left column

Connect With Me:

pohl real estate on facebook twitter pohl real estate pohl real estate on linked in E-mail A Friend add this page to your favorites iphone app and qr code pohl real estate
Predefined Homes For Sale PDX Metro
Search By Map  
Listing Id Search  
Detailed Search  
Basic Search  
Luxury Homes  
New Construction  
Portland Condos  
   
Other Sections

Client Tools -- Vast resource center for those getting into or exiting the real estate market.

Relocating to Portland -- Interested in moving to Portland.

Portland Metro Statistics -- Raw Portland Real Estate market data.

PDX News Headlines -- Pohl Real Estate's news recap around Portland.

Home Search -- Every possible type of search available to you.

Housing Tips -- Useful real estate articles.

Customer Service:

We are committed to our valuable customers, if you notice anything needing corrected. Let us know here.

I'm Thinking of Buying A Portland Condo. What Five Things Should I Watch Out For in regard to HOA's:  

2-8-2011

First off, what is an HOA? An HOA stands for Home Owner's Association. This is the governing body for the condominium development. The association will make decisions for the whole. 

1. Is the Homeowners Association (HOA) in good standing with a fully funded reserve account? Is the condo development older and needing some major repairs to all the units such as siding or roofing? If so but there is not enough money in the reserve account then your HOA dues could jump considerably. 

2. What is the price of the HOA and how will that impact my loan? What is covered the HOA payment? Your HOA might cost $400 per month but if it covers your cable television, swimming pool, workout facility, maintenance, commons, balcony view, insurance, and has a full time concierge then it may be worth it for you because cable television, internet, swimming pool and workout facility might cost $200/month by itself if you were to purchase it elsewhere. Of course if you don't use a pool, don't workout, and don't watch television then it might not be worth it for your needs. 

3. Is the HOA in litigation? HOA have been known to get in trouble from time and time and their might be pending litigation that may prevent you from purchasing but also if you did purchase after the litigation is over your HOA dues could jump much higher for the same benefits.

4. What are meeting minutes and how can they benefit me when purchasing? Well you can request a copy of the meeting minutes which is a summary of the discussion at the Homeowners Association meetings. The meeting minutes could address issues like faulty equipment or major repairs needed and it's good to know this information when thinking about purchasing. If the minutes talk about how to address the major structural problems of the condo you might want to think twice about purchasing. 

5. What is a reserve study as it relates to a condominium or HOA? The reserve study is basically the budget for the HOA. The reserve study might show how much money the condominium is expecting to pay our for roads, lights, equipment, facility, building operations, management, insurance, construction etc.. If the reserve study estimates all the expenses low then inevitably your HOA rates will be going up. 


Back to Portland Real Estate News Archive

Share This Page With A Friend:
Add This Page To Your Reading List: Add This Page to Your Favorites

Previous Articles:
By Month

Dec-2013
Nov-2013
Oct-2013
Sept-2013
Aug-2013
July-2013
June-2013
May-2013
Apr-2013
Mar-2013
Feb-2013
Jan-2013

Dec-2012 Dec-2011
Nov-2012 Nov-2011
Oct-2012 Oct-2011
Sept-2012 Sep-2011
Aug-2012 Aug-2011
July-2012 July-2011
June-2012 June-2011
May-2012 May-2011
Apr-2012 Apr-2011
Mar-2012 Mar-2011
Feb-2012 Feb-2011
Jan-2012 Jan-2011

Dec-2009 Dec-2010
Nov-2009 Nov-2010
Oct-2009 Oct-2010
Sep-2009 Sep-2010
Aug-2009 Aug-2010
July-2009 July-2010
June-2009 May-2010
May-2009 Apr-2010
Apr-2009 Apr-2010
Mar-2009 Mar-2010
Feb-2009 Feb-2010
Jan-2009 Jan-2010

 

 

pohl real estate on facebook twitter pohl real estate pohl real estate on linked in E-mail A Friend add this page to your favorites iphone app and qr code pohl real estate