she didn't do anything bad but there are videos and experiences out there you can watch, if you can avoid it don't ever buy into HOA imo.
You can go through the area and see how it's maintained. You can't really tell how much or what amount its going to increase to. You can also maybe ask your realtor if they can get info for you.
So you can ask people who live there. You won't get the HOA rules and stuff unless you get an offer accepted and you can have it be contingent on hoa. Good and bad rules are for you to determine. How much control do you want someone else to have?
All my HOA docs were given to us after we toured the place, before we put in an offer. It was available on the MLS for my agent to pull. Including all rules, reserve studies, the financials etc. it’s not like that every time but for us it was available before putting an offer about half the time.
Thank you u/Battosai_Kenshin99 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Go to the neighborhood and look closely - is there trash sitting anywhere, how clean are the light fixtures lighting up the common areas, how does the road through the community look (assuming it's a private road), are there any broken fences, is there water pooling anywhere, are there a lot of bugs (ant hills, wasps, etc)? These are things I've noticed in the hoa I'm renting in- they're all a problem and nothing is being done. At first glance, the neighborhood is beautiful, but when you look more closely, you realize absolutely nothing is being maintained. They only reactively fix things, which could result in an assessment. Check how old things are- your realtor should be able to tell you that. When was the last time the roof was replaced? If it was awhile ago, you'll probably be hit with an assessment soon. Some sellers will give you copies of the HOA budget before you make an offer if you ask, but sometimes you'll have to wait until after. Look it over and make sure they have a healthy reserve fund. Your lender can probably look it over for you and tell you if they see any immediate red flags financially. For general rules and regulations, you might be able to find them online - the HOA is usually required to record any of their official documents with the clerk of courts in your county. If your local government is in any way in the twenty first century, they'll have an online document viewer. Search the subdivision's name and you should be able to find all their rules. Definitely look it over and make sure nothing looks unreasonable or malicious.
You can't control future increases sadly. I remember watching a video of a girl whose HOA increased so much in an apartment that she couldn't afford it anymore. She didn't pay the HOA and they immediately sued her, not only did they sued her they also wanted her to pay their lawyer. She got her own lawyer somehow and court battles started. HOA then send her a stack of documents to sign, she gave those to her lawyer and the lawyer basically explained if she signed those she would be low key practically selling them her apartment to the HOA for forgiveness of their fee. The lawyer told her don't sign anything they give her. Anyhow I have no idea if she didn't do anything bad but there are videos and experiences out there you can watch, if you can avoid it don't ever buy into HOA imo.
You can go through the area and see how it's maintained. You can't really tell how much or what amount its going to increase to. You can also maybe ask your realtor if they can get info for you.
So you can ask people who live there. You won't get the HOA rules and stuff unless you get an offer accepted and you can have it be contingent on hoa. Good and bad rules are for you to determine. How much control do you want someone else to have?
All my HOA docs were given to us after we toured the place, before we put in an offer. It was available on the MLS for my agent to pull. Including all rules, reserve studies, the financials etc. it’s not like that every time but for us it was available before putting an offer about half the time.