Questions to Ask Before Buying a Condo or HOA Property

Most buyers spend weeks researching the unit and thirty seconds thinking about the association that controls it. That imbalance is expensive. The HOA or COA governs what you can do with your property, how much you'll owe on top of your mortgage every month, and whether a $50,000 special assessment is coming in three years. Getting the answers before you waive your contingencies is the only time you have leverage.

Here's what to actually ask — and what the answers reveal.

Financial Health Questions

What is the current reserve fund balance, and what percentage funded is the reserve?

This is the single most important question. The reserve fund is the HOA's savings account for major capital expenditures — roof replacement, elevator overhauls, pool resurfacing, structural repairs. The percent-funded metric compares the actual cash balance to the mathematically required balance at this point in the building's lifecycle.

Above 70% funded: financially healthy, low special assessment risk. 30-70% funded: fair — monitor carefully and ask what large expenditures are coming. Below 30% funded: severe underfunding and exceptionally high special-assessment risk. Ask how the association plans to close the funding gap.

When was the last reserve study completed, and who prepared it?

A reserve study is the engineering and financial analysis that determines how much needs to be set aside annually for future repairs. A current professional study should fall within the applicable 24-36-month window; an older study may be stale as replacement costs and building conditions change. Effective January 4, 2027, Fannie Mae requires associations without a current professional reserve study to contribute at least 15% of total annual budgeted income to reserves, replacing the 10% baseline.

Are there any pending or approved special assessments?

This question needs to be asked of both the seller (who may have received notice you haven't) and the HOA directly. Ask for written confirmation. A special assessment voted on at last month's board meeting may not show up in anything you'd otherwise see during a routine review — confirm in writing who is responsible under the purchase contract and applicable state law.

What is the current delinquency rate?

An arrears rate above 10% is a high-risk or red-flag level that can strain the budget and affect mortgage eligibility. Ask for the percentage of units 30 or more days past due, and separately confirm that no more than 15% are more than 60 days delinquent for FHA purposes; high delinquency can also affect conventional Fannie Mae eligibility.

Has the association operated with a budget deficit in any of the last three years?

A one-time deficit might be explainable. Recurring deficits indicate the board is spending more than it's collecting — a pattern that ends in emergency fee increases or special assessments.

Rules and Restrictions Questions

Are there any rental restrictions, including minimum lease durations or rental caps?

Some associations limit the percentage of units that can be rented concurrently. If 20% of units can be investor-owned and the building is already at 18%, you'd be purchasing a unit you can't rent for years. If you're buying as an investment, this is critical. If you're buying as a primary residence and might need to relocate in five years, it matters then too.

Does the CC&Rs permit short-term rentals (Airbnb, VRBO)?

This is a separate question from long-term rental restrictions. Many associations have explicit prohibitions on transient occupancies of fewer than 30 days. If short-term rental income is part of your financial model, verify the rules before purchase — not after.

What are the pet restrictions?

Breed restrictions, weight limits (commonly 25 lbs or 50 lbs), and limits on number of pets are common and are enforced. Families with larger dogs who discover a 25 lb weight limit after closing face either a fine regime or a forced choice between their pet and their home.

What exterior modifications require Architectural Review Committee approval?

Ask for a copy of the current design guidelines. Some associations require board approval for anything visible from the exterior — door color, window treatment style, balcony furniture, satellite dishes, holiday lights. Know what you're agreeing to before you close.

Does the HOA prohibit solar panels or EV charging equipment?

Most states have passed solar access laws that restrict HOAs from banning panels outright, but some associations can still impose placement and aesthetic requirements that effectively make installation impractical. If solar is a priority, read the specific rules, not just the state law.

Governance and Legal Questions

Is the association currently involved in any litigation?

This is the most important legal question. Active construction defect litigation can make the building non-warrantable for conventional financing. Slip-and-fall liability claims, HOA vs. contractor disputes, or neighbor-versus-board lawsuits can all carry financial exposure that lands on current owners.

Are there any known structural or deferred maintenance issues?

Ask for any engineering reports, milestone inspection results, or structural reports on file. In Florida, residential condominiums and cooperatives three stories or higher had a Structural Integrity Reserve Study (SIRS) due by December 31, 2025, with limited coordination extensions to December 31, 2026. Get that document and read it.

Who manages the property, and when does the management contract renew?

Management company transitions create operational disruption and sometimes trigger hidden fees. If the contract is up for renewal in three months and the board is unhappy with current management, you may be buying into a period of administrative instability.

Can I have access to the last 24 months of board meeting minutes?

Meeting minutes are the association's diary. They'll reveal maintenance problems the board is aware of but hasn't yet acted on, pending fee increases, unresolved owner disputes, and how the board actually conducts its governance. Sellers and agents sometimes resist providing these. Insist.

The Timing Question

All of these requests should happen during your contingency period — the window between your accepted offer and when you waive due diligence protections. Its length is set by your contract, not a universal legal deadline; a five-day contractual review period is one possible scenario. Put the document requests in writing within the first 48 hours after your offer is accepted so you have as much of the contractual review period as possible to review the response.

If the seller or HOA refuses to provide reserve studies, meeting minutes, litigation disclosures, or financial statements during your contingency period, treat that as a disqualifying event. Information refusal is not a bureaucratic inconvenience — it's a warning about what you'll face as an owner.

The HOA Survival Guide includes a complete document request checklist and a financial health scoring framework so you can interpret what you receive before your contingency expires. Get the full toolkit at firsthomestartguide.com/tools/hoa-survival-guide/.