NORTH FORT MYERS, Fla. — 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.
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. Watch the full report below.
"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. "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.
