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With 3,400 community associations and more than 7,000 residents living in those developments, nearly a quarter of Utah’s population lives in a Home Owner Association (HOA) governed property.
While community associations play an important role in managing density and protecting property values, residents and buyers need to be aware of the pitfalls, including additional rules and extra financial burdens. Many of Salt Lake City’s most charming condo developments have gathered their share of deferred maintenance over the years. In order to maintain a building’s integrity an HOA can vote to implement assessments to build the capital needed for improvements and fund long-term reserves.
Assessments can range from a $300 per month increase in each resident’s HOA fees to a multi-million dollar price tag to replace failing metal handrails and stairways (we know a building).
It’s our job to make sure you receive copies of the HOA’s governing documents when looking to buy a condo or townhouse and help you gather these same documents to share as part of your disclosures when selling. The information included the CCRs (Conditions,Covenants & Restrictions), Minutes, Budget, Financials, and more is crucial to read through during the due diligence time period so that your concerns and questions can be addressed.
Your investment and active involvement in a property with a well run HOA will payoff in the long run.