Thinking about buying a condo in Washington? While a condo can be a great option, monthly dues can be significant concern. Here is a guide a buyer can use to help evaluate the association and the impact that will have if they become an owner. How to Choose a Financially Stable Condo Community Let's focus [...]
We have all seen cute dogs in places we never use to see them. Owners have discovered that they can skirt rules saying "no pets" by buying a vest and getting an online certification claiming the animal is an Emotional Support Animal (ESAs). This puts association boards in the difficult position of policing owners who [...]
Securing a mortgage for a Washington condo requires more than just good credit and income. Fannie Mae, the major buyer of mortgages, has strict guidelines that impact loan availability. One key factor for Fannie Mae approval is the condo association's reserve study. A Washington state reserve study analyzes upcoming expenses for major repairs and replacements [...]
Budgeting for Deck and Balcony Maintenance in Washington Condominiums In Washington state, decks and balconies are a significant expense for condominium associations. Proper maintenance is crucial to avoid costly future repairs and replacements. We have found that decks and balconies are an area of significant expense particulair if the association has not been doing regular [...]
HOA would not let boat be visible Homeowners Associations (HOAs) and Condominiums (COAs) are governed by Covenants, Conditions, and Restrictions (CC&Rs) which dictate how residents can use their property and the common areas. These CC&Rs can have a significant impact on a buyer's lifestyle and finances. Realtors have an ethical obligation to ensure [...]
Fannie Mae and Freddie Mac have tightened their requirements for condo financing in 2024, especially regarding financial stability and reserve funding. Here's a breakdown aligned with your previous text: Condo Reserve Fund Standards: Minimum Reserve: While a 10% rule of thumb exists, Fannie Mae and Freddie Mac now require a minimum reserve amount based on [...]
Underfunded Reserves in Washington State Condominiums Similar to the national situation, underfunded reserves are a major concern for condominium associations in Washington State. One key reason for this problem is that condo boards may have an overly optimistic or uninformed view of the true cost of maintaining their community's common areas. Here's a common misconception: [...]
Keeping Your Washington State Community Safe: Essential Deck and Balcony Inspections in Condominiums Condominium living offers a unique blend of comfort and convenience. Shared amenities like decks or balconies create a sense of community, but these outdoor spaces also require attention to safety. Regular inspections by qualified professionals are recommended. What the Inspection Entails: A [...]
There's a new law (Senate Bill 5796) that will significantly impact homeowners and condominium associations (HOA) throughout Washington. This bill rewrites the Washington Uniform Common Interest Ownership Act (WUCIOA) almost entirely. Formerly, HOAs follow different rules depending on when they were established. This new law proposes applying a uniform set of rules, the WUCIOA, to [...]
At first glance Condominium and Homeowners Association will see that the initial cost of a reserve study as expense. However, the long-term financial benefits for an association far outweigh that initial expense. Here are 5 examples of how a current reserve study can save your association money: Proactive Planning & Budgeting: A reserve study provides [...]
