It is important that you check the HOA first before you consider deciding which Myrtle Beach condos for sale to buy. It will save you a lot of money and time if you learn more about how the HOA or homeowners’ association of the condo you are considering purchasing are running things and operating the entire condo building.
There might be policies and/or regulations that you don’t agree with. And you don’t want to learn about these after you’ve bought the condo unit. Because you would then have to either learn to live with these rules and regulations or look to resell the unit as soon as after you’ve bought it – which might not look appealing to potential buyers.
What about the homeowners’ association?
A condo’s homeowners’ association is generally the governing body responsible for determining the monthly dues you will have to pay on top of your monthly payment for the condo unit. They are also responsible for allocating the dues they receive from the condo unit owners in different aspects of the building’s maintenance – i.e. insurance costs, necessary repairs and required building upgrades, and expenses on cleaning and maintaining the common areas.
In line with their responsibilities for building maintenance, they are also responsible for setting up rules and regulations that all condo owners and occupants should abide with. This may include restrictions in bringing pets inside the building, curfew hours, and the operating hours for the swimming pool. These rules may depend on the neighborhood where the condo is situated.
The HOA of various Myrtle Beach condos for sale have different rules and regulations and may implement different policies regarding payment of the HOA fees. They may also have different types of reprimands for those who delay their payment of HOA fees.
According to industry experts, it helps if you join the HOA of the condo unit you are considering buying before you actually pay for the unit. This will help you learn more about the governing association. Most condo buildings allow potential buyers to join the HOA in advance or attend one of their monthly meetings.
Here’s a list of things you might want to ask when you attend one of the HOA meetings of the Myrtle Beach condos for sale you are considering buying:
- What are the monthly dues? Do you accept automatic debit payment?
- Can I ask for a copy of your CC&Rs (covenants, conditions, and restrictions) and bylaws? – Note that this will help you have a deeper understanding on the rules and policies, allowing you to decide whether or not you can live and abide by them.
- Have you made any special assessments in the last three years?
- Can I ask for a copy of the latest budget assessments and minutes of the most recent meeting?
Spending time to get to know the condo unit’s HOA before deciding to buy or not would surely save you lots of money down the road. If you have questions or want to learn more about this, contact a Myrtle Beach condos for sale agent at Jerry Pinkas Real Estate Experts now.
Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
Your partners in finding the best Myrtle Beach condos for sale.