Condo and HOA basics for buyers
Shared amenities and care can be great if the budget and rules fit your life. Here is how to read the documents and avoid common surprises.
Key items to review
- Monthly fees and what they include such as water, cable, and reserves.
- Rules for rentals, pets, vehicles, and renovations.
- Financial health such as reserves, insurance, and special assessments.
Loan and insurance notes
- Condo loans may require project approval or specific insurance coverage.
- Your personal policy often differs from a single family policy.
- Flood and wind coverage can change total monthly cost more than expected.
Smart steps before you commit
- Read the declaration, bylaws, and most recent budget and minutes.
- Walk the common areas and talk with a board member if possible.
- Confirm rules that matter to you in writing before your inspection period ends.