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: high risk. Expect either significant dues increases, special assessments, or both.

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. It should be updated every three to five years by a licensed engineer or reserve specialist. A study more than five years old is functionally useless — replacement costs have changed, building condition has changed, and lenders increasingly require a current study. As of 2027, Fannie Mae requires buildings without a current reserve study to contribute at least 15% of annual budgeted income to reserves.

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 — but you'll absolutely be responsible for it once you close.

What is the current delinquency rate?

If more than 10-15% of owners are behind on dues, the association is likely dipping into reserve funds to cover operating expenses. High delinquency also disqualifies the building from FHA and often conventional Fannie Mae financing.

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 typically makes 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, buildings three stories or taller must have a Structural Integrity Reserve Study (SIRS) completed by December 31, 2025. 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. That window is typically 10-17 days in most markets. Put the document requests in writing immediately after your offer is accepted, because associations routinely take seven to ten days just to respond.

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/.