One of the great conveniences of buying a condo in Puerto Vallarta as a vacation home is having a Home Owner’s Association (HOA) which will help take care of your property. Some of the things that the HOA will do include setting rules for the condominium community to ensure the peaceful enjoyment of all, hiring vendors to take care of the property, overseeing the maintenance of all public areas and handling disputes. For foreign owners, having an good HOA in place provides peace of mind that their real estate investment is being protected in their absence and that when they return to their property, the building and common areas will be ready for their enjoyment. Here are a few things that you’ll want to ask about your HOA before you buy.
- What are the monthly HOA fees? These are generally based on the square footage of your unit and the types of amenities offered in your building.
- What are the pet policies for your condo building?
- What are the rental restrictions for your building?
- Does the HOA have a reserve fund to deal with emergencies?
- What does the HOA insurance cover?
- What is the policy regarding late or non-payment of HOA fees?
When you buy a Puerto Vallarta condo it’s important to ensure that the HOA is in good order and your Tropicasa real estate agent can assist you in getting your questions answered, so you can feel secure in your real estate purchase.
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