Taylorsville Condo has plenty in reserve...
We sold a great little Condo in Taylorsville to a first time home buyer last month, and guess what the most compelling feature of the project was? THE RESERVE ACCOUNT!!!
Not the price, (although @ $ 126,000 it was pretty important.) Not the interest rate. Not the indoor pool or the Club house. Even though he appreciated all of those features of the town home, what tipped the scales was his review of the home owners association budget.
Two things that we pointed out as we did our due diligence with him got his attention, and his approval.
1. Moneys collected monthly that are to be used later for upkeep or replacement are not just earmarked, but are held in a special account (reserve account).
2. Within the reserve account, a specific dollar amount is set aside for the various items within the common areas that we all know will require an investment of capital sometime in the future. IE: Roofs, Pool, Roads, Club House Furnishings etc:
Now most of us know that that is the proper way to handle expenses in a Condominium project or a P.U.D. The truth is though, some of us don't check, some don't know what to look for, and sellers are not required to disclose.
Village 2, in Taylorsville,Ut, however was the only Homeowners association of the 3 our buyer was considering that was set up correctly. Substantial money in the Bank, money set aside for both contingencies and deferred maintenance, and meeting minutes that verified they had been at or close to budget the previous year.
Our buyer explained very simply why those features provided benefits that were very important to him. "I can see that someone here in the Home Owners Association is treating my property as a business, and the chance that someone will come knocking on my door with a big assessment is unlikely". His next comment was pretty good too. " Lets write it up".
Thats the good story, I'm sure you know that they all don't turn out as well. Sometimes home buyers would rather have a fireplace than peace of mind.
If your considering the purchase of a Home or Condominium in the Salt Lake Valley and would like the input from someone that does value peace of mind and has enough experience to share it with you, give me a call at 801-567-0946. To learn more about what I do to help make your buying or selling decisions informed and prudent go to my website and click meet corie .You'll find some helpful information.
You might even find a Condo in Taylorsville with plenty "in reserve".
In the meantime , thanks for being here.