Why is an HOA important?

When you buy an apartment, you’re not just purchasing your unit—you’re also joining the Homeowners’ Association (HOA). The HOA manages shared spaces like roofs, staircases, and facades.

What does an HOA do?

• Maintenance: Oversees repairs and maintenance of the building.
• Finances: Manages funds, budgets, and reserves for major repairs.
• Decision-making: Handles key decisions about upkeep, improvements, and insurance.

Why does it matter for agents?

As an agent, it’s vital to check whether the HOA is active and well-run. A poorly managed HOA can negatively impact an apartment’s value.