If something feels off, or if the landscaping looks like it’s been neglected since 2009, trust your instincts.
Yeah, that’s the truth. I learned the hard way—thought I was saving money with lower dues, then got slammed with a $7k assessment for “emergency” plumbing. And the “Zen garden” was literally just a pile of rocks and weeds. Now I check those reserve studies like my life depends on it.
That “emergency” assessment pain is all too familiar. I once bought into a place where the board kept promising the roof was “fine for a few more years.” Fast forward 18 months, and we’re all chipping in for a full replacement—no warning, just a letter and a big bill. Now, I actually walk the property and ask neighbors what’s really going on before I even think about making an offer. Those reserve studies are only as good as the people updating them... learned that one the hard way.
Had a similar headache a few years back—board swore up and down the plumbing was “good for decades.” Six months after closing, pipes started leaking left and right. Ended up with a special assessment that tanked my credit for a bit. Now, I dig into the meeting minutes and budget docs before even thinking about an offer. Trust but verify, right? Those glossy reserve reports don’t mean much if nobody’s actually keeping the books straight.
Trust but verify, right? Those glossy reserve reports don’t mean much if nobody’s actually keeping the books straight.
You nailed it. I learned the hard way too—those “everything’s fine” assurances from boards or sellers are worth about as much as the paper they’re printed on if you don’t see the numbers for yourself. I’ve seen buildings with shiny reserve studies but zero actual cash in the bank. It’s wild how fast things can go sideways when nobody’s paying attention.
Digging into meeting minutes and budgets is honestly the only way to get a real sense of what you’re walking into. If something looks off or there’s a pattern of deferred maintenance, that’s a red flag. I’d rather walk away than get stuck footing the bill for someone else’s neglect.
It’s a pain, but it beats getting blindsided by assessments or repairs you never saw coming. Hard lesson, but at least now you know what to look for.
Couldn’t agree more about digging into the details. Those glossy reports can look reassuring, but unless you’re actually seeing the bank statements and the real budget breakdowns, it’s just window dressing. I’ve run into places where the “reserve fund” was basically a line item with nothing behind it—looked great on paper, but in reality, they were one roof leak away from a special assessment.
One thing I’d add: don’t just check for deferred maintenance, but also look at how often they’ve had to levy special assessments in the past. If it’s a recurring thing, that usually means they’re not planning ahead or budgeting realistically. It’s easy to get caught up in the excitement of finding a place that checks all your boxes, but if the numbers don’t add up, you’re setting yourself up for headaches down the road.
It’s tedious work, yeah, but honestly, I’d rather spend an extra hour combing through financials than end up paying thousands for someone else’s shortcuts.
