If you have been hiding in the shadows because you're confused about HOA living, step into the light! We have some valuable information to share with you about Flushing condos and their HOAs.
Our first piece of advice: Don't cross condos off your list! If Flushing condos are grabbing your attention, do some detective work to find the answers to these critical questions to determine if you and the HOA you're considering are a good match.
1. How much is the monthly HOA fee? HOAs need money to maintain the building and provide certain services. This fee varies widely among Flushing condos. If you are considering a particular unit, ask this question first to see if it is in your budget or out of your league.
2. What does the monthly HOA fee cover? Most HOAs use this fee for lawn maintenance, snow removal and common area upkeep. If you're able to take an in-person tour of the building, pay attention to these areas to see if HOA funds are put to good use. HOAs sometimes cover select utilities, parking and amenity maintenance.
3. What is the HOA's reserve fund status? Well-run HOAs take a portion of your monthly payment and save it for major repairs, such as a roof replacement, painting project, renovation...You get the idea. Find out if any of these large-scale projects are planned in the near future and if there is enough money in the reserve account to cover them.
4. What are the HOA's major regulations? You've heard that Flushing condos come with a long list of rules. Before you roll your eyes at them, remember that these rules are put in place to make the building a pleasant place for all. Scan the rules to make sure that you can live with them all before you decide to buy.
Our time is up for today, and we've only scratched the surface of the ins and outs of HOA living. If you want to learn more about Flushing condos and their HOAs, connect with us at Flushing Realty!