Buying a condo? The lowest HOA fee doesn't always mean the lowest cost of ownership. In this video, Katherine covers four things to review before purchasing a condo in Orange County.
1. What's included. Some associations cover water, roof maintenance, and certain insurance costs; others leave more of those expenses to the owners.
2. Reserves. Does the association have a financial plan for major repairs and replacements?
3. Special assessments. Low monthly dues do not rule out large additional charges for major projects.
4. Insurance and meeting minutes. Review the master insurance policy and the minutes for maintenance concerns, potential litigation, and discussions about rising costs.
Bonus tip: have your lender review the condo project early. The association's finances and the property's condition can affect whether you can get financing at all.
Look beyond the monthly dues. If you are shopping for a condo in Orange County and want help reading the HOA documents, reach out — Katherine is happy to help.
Disclaimer: General educational information, not legal, financial, insurance, or lending advice. HOA fees, coverage, financial condition, and lending requirements vary by association and property; review the HOA documents with qualified professionals before purchasing.