A condo can be a wonderful way to enjoy Santa Fe with less maintenance to handle on your own. The key is understanding what the homeowners association (HOA) takes care of, what remains your responsibility, and whether its rules fit the way you plan to use your home.
Look Beyond the Monthly Fee
HOA fees vary from one community to another. Depending on the property, they may pay for exterior maintenance, roof work, landscaping, shared utilities, insurance, amenities, and savings for future repairs. A lower fee is not automatically a better deal if it covers less.
Before buying, I recommend reviewing the HOA budget and asking a few practical questions: Who maintains the roof and stucco? What insurance does the association carry, and what coverage will you need? Are there repairs planned that could affect future costs?
Make Sure the Rules Fit Your Life
HOA rules may address pets, parking, exterior changes, and rentals. If one of those matters to you, let’s check the current governing documents early. There is no need to guess or assume that the rules are the same at every Santa Fe condo.
If you hope to offer short-term rentals, check both the HOA rules and the City of Santa Fe’s current requirements before you buy. The city requires the appropriate registration or permit for short-term rentals, and residential permits are subject to eligibility, availability, and other operating requirements. Because these rules can change, verify the current requirements with the City rather than assuming a condo can be used as a short-term rental.
If the condo is in one of Santa Fe’s historic districts, proposed exterior alterations may also be subject to the City’s historic-preservation review process. Some projects can be approved administratively, while others require review by the Historic Districts Review Board.
Review the Association’s Finances
An HOA may set aside money for future work such as roof repairs or paving. Reviewing its budget, financial statements, meeting minutes, and any available reserve study can help you understand what projects are coming and how the association expects to pay for them.
A special assessment is an additional charge to owners; it is worth asking whether one has been approved or discussed.
Check Financing Early
Condo financing depends in part on the property and the association. If you plan to use an FHA loan, ask your lender to check eligibility early.
FHA financing may be available in an FHA-approved condominium project or, in some cases, through Single-Unit Approval for an individual unit in an otherwise unapproved project. HUD requires a project using the Single-Unit Approval route to have at least five units and meet additional eligibility requirements.
Your lender can assess the specific condo and your loan options.
The right condo is one whose home, costs, and rules work for you. I’m happy to help you gather the HOA documents, ask the right questions, and find a place where you can feel at home in Santa Fe.
Lori Montoya
Associate Broker, Barker Realty
505-577-8750