How can I estimate HOA on a multifamily?

Status: Closed
Dec 21, 2012 Views6,038 Answer a Question

Is there a tool to estimate HOA?

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Consumer
Categories:
Homeowners Insurance
About 11 years ago
Providing a buyer client all the information about a building and its HOA and/monthly fees is part of the spectrum of services a Buyer's Agent provides to his/her clients. Realtors have the means to locate this information for their clients. For some multi-family buildings it is easier to retrieve full property information than for other buildings. It may take some work depending on the property you are considering.

Although HAR.com and the HAR mobile app supplies a lot of property information; the Internet cannot provide advice and counsel, and give the consumer guidance through the complex process of home buying/selling. Web tools, although convenient and handy, cannot replace the need for a consumer to work with a qualified Buyer's Agent.

Hope this helps.
I wish you much success.
#1 Awarded – Best Answer
About 11 years ago
I assume you are asking about purchasing an individual unit in a multi family property. There is no way to estimate HOA dues because they are individual associations. If the community has a lot of common amenities, it is expected to be higher. If some or all utilities are covered, your dues will be higher but your overall cost may be lower than paying the individual utility billls. Many HOAs are professionally managed while some are managed by volunteer officers. Some communities have very low monthly dues, but have no cash reserves. If the community needs a repair in a common area, a special assessment could be charged to homeowners. There are so many variables. All properties on har.com should have the actual monthly or yearly HOA or maintenance fee required. When you write an offer, you, as a buyer will specify the time in which the seller will deliver the HOA documents and resale certificate to you so you will have the information prior to purchasing the property. I hope this helps.
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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