5 Important Things to Look for in a Condo HOA

5 Important Things to Look for in a Condo HOA

Do you know what to look for in a condo HOA? Owning a condo in Park City is one of the best decisions you'll make. A fabulous vacation destination, Park City is a great investment, and condos are an ideal home if you want low maintenance and great amenities.

One of the most important factors to consider as you shop for a condo is the HOA of the community. Check out our list of 5 things to look for in a condo HOA.

1. Amenities

One of the major perks of condo living are the community amenities. Make a list of some amenities you want to look for in a condo HOA, like a pool, clubhouse, ski-in and ski-out, or fitness facilities.

When you're walking through the condo, make sure to walk around the community and take note of the amenities and the condition they are in. Well taken care of, updated amenities are something important to look for in a condo HOA. An HOA that is well funded and well managed will likely produce a community with high-quality amenities.

More: 10 Benefits to Buying and Owning a Condo

2. Reserve Funds

Something you want to look for in a condo HOA is reserve funds. Ideally, 25%-40% of your monthly HOA dues will be going toward a savings fund to cover building maintenance and emergency repairs, among other community expenses.

Get as much information as you can about the HOA's financial situation before signing on. HOAs with a good cash reserve are far less likely to call on homeowners to pay extra in the event of an emergency repair or occasional maintenance.

If the exact information about reserve funds is not available to you as a prospective resident, in many cases you can order a Reserve Study, in which a professional will estimate what the reserve funds should be for a particular HOA.

More: How much down payment do you need when buying a rental?

3. HOA Dues History

Another important financial factor to look for in a condo HOA is a history of not raising HOA dues frequently. It's normal for HOA dues to increase somewhat over time, but an HOA that regularly raises its rates by significant percentages is a red flag.

If there is no cap on how much the HOA can raise the monthly or quarterly dues, it may become a significant expense over time in a poorly managed HOA. Find out if the HOA limits by percentage or dollar amount how much dues can go up each year, and find out how much they have gone up in previous years to find out what kind of reputation this HOA has.

4. Rules That Fit Your Lifestyle

Guidelines that align with your pet peeves and lifestyle are something to look for in a condo HOA. Some HOAs will be quite strict with community rules regarding parking, decor, or noise levels. This may be a pro or a con for you, but it's important to consider when shopping for your condo.

Some common regulations to look for in a condo HOA are noise curfews, landscaping guidelines, guest parking rules, and decor parameters for paint colors or holiday decorations. Most HOAs will let you see the guidelines before purchasing a condo, so ask your real estate agent to get a copy for you.

5. Security

Not all communities will have on-site security, but it's something to look for in a condo HOA. You may find that a slightly higher monthly HOA fee is worthwhile for the peace of mind 24/7 security brings you.

If you're ready to shop for a condo in Park City Utah, contact us today to find out how we can help you find your dream property!

 

255 Properties
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$2,495,000
Neighborhood: Pendry Residences Park City
2
Beds
2F11/2
Baths
1,399
Sq.Ft.
2021
Year Built
1
Day on Site
12202679
MLS
Privately perched above the Pendry plaza, this fully furnished 2BR penthouse is a great place to unwind at the Pendry Park City. Offering some of the best ski and mountain views from a 2BR at the...
$975,000
Neighborhood: Heber City
6,625
Sq.Ft.
2023
Year Built
1
Day on Site
12204033
MLS
Calling all investors, business owners, outdoor enthusiasts, hobbyists, and car collectors! Mountain View Commons is ideally located in the fast growing Heber Valley at the highly visible...
Open 10/5
6633 Lookout Dr Park City, UT 84060
$4,750,000
Neighborhood: Lookout At Deer Valley
5
Beds
4F11/2
Baths
5,843
Sq.Ft.
2007
Year Built
2
Days on Site
12204020
MLS
Enjoy the spaciousness & privacy of a single-family home without the hassle! This luxury townhome is a celebrity favorite during the Sundance Film Festival and can accommodate 13 guests. With dual...
Open 10/5
900 W Bitner Rd Rd Park City, UT 84098
$433,500
Neighborhood: Canyon Creek
1
Beds
1
Baths
802
Sq.Ft.
1997
Year Built
2
Days on Site
12204022
MLS
This lovely remodeled 1 BR sits like a tree house. Private and quiet. New vinyl plank flooring, carpet and paint. Does include washer, dryer, kitchen appliances, window air conditioner, ceiling...
$419,900
Neighborhood: Prospector Square Condos
1
Beds
1
Baths
315
Sq.Ft.
1978
Year Built
2
Days on Site
12204016
MLS
Better than New Prospector Studio. This well thought out design comes fully furnished! The custom finishes, NEW Mini split A/C (no ugly furnace in the wall), added fireplace, custom lighting and cozy...
$2,645,000
Neighborhood: Founders Place
2
Beds
2
Baths
1,723
Sq.Ft.
2024
Year Built
5
Days on Site
12204000
MLS
Welcome to Founders Place - One of Deer Valley's Final slope side, ski-in, ski-out, luxury condominium communities nestled at the base of the Mountaineer Express Ski Lift. Located in the private,...
$1,150,000
Neighborhood: The Cove At Sun Peak/Winter Park
3
Beds
2
Baths
1,968
Sq.Ft.
1998
Year Built
5
Days on Site
12204009
MLS
Location is essential, and this townhome in The Cove at Sun Peak has it all. This three-bedroom, two-bathroom home, and 2-car heated garage has an open floor plan - giving you 1,968 sqft of space....
$1,299,000
Neighborhood: Lodges At Deer Valley
2
Beds
2F13/4
Baths
1,409
Sq.Ft.
1997
Year Built
6
Days on Site
12203157
MLS
Luxury awaits at Lodges at Deer Valley! Owners and guests can enjoy the Deer Valley Ski shuttle to bring them to the lifts in their boots, Cadillac car service within Park City to get them to and...
$785,000
Neighborhood: Pine Creek
3
Beds
2
Baths
1,264
Sq.Ft.
1996
Year Built
6
Days on Site
12203995
MLS
Great mountain-style condominium in the Pine Creek project overlooking the open space/school playing fields. Middle level unit with 9' ceilings and split log accents. Enjoy the private balcony, gas...
$1,300,000
Neighborhood: Black Rock Luxury Condos
2
Beds
1F13/4
Baths
1,278
Sq.Ft.
2021
Year Built
7
Days on Site
12203973
MLS
The Black Rock Luxury condos are the perfect location for a mountain escape. The resort is conveniently located whether you want to enjoy water sports at Jordanelle, take a scenic tour of the Unita...
$925,000
Neighborhood: Snow Blaze/Wildwood
2
Beds
1
Baths
1,006
Sq.Ft.
1983
Year Built
7
Days on Site
12203985
MLS
2 Bedroom, 1 Bath, just over 1000 square feet, directly across the street from Park City Mountain Resort & Village. 3rd Floor unit with vaulted living room, updated with beautiful tile, carpet, and...
3
Beds
2
Baths
1,406
Sq.Ft.
2022
Year Built
8
Days on Site
12203960
MLS
The highly anticipated arrival of the Sawmill Condos have arrived. Come see your new home in the beautiful Sawmill community. Featuring 9' ceilings with plenty of space in the open living area. Large...

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