I am working with a buyer currently on a purchase in Albuquerque’s North Valley in Los Ranchos de Albuquerque. I thought the HOA would be very straight forward, but many of the answers to my buyer’s questions must come from them. Questions like:
1. What is covered by the HOA fees? Are any utilities paid by them?
2. What are the monthly HOA dues? How often do they increase?
3. Who covers repairs to the roof, exterior, stucco, termites or other damage?
4. What is the financial condition of the HOA? Can I see statements?
5. When is the board up for renewal? Who is the go to person for questions?
6. Can I rent my place out or is it under restrictions?
7. What are the restrictive covenants? Can I do the things I want to do?
8. Are there any major purchases (and assessments) planned for the near future?
Believe me, these are just some of the questions, now when you add in knowledge that the HOA management company is changing hands during the real estate transactions so that no one really knows any of the answers, it can make things challenging. So take the Association very seriously. If you do not have an HOA, you may still have Covenants and Restrictions to consider.
Contact: 505-980-7788
Jim Gross -- Keller Williams Realty, Albuquerque NM
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