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!

 

162 Properties
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Open 5/25
14054 N Council Fire Trl Kamas, UT 84036
$750,000
Neighborhood: Black Rock Ridge
2
Beds
2
Baths
1,283
Sq.Ft.
2007
Year Built
2
Days on Site
12201955
MLS
Location, convenience, trails and a car and toy lovers delight. Have you ever dreamed of a condo with a huge garage? You know you have. This stellar pad has what you want to make your Park City area...
$1,070,000
Neighborhood: Greyhawk
2
Beds
2F11/2
Baths
1,285
Sq.Ft.
1997
Year Built
2
Days on Site
12201959
MLS
Looking for a great central location with easy access to Deer Valley, Park City and all the fun in Old Town? Check out this well maintained, updated. 2 bedroom, 2 1/2 bath condo at Greyhawk. The free...
$1,149,999
Neighborhood: Sundial Lodge
2
Beds
2
Baths
866
Sq.Ft.
1999
Year Built
3
Days on Site
12201918
MLS
Take advantage of this rare opportunity for a ski-in/out Canyons Resort Residence w/ski run views & heated pool in your back yard. Summer will find you enjoying the activities (Golfing, Hiking, &...
$1,200,000
Neighborhood: Black Rock Luxury Condos
2
Beds
2
Baths
1,269
Sq.Ft.
2021
Year Built
3
Days on Site
12201927
MLS
Black Rock Luxury Condominiums is perfectly located within minutes from Park City, 4 world class ski resorts, including the new Jordanelle Expressway and an easy commute to the Salt Lake City...
$750,000
Neighborhood: Crestview Condos
2
Beds
2F11/2
Baths
1,492
Sq.Ft.
2001
Year Built
3
Days on Site
12201930
MLS
This 2-bedroom + loft sleeps 8 and lives like a 3-bedroom. It is one of Park City's hottest finds. The top floor, corner penthouse location has views on two sides, with ski run views to the south...
$5,950,000
Neighborhood: Apex Residences
4
Beds
2F23/411/2
Baths
2,753
Sq.Ft.
2019
Year Built
3
Days on Site
12201931
MLS
If you're seeking a luxurious ski-mountain getaway, then look no further. Apex Residence fuses modern architecture and sophisticated alpine charm while embracing the natural surroundings. Situated at...
$429,800
Neighborhood: Pointe At Wolf Creek
1
Beds
1
Baths
800
Sq.Ft.
2022
Year Built
6
Days on Site
12201863
MLS
Enjoy mountain living at its finest in the latest residence collection at Wolf Creek Resort. Luxury condominiums nestled back along the Wolf Creek golf course on the 10th and 11th fairway in the...
$429,800
Neighborhood: Pointe At Wolf Creek
1
Beds
1
Baths
800
Sq.Ft.
2022
Year Built
6
Days on Site
12201873
MLS
Enjoy mountain living at its finest in the latest residence collection at Wolf Creek Resort. Luxury condominiums nestled back along the Wolf Creek golf course on the 10th and 11th fairway in the...
$429,800
Neighborhood: Pointe At Wolf Creek
1
Beds
1
Baths
800
Sq.Ft.
2022
Year Built
6
Days on Site
12201874
MLS
Enjoy mountain living at its finest in the latest residence collection at Wolf Creek Resort. Luxury condominiums nestled back along the Wolf Creek golf course on the 10th and 11th fairway in the...
$2,795,000
Neighborhood: Hyatt Centric Park City
3
Beds
2F13/411/2
Baths
2,495
Sq.Ft.
2008
Year Built
6
Days on Site
12201887
MLS
Hyatt Centric amenities include outdoor pool with spas, fitness room, slope-side access, ski and parking valets, new private owners skier lounge and lockers, on-site restaurant, store, grill and more....
$699,000
Neighborhood: Snowcrest
1
Beds
2
Baths
783
Sq.Ft.
1980
Year Built
7
Days on Site
12201861
MLS
Located in Old Town Park City, across the street from Park City Ski Resort. This top floor Snowcrest condo is a one bedroom plus loft that acts as a second bedroom. Two full bathrooms. Common...
$1,150,000
Neighborhood: Wasatch Front Ar 58
3
Beds
2F13/4
Baths
1,921
Sq.Ft.
2020
Year Built
7
Days on Site
12201866
MLS
Beautiful 3- bedroom top floor condo at The Station in Holladay. Urban living close to biking, hiking, and skiing. The unit is just over a year old and has been meticulously maintained...seriously...

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