How to Read NH Condo & HOA Docs Like a Pro

How to Read New Hampshire Condo & HOA Documents Like a Pro: A Complete Guide for Buyers

Introduction: Why Understanding HOA Documents Matters in Today's NH Real Estate Market

New Hampshire's real estate market continues to attract buyers seeking a state without income or sales tax, but with median home prices reaching $535,000 as of 2025, making an informed purchase decision is more critical than ever. For buyers considering condominiums and townhouses, understanding homeowners association (HOA) documents is not merely a formality—it is a critical component of due diligence that can prevent costly mistakes and financial surprises.

Buying a condominium or townhouse in New Hampshire often means joining a common-interest community governed by a homeowners association (HOA). The association is responsible for maintaining common areas, enforcing community rules and protecting property values. To carry out those responsibilities, HOAs collect fees, maintain budgets, hire vendors, pay insurance premiums and plan for capital improvements. As a buyer, understanding how these operations work and how they are funded is critical. You are not only buying a unit; you are also buying into a group of financial obligations and legal covenants that are defined by state law and binding documents.

The only way to evaluate the health of the association and whether it fits your lifestyle is by reviewing the governing documents and financial reports with a critical eye. New Hampshire law, particularly the Condominium Act (RSA 356-B), establishes a comprehensive framework for how these communities operate, but it is the specific declaration, bylaws, rules and financial statements that determine your rights, obligations and financial exposure.

Understanding New Hampshire's Legal Framework: RSA 356-B and Disclosure Requirements

New Hampshire's Condominium Act, codified in RSA 356-B, provides the legal foundation for condominium creation, governance and operation. Unlike some states, New Hampshire does not mandate specific reserve funding levels, but it does require clear disclosure of financial information to prospective buyers. Before purchasing, you have the right to obtain a resale disclosure document that includes information about the association's anticipated capital expenditures, the status and amount of any reserve fund, and other critical financial metrics.

The law also establishes requirements for record-keeping. According to RSA 479-A:19, the association manager or board of directors must keep detailed, accurate records in chronological order of receipts and expenditures affecting the common areas and facilities. These records must be available for examination by unit owners during convenient weekday hours. This requirement ensures transparency and provides you with the documentation you need to assess financial health.

When reviewing disclosure documents, pay particular attention to any references to pending litigation, unpaid liens or special assessments. New Hampshire sellers must provide a Public Offering Statement or resale certificate containing specific information about the association's finances, lawsuits, operating budget and collection history. These documents are your window into the association's true condition and should be reviewed thoroughly, ideally with assistance from a real estate attorney familiar with NH condominium law.

The Condominium Declaration: Understanding Your Rights and Restrictions

The condominium declaration is the foundational legal document that establishes the entire condominium project. It describes the land, buildings and units, defines the common elements and limited common elements, and sets forth the rights and obligations of unit owners. Unlike the bylaws, which can be amended more easily, the declaration typically requires a higher percentage of owner approval (often 75% or more) to modify. This makes it worth your careful attention.

When reading the declaration, look for these key sections:

• Property boundaries: The declaration describes the boundaries of your unit using language such as "studs in," "walls in" or "bare walls." This determines whether the association or you are responsible for insuring and maintaining drywall, insulation, wiring, fixtures, cabinets and flooring. Understanding this distinction is essential for budgeting future maintenance and clarifying responsibilities.
• Limited common elements: Many declarations identify parking spaces, balconies, decks and storage areas as limited common elements—areas maintained by the association but reserved for exclusive use by particular owners. Understanding what is considered a limited common element affects both the budget and your ability to modify or exclude these spaces from your unit.
• Common area description: The declaration should clearly define what constitutes common areas—typically lobbies, hallways, mechanical systems, roofs, foundations, exterior walls and shared amenities. The broader the definition of common areas, the more responsibility (and cost) falls to the association.
• Assessment and voting rights: The declaration establishes how common expense assessments are allocated among units. Most allocations are based on square footage or a percentage of undivided interest in the common areas. Understanding this allocation formula is important because it determines your proportionate share of operating costs and special assessments.
• Declarant control period: If the condominium is newly created, the declaration may grant the developer (declarant) certain control and approval rights during an initial period. Under RSA 356-B, the declarant's authority generally expires when 75% of units have been conveyed or after a specified period, whichever is earlier. Knowing when this period ends helps you understand when owner control becomes complete.

Bylaws and House Rules: Governance, Operations and Lifestyle Restrictions

The bylaws establish the procedural framework for how the association operates—how board members are elected, how meetings are conducted, voting rights, the powers of the board, and procedures for amending bylaws. The house rules (sometimes called rules and regulations) provide day-to-day standards for living in the community.

Bylaws typically address:

• Board structure and elections: Under RSA 356-B, the bylaws must specify whether the unit owners' association will elect a board of directors and, if so, how many members serve on the board and how elections are conducted. Recent amendments to the law (effective August 1, 2016) clarified that nominations can be taken from the floor at the annual meeting and that board members can be removed at any meeting, with or without cause, if votes in favor of removal exceed votes against.
• Meeting procedures: Bylaws specify how frequently the board meets, how meetings are called, what notice is required, and what constitutes a quorum. The law also allows voting without a meeting under RSA 356-B:39-a, subject to certain procedural requirements.
• Assessment procedures: The bylaws establish how budgets are adopted, how assessments are collected and what happens if assessments are not paid on time.
• Amendment procedures: The bylaws state what percentage of owners must vote to amend the bylaws themselves. Typically, this requires approval by a majority or two-thirds majority.

House rules typically address:

• Noise levels and quiet hours: Rules may establish specific quiet hours and decibel limits.
• Parking restrictions: Rules define assigned parking, visitor parking, and whether commercial vehicles or boats are permitted.
• Pet ownership: Many communities restrict the type, size and number of pets, or prohibit pets entirely. This is one of the most commonly overlooked restrictions and can significantly impact your ability to own a pet.
• Smoking policies: Communities may prohibit smoking in units or common areas, or restrict it to designated areas.
• Rental policies: Some associations prohibit rentals entirely; others limit the number of units that can be rented at one time. If you plan to rent your unit on a short-term (vacation rental) or long-term basis, read these restrictions carefully. Violating rental restrictions can result in fines or legal action.
• Architectural controls: Rules may restrict exterior modifications, window coverings, signage, satellite dishes and holiday decorations.
• Maintenance standards: Rules may specify how often balconies or decks must be cleaned, what types of flooring are permitted, and other maintenance standards.

Rules can evolve through board resolutions, so review meeting minutes from the past 12 to 24 months to see what changes have been adopted recently. Pay particular attention to any newly adopted rules that may affect your intended use of the property. Many buyers do not discover problematic rules until after closing, leading to costly restrictions or conflicts with the association.

Decoding the Budget and Reserve Study: Financial Health Indicators

The annual budget and reserve study are perhaps the most important documents for assessing the financial health of the association. While New Hampshire does not mandate reserve studies or specify a minimum reserve funding level, industry best practices recommend that associations commission a full reserve study every three to five years, with lighter updates in between. A thorough reserve study inventories all common elements with significant replacement cost, estimates remaining useful life and replacement cost using local construction cost data, and builds a year-by-year funding model designed to maintain sufficient reserves for planned capital projects.

The operating budget covers day-to-day expenses such as:

• Landscaping and grounds maintenance
• Snow removal and de-icing
• Insurance premiums for the master policy
• Trash removal and recycling
• Utilities for common areas (electricity, water, sewer, gas)
• Management fees
• Legal and accounting services
• Routine maintenance and repairs
• Pest control and building inspections

The reserve study identifies and plans for major capital replacements such as:

• Roof replacement (typically 15–25 year life span)
• Siding or exterior cladding (20–40 year life span)
• Parking lot resurfacing and seal coating (8–15 year life span)
• Window and door replacement (20–30 year life span)
• HVAC systems and boilers (15–25 year life span)
• Plumbing and electrical system upgrades (50+ year life span, but components may fail sooner)
• Elevators, decks, balconies and other structural elements

Key Points to Look for When Reviewing the Budget and Reserve Study

Line item detail: The budget should break down each expense category into specific line items. Be wary of generic line items such as "maintenance," "repairs" or "other" that do not provide detail. These catch-all categories can mask deferred projects or unrealistic assumptions about the true cost of running the community.

Historical comparisons: Request budgets from the prior two to three years. Compare the current budget to prior years to identify trends. Are certain expenses trending up significantly? For example, if insurance premiums have increased 10-15% year over year, this is normal, but a 30% increase warrants investigation. Have expenses generally aligned with budgeted amounts, or does the board regularly overspend or underspend in specific categories?

Reserve funding percentage: Many lenders and secondary market agencies (Fannie Mae, Freddie Mac) expect reserves to be funded at a minimum of 10% of the annual operating budget. Industry best practices typically recommend funding reserves at 50–100% of the amount recommended by the reserve study, with at least 70% being a healthy target. If the association's actual reserve balance is significantly below the recommended level, ask the board why and whether there is a plan to increase funding over time.

Reserve contribution vs. projected costs: The reserve study projects the total cost of future major projects and recommends annual contributions to fund those projects. Make sure the annual contribution aligns with those projections. For example, if a reserve study projects that the roof will need to be replaced in five years at a cost of $500,000, the reserve study should recommend annual contributions of approximately $100,000 per year (plus inflation adjustments) to accumulate sufficient funds. If the actual budget allocates only $20,000 annually to the roof reserve, owners could face a special assessment when the roof needs replacement.

Assumptions and inflation: Check whether the reserve study accounts for current construction costs and inflation. An outdated study (more than five years old) or unrealistic inflation assumptions (below 2-3% annually) can paint an artificially rosy picture of the association's financial condition. Ask when the reserve study was last updated and whether it reflects current market conditions in your area of New Hampshire.

Special assessment disclosures: Review any documents mentioning planned special assessments. A special assessment is a one-time charge levied on unit owners to pay for unanticipated expenses or capital projects that exceed the reserve fund balance. These can range from a few hundred to tens of thousands of dollars per unit, depending on the size and nature of the project. Historical special assessments should be disclosed, as should any special assessments being planned or discussed by the board.

Assessing Financial Health: Reserves, Delinquencies and Lending Impact

Beyond reading the numbers in the budget and reserve study, dig deeper into the association's financial health by asking pointed questions and reviewing additional documents.

Cash reserves and balance sheet: Request the association's balance sheet to see the total cash in reserves relative to annual expenses. As a general rule, associations should maintain liquid reserves equal to at least 10% of the annual operating budget (though 16-50% is preferable for long-term stability). If reserves are below 10%, the association may have difficulty covering unexpected expenses and may be susceptible to special assessments.

Litigation and liens: Are there any pending lawsuits or judgments against the association? Has the association been sued by contractors, residents or vendors? Ongoing litigation can drain resources, create uncertainty and signal underlying governance or financial problems. Also ask whether any liens have been placed on the property by contractors or lenders.

Debt obligations: Has the association borrowed money or taken out a line of credit to fund capital projects? If so, what are the repayment terms, interest rates and maturity dates? A reasonable amount of debt (such as a loan to fund a major capital project) is not uncommon, but high debt levels relative to annual revenue can strain the budget and limit the association's flexibility to respond to unexpected problems. Also ask how the debt is secured and whether repayment is prioritized ahead of other expenses.

Collection and delinquency rates: A high delinquency rate (owners behind on dues) can indicate poor management or financial stress among residents. Lenders typically view associations with delinquency rates exceeding 15% as higher risk, and some lenders will not approve mortgages in such communities. Ask the board what percentage of units are currently delinquent and what measures are in place to recover past-due assessments. Some associations pursue aggressive collection, including liens and foreclosure proceedings; others are more lenient. Both approaches have pros and cons, but consistent enforcement sends a signal that the association takes financial obligations seriously.

Insurance claims and deductibles: Ask whether the association has filed any insurance claims in recent years and whether any claims resulted in large out-of-pocket deductible payments by the association. Increasingly, associations are moving to high-deductible policies (often $10,000 or more) to reduce annual premiums. While this saves money in the short term, it shifts risk to unit owners and the association in the event of a claim. If the association maintains a high-deductible policy, ensure that reserves are sufficient to cover potential deductible payments.

Reading Meeting Minutes and Board Communications: Transparency and Governance

A well-run association communicates openly with its members. Meeting notices and minutes should be distributed promptly (typically within two weeks of the meeting) and contain enough detail to understand what decisions were made and why.

What to look for in meeting minutes:

• Motions and voting results: Minutes should clearly state what motions were made, who seconded them, and the voting results. This transparency helps you understand the board's decision-making process and whether there is consensus or division.
• Attendance: Minutes should note who attended, including board members and owners. If the same board members are consistently absent, this may signal management problems.
• Action items and follow-up: Minutes should note action items assigned to specific board members or vendors, with target completion dates. Are action items consistently completed on time, or do they drag on month after month?
• Financial discussions: Minutes should summarize budget discussions, reserve funding discussions, and decisions about special assessments or capital projects. This context helps you understand the board's approach to financial planning.
• Violations and enforcement: Pay attention to any references to violations, enforcement actions, complaints about noise, pets, parking or maintenance standards. Frequent disputes may indicate underlying issues with how rules are communicated or enforced.
• Litigation and disputes: Any mentions of lawsuits, mediations or disputes with contractors should be noted. The tone and frequency of such discussions can reveal underlying management challenges.

Owner participation and community health: Review minutes from annual meetings to assess owner participation. Low attendance at annual meetings could simply mean owners are satisfied, but it can also signal apathy or frustration with the board. Ask whether there are active committees (architectural, finance, landscape), social events or opportunities for volunteer involvement. Associations that encourage transparency, collaboration and owner engagement tend to operate more smoothly and avoid the "us vs. them" mentality that can arise when boards make decisions in isolation.

Insurance and Liability: Master Policies and Your Personal Coverage Responsibilities

Insurance is a complex area where misunderstandings can lead to costly disputes and gaps in coverage. The association maintains a master policy covering the structure and common elements, including liability coverage for injuries on common property. Individual owners typically carry an HO-6 policy (condominium owner's insurance) to insure the interior of their unit, personal property and personal liability.

Key insurance questions to ask:

• Coverage boundaries: The declaration defines where the property boundaries are drawn—often described as "studs in," "walls in" or "bare walls." This language determines whether the association or the owner is responsible for insuring drywall, insulation, wiring, fixtures, cabinets and flooring. If the boundaries are drawn at the studs (bare walls), the association insures the structure and the owner insures all finishes and contents. If boundaries are drawn at the drywall (walls in), the owner's responsibility extends only to paint, finishes and personal property.
• Coverage limits and deductibles: Review the declarations of coverage and limits on the master policy. Are the coverage limits adequate for the value of the building? Is the deductible reasonable or so high that it creates financial risk for unit owners in the event of a claim?
• Special assessment history for insurance: Ask whether the board has ever levied a special assessment to cover insurance deductibles following a claim. This is a red flag that the association did not budget adequately for potential deductible payments.
• Directors and officers insurance: Ask whether the association carries D&O insurance to protect board members from personal liability arising out of their duties. Without adequate D&O coverage, it may be more difficult to recruit qualified volunteers to serve on the board, and the association may face greater governance challenges.
• Loss assessment coverage: Confirm that your personal HO-6 policy includes loss assessment coverage, which protects you if the association is unable to collect a special assessment and seeks to recover the difference from individual unit owners.

Special Assessments and Capital Planning: Budgeting for Major Projects

Special assessments are one-time charges levied on unit owners to pay for unanticipated expenses or large capital projects that exceed the amount in the reserve fund. These can be substantial—sometimes thousands or tens of thousands of dollars per unit—and can create financial hardship for owners. Understanding the likelihood and magnitude of future special assessments is critical to your purchase decision.

Key questions to ask about special assessments:

• History: Has the association levied special assessments in the past? If so, when, for what purpose and in what amount per unit? A pattern of special assessments every few years may indicate that the reserve funding is inadequate and owners are constantly being asked to pay extra.
• Planned assessments: Is the board currently considering any special assessments? Review recent meeting minutes and any communications to owners about pending special assessments.
• Upcoming projects: Compare the capital improvement plan to the reserve study. Do the planned projects align with the reserve study recommendations? Are there major projects (roofs, siding, windows, parking lots, mechanical systems) that are nearing the end of their useful life but not yet fully funded in reserves?
• Financing options: Has the board considered financing major projects through a bank loan or bond instead of levying a special assessment? This spreads the cost over a number of years but results in interest costs and may increase monthly dues. Ask the board whether they have explored this option and why they chose their current approach.

Capital improvement planning: A forward-thinking board will develop a capital improvement plan that aligns with the reserve study and communicates upcoming projects to owners. This helps owners budget for potential special assessments and demonstrates that the board is taking a proactive, long-term view of the community's financial health. Projects that improve energy efficiency (such as new windows, insulation or HVAC upgrades) may reduce future operating costs. Projects that improve aesthetic appeal (new signage, landscaping, lobby renovations) may boost property values. Either way, you should understand the scope, timeline and funding method for planned projects.

Red Flags: Warning Signs That Require Further Investigation

While reviewing condo documents, watch for these warning signs that may indicate problems with the association's management or financial health:

• Inadequate reserves relative to replacement costs: If the reserve balance is significantly below the amount recommended by the reserve study and the board has not adopted a plan to increase funding, you may face special assessments in the near future. Especially problematic are situations where major components (roof, siding, mechanical systems) are nearing the end of their useful life but are not adequately funded.
• High delinquency rates: If more than 15% of units are behind on assessments, this signals either management problems or financial stress among residents. High delinquency rates also make it more difficult for future buyers to obtain mortgage financing, which can depress resale values.
• Poor or incomplete record-keeping: If meeting minutes are sparse, incomplete or not distributed to owners; if financial records are disorganized or difficult to obtain; or if the association cannot provide documentation of past decisions, this suggests weak management and may conceal important information.
• Frequent litigation: Ongoing lawsuits with contractors, developers, lenders, neighbors or unit owners can drain resources, create distraction and signal underlying governance problems. Multiple litigation matters are a red flag.
• Unusually broad board powers: Review clauses in the bylaws and declaration that define board authority. Clauses that give the board unchecked authority to impose rules, increase assessments or levy fines without owner input should be examined closely. New Hampshire law, through RSA 356-B, provides certain protections, but the specific governing documents may grant additional authority.
• Unexpected or undisclosed restrictions: If you discover restrictions on pets, rentals, alterations or other uses that were not clearly communicated during the showing or sales process, this may indicate poor transparency. Additionally, if the selling agent or board could not clearly explain a restriction, that is a red flag.
• High or rapidly increasing assessments: While assessment increases are normal (typically 2-5% annually to account for inflation), unusually high increases or increases that are not explained by specific projects or cost increases warrant investigation. Compare assessment increases at the subject property to increases at similar properties to assess reasonableness.
• Resistance to transparency: A well-run association provides clear, prompt access to meeting minutes, financial records, and governing documents. If the board or management company is reluctant or evasive when asked for documents, this is a major red flag.

Due Diligence Steps: What Documents to Request and How to Review Them

During your due diligence period (typically 10-15 days after making an offer), request the complete disclosure package from the seller. Here are the essential documents to request and review:

• Condominium declaration: The foundational legal document establishing the condominium.
• Bylaws: The governance rules for the association.
• Rules and regulations (house rules): The day-to-day community standards.
• Current year budget: The association's annual operating and capital budget.
• Prior year financial statements: Audited or reviewed financial statements for the most recent one to three years, showing actual revenues and expenses.
• Reserve study: A professional reserve study completed within the past five years, ideally within the past three years.
• Meeting minutes: Board meeting minutes and annual meeting minutes for the past 12-24 months.
• Insurance certificate: Evidence of the master insurance policy, including coverage types, limits and deductibles.
• Resale certificate: The New Hampshire resale disclosure document required by law, containing financial and legal information about the association.
• Collection policy: The association's written policy for collection of delinquent assessments.
• Management company information: If applicable, the name and contact information for the property management company, along with management fee information.
• Pending litigation: Any documents relating to pending or threatened lawsuits.
• Loan documents: If the association has borrowed funds, copies of loan documents, promissory notes and repayment schedules.
• Special assessment notices: Any notices of pending or proposed special assessments.

Once you have gathered these documents, review them carefully. If you are not comfortable interpreting financial documents or legal provisions, hire a real estate attorney licensed in New Hampshire to review them on your behalf. The cost of an attorney review (typically $300-800) is a worthwhile investment to avoid purchasing a property in a poorly managed or financially unstable association.

Case Study: Evaluating Two Similar Associations in the NH Market

Imagine two comparable condominium associations in New Hampshire, both with similar unit layouts and amenities. Both have current monthly assessments of $350 per unit.

Association A: Maintains a healthy reserve fund equal to 60% of the reserve study recommendation. The reserve study is current (completed two years ago) and projects roof replacement in eight years at an estimated cost of $750,000. The annual budget allocates $95,000 to roof reserves, which aligns with the reserve study recommendations. Meeting minutes are detailed and show active owner participation at annual meetings. The board regularly communicates with owners about planned projects. There have been no special assessments in the past five years. The delinquency rate is below 2%.

Association B: Has a reserve fund equal to only 20% of the reserve study recommendation. The reserve study has not been updated in twelve years and is based on outdated construction costs. Although the study projects roof replacement in eight years, the budget allocates only $25,000 annually to roof reserves—far below the amount needed. Meeting minutes are sparse and contain little detail about discussions or decisions. Owner participation at meetings is low. The board has levied two special assessments in the past four years ($8,000 and $12,000 per unit, respectively). The delinquency rate is 9%, which is concerning.

Which association is the better value? Despite similar current monthly assessments, Association A is the superior choice. The higher reserve funding and proactive capital planning mean that owners will avoid surprise special assessments. The detailed meeting minutes and strong owner participation suggest good governance. Association B's low reserves and history of special assessments indicate that owners can expect significant additional costs in the near future. The outdated reserve study and poor meeting documentation suggest weak management. When considering Association B, you should assume that another large special assessment (perhaps $15,000-$20,000 per unit) is likely within the next 3-5 years to fund the overdue roof replacement.

This case study illustrates a critical point: the monthly assessment is only part of your actual housing cost. The true cost includes the assessment plus the likelihood and magnitude of future special assessments. A thorough review of reserve studies, meeting minutes and financial trends reveals the real financial picture and helps you make an informed purchasing decision.

NH Condo Market Context: Median Prices and Market Trends

As of 2025, the New Hampshire real estate market continues to show resilience. The statewide median home price is $535,000, with year-over-year appreciation of approximately 4%. However, the condo and townhouse segment of the market has cooled slightly. The median price for condo and townhouse properties in December 2025 was $433,500, representing a 1.6% decrease from the prior year, though condominium sales volume increased 6.6% in 2025 compared to 2024. This suggests that buyers are increasingly considering the condo segment as an alternative to single-family homes, particularly given the affordability advantage and lower maintenance requirements.

Market forecasts for 2026 predict home price appreciation of 2-4%, with continued strong demand from out-of-state buyers seeking New Hampshire's tax advantages and quality of life. For condo buyers, this stable market environment makes thorough due diligence especially important. A well-managed, financially healthy condo association is more likely to maintain or appreciate in value, while associations with poor management or financial challenges may see slower appreciation or even depreciation over time.

Working with Professionals: When to Hire an Attorney or Reserve Study Specialist

While some buyers are comfortable reviewing condominium documents independently, hiring professionals can provide valuable perspective and protection, especially for larger or more complex purchases.

Real estate attorney: A New Hampshire real estate attorney can review the declaration, bylaws, rules and resale certificate to identify potential problems and explain the legal implications of specific provisions. They can also advise you on negotiation strategies if you discover issues that need to be addressed before you commit to the purchase.

Reserve study specialist: If the association's reserve study is old or contains questionable assumptions, you may want to hire an independent reserve study specialist to evaluate the association's financial health. This expert can assess whether the reserve funding is adequate relative to the age and condition of building components.

Property inspector with condo experience: In addition to inspecting your individual unit, consider hiring a home inspector with specific experience with condominiums. They can advise on the condition of common elements and help you understand what components the association is responsible for maintaining.

Negotiation Strategies: Using Your Due Diligence Findings

If your review of condo documents reveals problems or concerns, use this information to negotiate. Possible negotiation strategies include:

• Price reduction: If reserves are inadequate or special assessments are likely, request a price reduction to account for future costs.
• Seller credit: Request a credit at closing to offset anticipated special assessments or reserve funding catches-up costs.
• Assessment hold harmless: Request that the seller agree to cover a portion of any special assessment levied within a specified period (e.g., 12 months) after closing.
• Association improvement plan: Request that the seller or board commit to specific actions before closing, such as updating the reserve study or committing to a plan to increase reserve funding.
• Contingency extension: If significant issues are uncovered late in the due diligence period, request an extension to allow time for further investigation.

Be prepared to walk away if the association's condition is sufficiently poor. A low purchase price is not worth it if you are buying into an association with severe financial problems or governance challenges.

Ongoing Owner Responsibilities: Staying Informed After Closing

Your responsibility to stay informed does not end at closing. As an owner, you have the right to attend board meetings, receive copies of meeting minutes, and access the association's financial records. Consider the following practices to remain engaged and informed:

• Attend annual meetings: Make time to attend the annual meeting to vote on board elections and budgets, and to ask questions about the association's direction.
• Review financial statements: Read the annual financial statements when they are provided. Compare actual expenses to budgeted amounts and track trends over time.
• Monitor reserve funding: Stay aware of the association's reserve position. Ask the board about plans to increase reserves if funding is below recommended levels.
• Participate in governance: Consider volunteering for the architectural committee, finance committee or other committees to have a voice in decisions that affect your property.
• Advocate for transparency: If the association is not providing adequate financial information, meeting minutes or other disclosures, advocate for improved transparency.

Conclusion: Making an Informed Purchase Decision

Reading condo and HOA documents in detail may not be glamorous, but it is one of the most important parts of purchasing a home in a common-interest community. Understanding budgets, reserves, rules, insurance and governance helps you avoid surprises, protect your investment and choose a community that fits your lifestyle. The median NH home price of $535,000 represents a significant financial commitment, and for condo buyers, understanding the association's financial health and governance practices is as important as evaluating the unit itself.

Do not rush through the paperwork or rely solely on summaries; dig into the details or hire professionals to help. A savvy buyer will treat the review of condominium documents like a thorough home inspection for the association—it is your chance to see what lies beneath the surface and to understand the true long-term cost of ownership. Request the full disclosure package, take time to review all documents, ask questions, and hire professionals if you are unsure about what you are reading. With the right information and careful analysis, you can move into your new home with confidence, knowing you have made a well-informed decision.

Contact Bean Group for Expert Guidance on NH Condo and HOA Purchases

Navigating the complexities of New Hampshire condominium and HOA documents can be challenging, especially in today's competitive market where median home prices have reached $535,000. At Bean Group, brokered by eXp Realty, we specialize in helping buyers in the New Hampshire real estate market understand their purchase options and make informed decisions. Our team has extensive experience reviewing condo and HOA documents, interpreting reserve studies and financial statements, and identifying potential risks and opportunities.

If you are considering a condo or townhouse purchase in New Hampshire or would like guidance on interpreting condominium documents, contact our team for a comprehensive consultation. We can help you understand the financial health of a specific association, negotiate on your behalf if issues are discovered, and connect you with qualified attorneys and specialists as needed. With expert guidance from Bean Group, you can purchase your New Hampshire condo or townhouse with confidence, knowing you have made a thoroughly informed decision that protects your investment and fits your lifestyle.