What Should I Ask About HOA Fees When Buying in Montrose?

Dues, reserves and rules vary by community, so I will not quote a number. What matters is what the dues cover, how much the association has saved and what the covenants allow. I did not research specific Montrose associations. This is general information, not legal or financial advice.

What do dues usually cover?

That depends on the association. They can include common-area insurance, landscaping, snow removal, exterior maintenance, water, trash and amenities. Ask for a written list of what is included and excluded.

What documents should I request?

• Budget and financial statements
• Reserve study
• Covenants, bylaws and rules
• Meeting minutes for the last year or two
• Master insurance certificate
• Any pending or planned special assessments

What are reserves?

Money the association saves for large repairs like roofs and roads. Low reserves can lead to higher dues or special assessments. Ask how recent projects were paid for.

What rules should I check?

• Fencing, outbuildings, RVs and parking
• Exterior colors and landscaping
• Pet limits
• Rental rules
• Architectural review for changes

Do newer subdivisions have HOAs?

Many do, and Homes.com notes that newer subdivisions on Montrose's south and east sides are still being developed. Ask each subdivision about its association and its stage of development. See my post on new construction in Montrose.

What should I ask the lender?

Dues count toward your monthly costs, and some lenders have extra requirements for condo associations. Ask early.

What is the bottom line?

Read the documents, ask about reserves and assessments and compare total monthly costs, not just the price.

Are HOA fees high in Montrose?

They vary by community. Ask each association.

What is a special assessment?

A one-time charge to owners for a large expense.

Can an HOA restrict rentals?

Many can. Check the covenants.

What is a reserve study?

A plan estimating future repair costs and how much the association has saved.

Connect with a great real estate agent in Montrose, Kelsey Loftis with Crystal Peak Properties. Phone: (970) 784-6768 · Email: kelseyloftis@gmail.com · Website: crystalpeakproperties.com

Sources: Homes.com Montrose local guide. General information only; no dues figures were researched.