Mesquite NV Condo HOA’s
Here in Mesquite NV, many second home owners find that Mesquite NV condominiums are an attractive property type for a variety of reasons. They allow more time for enjoyment without a lot of worries like maintenance and daily tasks. They can also offer amenities that are not easily available to single family home owners like swimming pools, club homes, etc. In many areas the possibility also exists that your unit can be rented out to tourists on a nightly or weekly basis helping offset some of your ownership costs. Naturally there is a fee for all of these services but since the costs are shared amongst all of the owners may make it more manageable for the individual owners.
Mesquite NV condo complexes will have a Home Owners Association (HOA). In most cases the HOA contracts with a management company to handle the day to day items needing attention as well as provide a reservation service to manage the rentals. The HOA meets annually to discuss items pertaining to the property and the management of those items. It is important prior to ownership to understand how the HOA functions and what their contractual relationship is with the management company. Review the HOA financials, Rules and Regulations and, at least, one year of HOA and Board of Directors meeting minutes. Often these will not be released to you until you have a unit under contract. Meeting with the President of the HOA as well as the property manager will give you a better understand of how that particular complex is being run. Remember also that once you are an owner you are part of the HOA and part of the decision making process.
If you’re looking to buy a Mesquite NV Condo, HOA dues can cover a variety of items and it is important to understand what those items are. Dues can cover trash service, water, common amenities such as hot tubs, television, exterior building insurance, lawn and driveway maintenance, etc. HOA dues may be collected on a monthly, quarterly or yearly basis.
Most management companies provide the HOA a ten year forecast of what maintenance issues might be coming up, like replacement of roofs or sidewalks and the approximate costs involved. This is how the HOA can determine the HOA fees to the individual property owners. If the property is in a short term rental location they will most likely manage your unit and take care of guest check in, cleaning and maintenance. Their fee is a percentage of the rental income. Find out what this percentage is and what they provide for this fee.
Mesquite NV condo complex’s where short term rental income of your unit is possible the management company may inspect and rate your unit annually. The management company’s desire is to attract as many return guests as possible so they generally rent the nicest units first meaning more income for the owner. In many instances the management company has someone on staff that can guide you through the cost benefit of upgrading your unit. Find out what your unit is rated and if there is a benefit to upgrading the unit. Also get rental income figures for like units understanding that individual units may vary due to location within the project and owner usage.
If you have any Questions about Mesquite NV condo HOA’s please contact me or go to my web site for all Condo listings www.Mesquite-realestate.com