Read the meeting minutes before buying a condo
Read the meeting minutes before buying a condo
Know as much as you can about your neighbors as you do your potential property
One of the documents that potential condo owners receive before a purchase is meeting minutes. But being in meetings are boring enough, so why in the world would you want to read minutes from meetings you didn’t even have to attend? Do not look at it this way. In fact, meeting minutes for your homeowners association (HOA) may be the most interesting thing you’ll read of all the documents — or at least more intriguing than bylaws. Why? This is the easiest way to get to know your neighbors, and be informed of potential repairs and other expenses, assessment queries, how common areas are treated, and legal disputes.
Recommended Read: “If you read nothing else in your bylaws … ~ Make sure you read 10 things from condominium bylaws before buying property”
Each condo association has a board of directors, with the president usually running the meeting. While that president may have a planned list of meeting points and the treasurer may have announcements for any estimates, with a secretary taking meeting minutes in between time, owners can show up with their own list of concerns. Whether these concerns relate to the point of the meeting is a coin toss. Some meetings may be cut-and-dry, with few members, little attendance and not much conflict. The downside of this is if you’re someone who wants to be actively involved, you may find yourself dealing with tumbleweed when it comes to homeowner needs. If the HOA board has a property management company that handles the day-to-day, this may be who you’ll talk to anyway.
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But if you have an active board with owners who are openly vocal about a variety of issues, pay attention to everything. This means looking at which owners you may or may not agree with; who appears to be making valid points versus being inexplicably loud (and wrong); who appears to know the ins and outs of the building; when there is conflict between owners and how it’s handled; and how often or how long it takes for repairs or concerns to be acknowledged and resolved.