When you buy a condominium in Florida, you might be required to join the homeowner’s association (HOA). A good HOA takes care of maintenance, gardening, repairs, security and anything else that the community needs. However, a bad HOA might charge you a steep monthly fee without offering services to justify the cost. Before you sign the contract, it’s important to know what you’re getting into.
What are some questions you should ask the realtor?
When you talk to your realtor, you should ask about the HOA dues to see if you can fit that amount in your monthly budget. Once you’ve gotten an estimate, see what kinds of services that the HOA offers to residents. You should look at the budget to see if they take their responsibilities seriously or not. For example, if you notice that the decks need to be repaired and there isn’t much room in the budget, that means that either the HOA isn’t concerned about repairs or they’ll charge you a high amount when they finally get it done.
You can also ask for a copy of the minutes of previous HOA meetings. This gives you an idea of what to expect when you rent a condo in this area. For example, you might notice that they focus on certain violations or make unreasonable demands. If you have more questions about condominium and HOA law, consider speaking with an attorney.
How can you settle HOA disputes?
When a tenant signs a contract, they’re bound by law to stick to that agreement. An HOA dispute might arise if a tenant refuses to abide by the rules laid out in their contract. If you own a condo, an attorney could help you manage HOA disputes. They could also help you prepare contracts and documents for your future tenants.