Some people love them. Some people hate them. Either way, more and more people are opting for them with the median sales price of single family homes over $1,000,000 in Boulder.  

Here are few key things to look closely at before pulling the trigger to buy into an homeowners association (HOA):

      1. Take a Good Good (sorry I had to) Look at the Reserves: Look at the reserve funds. Does the homeowners association have a good savings account in case the roof, the stairs, the siding, etc. need to be fixed/replaced. If the HOA has a big reserve the buyer should breathe a little more easily that he/she will not be assessed (charged a big fee to pay for the repair/replacement in addition to monthly payments).
      1. Read Through the HOA Minutes with a Fine-Tooth Comb: Read carefully through the meeting minutes but also read between the lines. Do you see a lot of mentions of water leaks? Do you see discussions about getting bids for siding, roof, stair repairs/replacement, etc.? Do you see any mentions of executive sessions – private discussions between the board of directors (this usually happens when legal matters need to be discussed)? If you see these things you should assess if you think the reserves are large enough to cover whatever it is you suspect is going to need money.
      1. Rules and Regulations: Read through the Rules and Regulations to make sure none of them are deal-breakers for you – I have found that buyers mostly care about being able to have grills on decks or patios, pet restrictions and renting rules. 

The seller will send over all this information to the buyer before the Association Documents Delivery Deadline in the contract. If there is anything unsatisfactory in these documents – rules, financials, etc. – the buyer may object under the Association Documents Objection Deadline and get his/her earnest money returned. 

 

Good Good is a Boulder area real estate agency. We specialize in helping good people find the perfect Boulder home. We’re low pressure but high touch. If you’re looking for someone to guide you through the real estate process in the Boulder area, we may be a good fit. Give us a call if you’d like to chat. We’re always happy to answer any questions you have about the Boulder area or give you a tour. 

Thanks,

Katie (Good Good Founder) 720.415.4914 | Katie@goodgoodrealty.com

Subscribe To Our Newsletter

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!