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Retirement Discussions / Retire Early Liberal Edition
|Subject: Re: intercst a Homeowner||Date: 10/14/2012 10:35 PM|
|Author: SeattlePioneer||Number: 45835 of 73760|
Did you do any research on the Condo Association, intercst? What percentage of their condos are defaulting on paying dues, what kind of reserves has the condo association accumulated against future repairs, and how old is the development?
Absolutely! I've rescinded offers on five other condos over the past year after reviewing the HOA financial statements and Board Meeting minutes. The Treasurer of one HOA was renting his garage to the HOA for $360/month -- you can almost get an apartment for that.>>
As usual, intercst displays commendable shrewdness in analyzing the Condo Association before buying, rather than discovering there is a mess after the fact.
Condo associations can be fine experiences in self management for condo members, but they can also be disasters waiting to pluck condo owners of their money and equity.