))
How Much Money Is in Your HOA’s Reserve Fund?
Manage episode 152666759 series 1067341
Inhoud geleverd door John Fagan. Alle podcastinhoud, inclusief afleveringen, afbeeldingen en podcastbeschrijvingen, wordt rechtstreeks geüpload en geleverd door John Fagan of hun podcastplatformpartner. Als u denkt dat iemand uw auteursrechtelijk beschermde werk zonder uw toestemming gebruikt, kunt u het hier beschreven proces https://nl.player.fm/legal volgen.
Looking to buy in the Silicon Valley? Get a full Home Search
Looking to sell in the Silicon Valley? Get a Home Price Evaluation
Looking to sell in the Silicon Valley? Get a Home Price Evaluation
As we’ve discussed before, Homeowners Associations come with many pros and cons. Before you decide to purchase a property within an HOA, you need to review the financial documents during your contingency period.
You want to make sure you are moving into a community that is financially secure. Obviously, there’s an HOA fee due. Whether that fee is $50 or $350, you need to know what that money is going toward. What are you getting for that fee? The HOA fee covers amenities such as parks, pools, and landscaping, but a portion of that money goes to the reserve fund.
“
”
Pay attention to the reserve fund.
”
As time goes on, fences, roofs, and landscaping may need extra repairs. The reserve fund is there for any major repairs. Every year, the HOA conducts a reserve fund study. Look at those studies to see how the reserve fund is doing so you know what is going on in the community in the long run.
If your reserve fund is 50% funded, 100% funded, or 150% funded, you’re in pretty good shape. If the reserve fund is only at 35%, that is a red flag. The HOA may even need to order a special assessment and, depending on the number of homes in the community, that could run a few thousand dollars. They may even plan to raise the dues, so definitely pay attention to the reserve fund and special assessments.
10 afleveringen
Delen
