Yesterday, I made this post. You're not obligated to read it to understand this post, it's just here for reference.
Hopefully I linked that right.
So basically, I felt like I was grasping the whole situation and the general pros and cons of a condo.
But then someone commented about how I am the HOA. Full comment: You are the HOA. What about you is making you worried? Are you worried you're going to do a special assessment?
They also said this?? Me: In a condo, the HOA can fail
Their response: I mean..you're the HOA. So will you fail? What decisions will you make that will lead it to going bankrupt?
Guys that confused the heck out of me. I thought I had no power over if they sprung a special assessment on me.. Like it's up to me to do my research on the place beforehand, to see if they're well-managed. I got that part. But they made it sound like I will be expected to inspect the building on my own, or sit behind a desk and go "hmm, yes, this building needs a new roof, let me call the roofer". Or look over the finances and go "okay guys, we are all going to pay an extra 10 thousand dollars this month to cover this problem I just found."
No I thought I was paying other (smarter and experienced) people to handle all of that for me. I just need to know wtf I would be signing up for, because I can find an HOA that I trust and pay my bills each month. I can vote if they ask me a question. But I don't want to be expected to like… Manage the whole building.
Really confused about condos
byu/Street_Song_7100 inRealEstate
Posted by Street_Song_7100
2 Comments
I think you’re overthinking a comment made by one Redditor, which was ultimately downvoted.
Normally you aren’t the HOA, you are one member of the HOA with one vote. You vote for the board members. The board has the responsibility to determine whether a special assessment is needed. Normally the assessment is sent to the members for approval, but that is a process spelled out in the CCNRs.
If the board is fulfilling their responsibilities they handle inspections, repairs, maintenance, etc. Normally members don’t have to do anything other than pay the dues, any special assessments, and optionally vote for the board members.