Deferred maintenance can be a significant issue when selling an apartment. It affects not only the property’s value but also its financing. How can you identify this as an agent, and what advice should you provide? What is deferred maintenance? Deferred maintenance refers to essential repairs or renovations needed for shared parts of a building,…
Since the introduction of the Improved HOA Functioning Act in 2018, HOAs must meet stricter maintenance and financial reserve requirements. What does this mean for selling an apartment? What does the act entail? The act aims to improve building maintenance and promote sustainability. Key components include: Impact on Marketability What Can Agents Do? Practical Tip…
Homeowners’ Associations (HOAs) must meet legal obligations regarding maintenance and financial health. As an agent or appraiser, knowing if an HOA complies is crucial, as it affects an apartment’s marketability and value. What Legal Requirements Must HOAs Meet? How to Verify Compliance Why Does This Matter? Non-compliant HOAs pose risks: Practical Tip If an HOA…
Problems within a Homeowners’ Association (HOA), such as financial shortages or conflicts, can delay or complicate the sale of an apartment. By identifying and resolving these issues early, agents can streamline the sales process. Common HOA Issues How to Identify Issues Strategies for Improvement Why Does This Matter? A well-functioning HOA boosts an apartment’s marketability…
