Home Buying in Scottsdale>Question Details

Jill Schweit…, Real Estate Pro in Scottsdale, AZ

Why is the HOA reserve study overlooked?

Asked by Jill Schweitzer, Scottsdale, AZ Sat Jul 5, 2014

The easiest way to check if an HOA is being managed properly is to look at the reserve study:
The key elements are:
1. the percent funded (100% is ideal),
2. the amount recommended to be saved each year, and
3. has the HOA been making the capital improvements each year as listed?
Signs the HOA is at high risk of a special assessment:
1. It is only 0-30% funded HIGH risk, if 30-70% funded MEDIUM risk,
2. If the HOA is not saving anywhere close to the recommended amount, and
3. the HOA is not making the capital improvements per year listed on the study.

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