Before you buy in a community ask to see the community accounts

If you are wondering if the community is a bankrupt one or a mismanaged one.

Ask the president and the adminitrator if you can see the accounts of the community.

i never thought about it before but i saw this and then thought what a good idea it was

http://home.lifegoesstrong.com/video/new-adult-communities?utm_source=taboola

on the right of the page

 It's something that almost everybody has almost always overlooked, but it's even more important nowadays, especially in new communities where many unsold properties are owned by the developer or even the bank, who are not paying the fees. The shortfall has to be made up by those decent and honest members who DO pay. 

The US is so far ahead of Spain in just about everything, that the chances of Spain ever catching up are somehwere between nothing and zero. Good luck to anyone trying to get access to community accounts as owners, let alone as "perspective" owners! 

As President of our community i would have no problem in letting prospective buyers see the accounts.

Can't believe nobody ever asks for them !!    I keep saying this "research, research, and more research, but some will never learn,        Hey Ho  !

Wouldn't be very happy if our administrators refused to let anybody see the accounts either, They work for me as President, not the other way round.

 That's presumably because the accounts are all in order and you are not corrupt. 

I know of one large local community where some of the owners are having to take their own adminstrators to court just to get to see the accounts. The president is siding with the administrators! Go figure. It would take very little research to discover that this is not a place to buy an apartment. 

Before buying my property I asked and was given access to accounts, and although they contained some debt it was not excessive on overall turnover of funds.

However that can change as reccesion bites further as it will without doubt.

So a good president and Admin go a long way to instilling some level of confidence.

So yes research research research is the safest option.

If you're parting with money, you need to know what's happening to it, so of course you should ask to see the community accounts. A badly maintained community will affect the rental potential of your own property, and may make it difficult to sell, and a community in debt is not going to be able to carry out the required maintenance.

I'm sure some people leave their brains in the wardrobe at home when they come out here to buy. I've heard of people who've allowedbuyers to move in before the final payment is made. If you wouldn't do it in England, don't do it in Spain. That maxim has kept us out of trouble for the last 5 years.

Any prospective buyers of property on MAZARRON COUNTRY CLUB will be shown the accounts if they ask...and they will find NO DEBT and a very healthy positive financial situation where Community Fees have been held at the same level for the last 5 years and no reason to increase in the forseeable future unless owners wanted to.

Barry

but i think Mazzaron is a rare case that worked out well.

i also know of presidents that are fighting with the administrators just to actually see the accounts.

Its one to add to the checklist of things when looking at buying and i bet only 2% of people if even that high do it or would even think about it.