How to Cut HOA Fees in Siesta Key
How to Avoid Overpaying HOA Fees in Siesta Key
Quick Answer
To cut HOA fees in Siesta Key, you need to engage directly with your HOA board and review the association’s budget and expenses. Florida Statute 720 governs HOAs and allows homeowners to request financial records, which can reveal inefficiencies or unnecessary expenditures. For example, discovering a costly landscaping contract that can be renegotiated or replaced could reduce fees. If such issues are found late, you risk paying inflated fees that could have been avoided. Call me at 941.400.8735 or reach out directly to Michael Renick – I’ll share my approach with you.
What Actually Breaks Deals in Florida
Unforeseen Special Assessments
Florida Statute 718 requires condo associations to maintain adequate reserves for repairs, but many fall short, leading to special assessments. During a deal, I once saw a buyer blindsided by a $10,000 assessment announced just before closing. This unexpected cost forced the buyer to renegotiate or risk losing their deposit.
Eric helped me find a property that I really liked. Unfortunately, it was about 10% over priced. Eric prepared the analysis to support his claim on what the market price really was. Then he performed his magic! He began the negations that ultimately landed me the condo on Longboat Key. We haven’t closed yet but it is soon to me mine! I’m convinced that if he had not done his homework, we would have overpaid. His negotiation style was one where he created an atmosphere where everyone walked away a winner! His hard work, focus and attention to detail is what has made me a very soon to be Longboat Key homeowner!
– tbreens, Zillow Review
Insurance Premium Surprises
Barrier-island properties like those in Siesta Key face unique insurance challenges due to coastal risks. When the insurance binder came back with a premium double the expected amount, a deal I was involved in nearly collapsed. The buyer had to scramble to find additional funds or risk the contract falling through.
Where It Usually Blows Up
The transaction stage where HOA fee issues typically surface is during the due diligence period. This timing is brutal because buyers are already financially committed, and discovering inflated fees or pending assessments can derail financing or force renegotiations. If these issues are uncovered late, buyers may face closing delays or even contract termination, losing deposits and incurring additional costs.
What I Tell Clients Before They Risk Money
- Review HOA Financials Early: Request and analyze the association’s budget and financial statements during the inspection period.
- Check for Pending Assessments: Ask the HOA board about any planned or pending special assessments.
- Understand Reserve Funding: Ensure the association has adequate reserves to avoid future assessments.
- Verify Insurance Costs: Confirm insurance premiums with your provider before finalizing the deal.
- Consult with a Real Estate Attorney: Have a professional review HOA documents to identify any red flags.
Let’s continue this conversation.
Call me at 941.400.8735 or schedule a 15-minute call. I’ll tell you what I would look for.
Call 941.400.8735 or Schedule a Call
Questions Clients Actually Ask
How can I access the HOA’s financial records?
Florida Statute 720 allows homeowners to request access to the association’s financial records. This can help you identify areas where costs might be cut.
What happens if I discover a special assessment after closing?
If a special assessment is announced after closing, you are typically responsible for paying it. This can lead to unexpected financial strain and may require renegotiating your budget.
We bought two units from Mike and Eric and sold one over the last four years. One thing that made life much easier for us was how they understood our feelings and situation regarding pricing. They knew where the other party was coming from, which made the process faster without all the back and forth. Once the contract was signed, their staff was great; I literally had to do nothing other than decide what color pen to sign with. Eric wasn’t just out to make a sale; he was tremendously helpful to us. Every week, he checks our apartment without asking for money, and when we had a storm, he even moved our car to safety. It wasn’t just about the sale; he became a friend and helped us out after the sale, just because we don’t live here.
– Mindy and Joe, Customer Review
What To Do Right Now
Request a copy of the latest HOA financial statements and budget to identify potential cost-saving opportunities.
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