Every document you need before you make an offer — and what to look for in each one
The reserve study tells you whether the HOA has been setting aside enough money for future capital expenses — roofs on common buildings, pool resurfacing, road repaving, major equipment replacement. A funded reserve is a healthy community. An underfunded reserve means special assessments are coming. Ask: what is the current reserve funding percentage? Below 70% is a yellow flag; below 50% is a red flag.
Board minutes are where real problems surface. Look for: recurring maintenance issues that are unresolved, disputes between residents and management, discussions of fee increases, budget shortfalls, and special assessment proposals. A community with clean minutes for 3 years is usually a well-run community. Minutes full of conflict and unresolved issues tell you something different.
The CC&Rs govern what you can and cannot do with your property: landscaping rules, exterior modifications, rental restrictions, pet policies, and more. For buyers who want to rent their home (even occasionally for supplemental income), rental restrictions in the CC&Rs often prohibit short-term rentals or require HOA approval. Read this before you fall in love with the floor plan.
The operating budget tells you where HOA money is being spent. The 5-year history tells you whether the budget is growing faster than it should — which often precedes a fee increase. A budget with 4–5% annual growth in a low-inflation environment warrants questions at the HOA meeting.
Ask: has the HOA levied any special assessments in the last 10 years? What were they for? How much? A single special assessment for a one-time repair is normal. Recurring special assessments for the same category of expense suggest a structural underfunding problem.
For HOPA-certified communities (Del Webb, Seasons), request the most recent HOPA compliance survey confirming 80%+ occupancy by residents 55+. HOPA certification must be renewed every two years. A community that has lapsed certification loses its legal age-restriction protections — verify it is current.
Every Del Webb community charges a capital contribution or enhancement fee at closing. Cresswind and other Kolter communities may charge a transfer fee. Myrtle Trace and Seasons have their own closing-related fees. Request the exact amounts from the HOA management company before you make an offer — they are not always disclosed in listing sheets.
Have questions about what you're reading? A specialist can walk you through real costs, honest comparisons, and what's actually available right now — free, no obligation.
Talk to a Specialist →We can help you work through any of these issues for your specific community and situation.
We connect buyers with agents who know this market from the inside — real cost math, honest comparisons, and what's actually happening right now. Every agent is personally vetted by the Nova55Living founder. No scripts, no pressure.
Connect with a specialist who knows this market from the inside — real cost math, honest community comparisons, and what's actually happening right now. Every agent is personally vetted by the Nova55Living founder.
Connect with a Specialist →