For example they can raise your rent or other fee by no more then five percent a year and that any lesser increase does not mean that it rolls over (ex: they can not raise your rent by 4% for three years and then in year 4 suddenly raise it by 8%).
This agreement needs to be transferable to the next owners.
A number of elderly are finding that when their place is bought out the new owners raise their fees and rent outrageously.
“If you decide to go with an HOA or Assisted Living make sure all increases are locked in.”
Look at the finances of the HOA.
How long until foods need replaced?
Other repair items.
Is the HOA budgeting for that?
That’s a big deal .
I’ve seen it first hand as a mortgage lender and property owner.
Buyers never ask to see the budget; they should ask .