Hi, I lived in a townhouse unit with HOA as my primary residence and sold it after 30 yrs. I have sent e-mail request with follow-ups for the past 3 weeks for the actual costs of the major recent capital improvements like new roof, fences and road pavements but I have been stonewalled. No reply at all. I really need the figures to compute my pro-rated share by multiplying it by 0.0024875 (1/402 total units in the community) and legally adjust my Cost Basis for computing my Capital Gains.
What can I do? I have read some postings here that I cannot use the published annual budget for those capital improvement projects. Thank you for your help!
If you absolutely can't get the numbers from the HOA (and in your case I would just park myself outside one of their offices) then you have to make a good faith estimate. Check in with your neighbors and see what they have, add up the assessments, use annual budgets, etc. Just document your procedure to get as close as you can and then save those documents in case your valuation is ever called into question.
Thanks a lot @RobertB4444 for your prompt reply; I really appreciate it. Since I already sold my unit, I no longer live in the community. I really felt bad since I lived there for 30 years and I should have the right to take my pro-rated share of the capital expenditures to adjust my cost basis. I guess I will just use the published annual budget they sent us when they announced the increased monthly association dues for the following year. Thanks again.