As a Realtor who spends much of my time in the condo market…one of the most important things I review for my clients is the numerous aspects surrounding the home owner’s associations. There are many rules and regulations that must be studied as well as financial reports to be reviewed. No one wants to move into a complex and find out just a few months later that they will have a large assessment against them for a repair in the complex that cannot be covered by inadequate reserves.

While browsing through various blogs this morning I came across one blog dealing with the new Washington law requiring condo associations to provide a “financial-wellness check” showing the current state of the complex and how the reserves are set up to meet future repairs. Ardell often has good posts but I just had to point this out as she does an extremely good job of working through the figures and showing how important this new required review is.

Make sure when you purchase a condo or townhouse that your Realtor carefully studies the reserves and the financial wellness of the complex. A “good deal” in an condo complex can really change quickly after you move in and find out that the complex is in a financial mess…you will have to share in this and unfortunately, it can be quite costly to you.

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This entry was posted on Tuesday, April 29th, 2008 at 2:58 pm and is filed under Condominium Advice. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.