If the HOA’s got a decent reserve fund and the building’s under 10 years old, odds are you’re not going to get hit with a big surprise right away.
That lines up with what I’ve seen. A couple years back, I bought into a new development when rates were low—everyone was worried about special assessments, but the builder had set up a solid reserve from day one. Here’s what I did: 1) Checked the reserve study myself, 2) Looked at the first-year budget, 3) Asked about any known issues. Ended up with no surprises and a pretty smooth first few years. Sometimes people overthink it and miss out on a good deal.
Honestly, I wish more buyers would dig into the reserve study like you did. It’s such a key step, but gets overlooked all the time. Did you run into any pushback from the HOA or developer when you asked for the docs? Sometimes they get weirdly cagey, which always makes me pause...
Sometimes they get weirdly cagey, which always makes me pause...
Totally get what you mean—if an HOA or developer acts squirrelly about sharing the reserve study, that’s a red flag for me too. I usually tell folks to ask for the docs in writing and keep it super casual at first. If they stall or dodge, that’s when I start digging deeper. Had one developer once try to hand me a “summary” instead of the full report... nice try, buddy. Always worth pushing for the real thing, even if it feels awkward.
Had a similar situation last year—asked for the full reserve study and got a “summary” that was basically three bullet points and a smiley face. If they’re not upfront, I start wondering what else they’re glossing over. Always better to push for the actual docs, even if it feels a bit pushy.
Yeah, I’ve run into that too—asked for the full breakdown and got a “summary” that was more like a sales pitch than an actual document. Makes you wonder if they’re hiding deferred maintenance or just don’t want to admit the reserves are low. When we bought our place, I insisted on seeing the actual reserve study, even though the agent acted like I was being difficult. Do you think some of these new developments rely on buyers not knowing what to ask for? It’s wild how much gets glossed over if you don’t push.
