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Article Courtesy of FOX 4
News
By
Bella Line
Published August 18, 2024
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WATCH VIDEO |
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NORTH FORT MYERS — Transparency, training, and accountability: Those are the big
things condo HOAs are starting to see shifts in one month into a series of new
condo laws.
HOA boards are now required to provide full financial disclosure to tenants;
take training courses; and seek out thorough inspections of their buildings.
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Monica Braun, an HOA board member in
North Fort Myers, says although they have not seen too much
change yet, she's happy the change is coming.
"Anything that's going forward as far as what we plan on
spending money for, what's going to be in the budget, that
is something that does need to be disclosed," said Braun.
Braun says she thinks this will get people more involved in
their HOAs.
"There's just a lot more buyer beware in a condo now than
there was before," said Trevor Caldwell, a local real estate
agent.
Caldwell says it could cause some disparities in the market.
"I think a lot of condos are going to put
capital expenditures on the back burner so they can keep
that money in reserve," said Caldwell.
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"A lot more buyer beware in a condo now"; local real
estate agent and HOA board member break down new condo laws
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"So, instead of redoing a clubhouse or redoing a pool this year, they're going
to wait three to five years till they replenish that fund again. So, that
initially could hurt the property value but I think, long term, people are going
to have more faith in buying a condo."
"You can't just sleepwalk anymore through condo ownership, especially in the
next probably two years, where this all sort of plays out," said Caldwell.
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