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!

 

263 Properties
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Open 2/1
1618 Redstone Ave Park City,  UT 84098
$850,000
Neighborhood: Fox Point At Redstone
3
Beds
2
Baths
1,261
Sq.Ft.
2003
Year Built
2
Days on Site
12300277
MLS
Great opportunity to own a coveted south facing top floor Fox Point condo. Perfect for an owner-occupant or investment! Nightly and Long-Term Rental approved (has never been in rental pool). Enjoy...
$599,950
Neighborhood: Brookside (Heber)
3
Beds
3F11/2
Baths
1,954
Sq.Ft.
2023
Year Built
2
Days on Site
12300278
MLS
Duplex building. Finished basement included! We have new lots available where construction will start in March 2023! These townhomes will have a small private landscaped yard to enjoy. (Fencing is...
Open 2/1
2417 W High Mountain Rd Park City,  UT 84098
$6,975,000
Neighborhood: Pendry Residences Park City
4
Beds
2F43/4
Baths
3,691
Sq.Ft.
2022
Year Built
2
Days on Site
12300283
MLS
This Signature Penthouse Residence is Pendry's most spacious and opulent residential accommodation, more than 1,000 sq.ft. larger than any other residence in the building! This slopeside getaway...
$1,550,000
Neighborhood: Shoreline
3
Beds
3F11/2
Baths
3,030
Sq.Ft.
2023
Year Built
4
Days on Site
12300269
MLS
All Pre sheetrock options included.Buyer can still select all the Finish options.Call and set up a time to come in or just stop by we would love to show you how great Shoreline is.All photos are of...
$1,325,000
Neighborhood: Blackstone Flats
2
Beds
1F13/4
Baths
1,160
Sq.Ft.
2019
Year Built
5
Days on Site
12300248
MLS
This modern ground-level unit is perfect for a year-round residence or seasonal ski getaway. It offers an expansive living space with tall ceilings and large windows which allow for tons of natural...
$1,525,000
Neighborhood: Blackstone Flats
2
Beds
1F13/411/2
Baths
1,160
Sq.Ft.
2019
Year Built
5
Days on Site
12300249
MLS
This contemporary ski condo is located on the top-floor of Blackstone Flats. It is offered turnkey and features an open floor plan with spacious living area, high ceilings, expansive windows allowing...
$4,500,000
Neighborhood: Resort Center
4
Beds
4
Baths
2,713
Sq.Ft.
1985
Year Built
5
Days on Site
12300231
MLS
This is a unique opportunity to own the incredibly rare 4 bedroom ski in/out presidential suite at Park City Resort. The unit features amazing ski run views, two primary suites, 4 full bathrooms, 4...
$1,695,900
Neighborhood: Shoreline
3
Beds
2F13/411/2
Baths
3,161
Sq.Ft.
2022
Year Built
5
Days on Site
12203723
MLS
Dont wait!. Start enjoying your amazing Shoreline home now.The home is fully finished with every bell and whistle imaginable. Dont take my word for it stop in to see for yourself.
$408,000
Neighborhood: Yotelpad Condominiums
13/4
Baths
338
Sq.Ft.
2020
Year Built
5
Days on Site
12300262
MLS
This Amazing Studio TOP FLOOR with ski mountain views where you can feel the energy of the Ski Mountain. This condo sleep 4 people comfortably.The YOTELPAD is conveniently located in the heart of...
$599,950
Neighborhood: Brookside (Heber)
3
Beds
3F11/2
Baths
1,954
Sq.Ft.
2023
Year Built
5
Days on Site
12300267
MLS
Duplex Building. Construction to start in March 2023. Professionally designed home! Finished Basement! Great views of Mount Timp. HOA fee covers snow removal of alleyways and maintenance of common...
$4,500,000
Neighborhood: Flagstaff
3
Beds
2F13/411/2
Baths
1,950
Sq.Ft.
2009
Year Built
6
Days on Site
12300235
MLS
This incredible top floor residence in the Flagstaff building in Empire Canyon has commanding views of the skiers making their way to the Silver Strike lift and Deer Valley's Bald Mountain. It...
$589,000
Neighborhood: Zermatt Villas
2
Beds
2
Baths
1,199
Sq.Ft.
2005
Year Built
6
Days on Site
12300241
MLS
This beautiful top-level condo has vaulted wood ceilings and a private balcony with breathtaking views of the Wasatch Mountains. It is the largest two-bedroom, two-bathroom condo on the top level and...

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