Reply to HOA Fees - why do they vary so much?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Some places aren't adequately funding the reserve fund. This will come back to bite you in the a** later. You won't know unless you a detailed review of their financials once you get the HOA docs.[/quote]

Bingo.

In addition to costs varying, and potentially HOA documents varying as to what is a common element or limited common element cost and what is up to each owner to pay on their own, you have a wide range of competence in condo & HOA management by boards, from excellent (those that conduct proper reserve studies and accurately forecast expenses and reserves, and collect so that they avoid special assessments),  to pathetic (the type that never wants to raise fees or wants to keep them low and then when something happens there is no money in the capital reserves and its special assessment time).

You really must see at least 3 yrs. financials and a year's worth or monthly Board meeting minutes IMO to be able to judge the health of a condo association/ HOA.[/quote]

Ugh, sorry, horrible typing, forgive the obvious typos in there.  :oops: [/quote]

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