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<span style="font-family: "arial" , "helvetica" , sans-serif;"><em><strong>Looking to buy in the Silicon Valley? </strong><strong><a data-cke-saved-href="http://www.kellyfischerteam.com/idx/" href="http://www.superiorrealtypartners.com/idx/" target="_blank">Get a full Home Search</a> </strong></em><br /><em><strong>Looking to sell in the Silicon Valley?</strong> <strong><a data-cke-saved-href="http://www.kellyfischerteam.com/home-evaluation.php" href="http://www.searchallproperties.com/propertyvaluation-plus/SuperiorRealty/Silicon+Valley+VYRAL-465391" target="_blank">Get a Home Price Evaluation</a></strong></em></span></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><b><a href="http://superiorrealtypartners.blogspot.com/2016/01/silicon-valley-real-estate-what-you.html">As we’ve discussed before</a>,</b></span><span style="background-color: transparent; color: black; font-family: "arial"; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> Homeowners Associations come with many pros and cons. Before you decide to purchase a property within an HOA, </span><span style="background-color: transparent; color: black; font-family: "arial"; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">you need to review the financial documents during your contingency period. </span></div>
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<span id="docs-internal-guid-e0578b26-6f4b-fdd0-2e09-7772f1b68be5"><span style="font-family: "arial"; vertical-align: baseline; white-space: pre-wrap;">You want to make sure you are moving into a community that is financially secure. Obviously, there’s an HOA fee due. Whether that fee is $50 or $350, </span><span style="font-family: "arial"; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;">you need to know what that money is going toward.</span><span style="font-family: "arial"; vertical-align: baseline; white-space: pre-wrap;"> What are you getting for that fee? The HOA fee covers amenities such as parks, pools, and landscaping, but a portion of that money goes to the reserve fund.</span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Pay attention to the reserve fund.</span></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">As time goes on, fences, roofs, and landscaping may need extra repairs. </span><span style="background-color: transparent; color: black; font-family: "arial"; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The reserve fund is there for any major repairs. </span><span style="background-color: transparent; color: black; font-family: "arial"; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Every year, the HOA conducts a reserve fund study. Look at those studies to see how the reserve fund is doing so you know what is going on in the community in the long run. </span></div>
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<span style="background-color: transparent; color: black; font-family: "arial"; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">If your reserve fund is 50% funded, 100% funded, or 150% funded, you’re in pretty good shape. If the reserve fund is only at 35%, that is a red flag. </span><span style="background-color: transparent; color: black; font-family: "arial"; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The HOA may even need to order a special assessment </span><span style="background-color: transparent; color: black; font-family: "arial"; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">and, depending on the number of homes in the community, that could run a few thousand dollars. They may even plan to raise the dues, so definitely pay attention to the reserve fund and special assessments. </span></div>
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<span style="font-family: "arial"; vertical-align: baseline; white-space: pre-wrap;">If you have any questions, give us a call or send us an email. We would be happy to help you!</span></div>
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