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Need advice about buying a condo whose exterior has gone into disrepair due to mismanagement of funds by former hoa management and which has gone into new management two years ago.

I'm trying to understand the risks involved in buying a condo. The unit itself is in great condition but the exterior looks pretty bad. There is pretty bad wood rot on exterior panels, some other units had flooding problems, and some of the balconies of other units had to be replaced entirely recently. I walked around to talk to current residents to figure out what was going on. Turns out the previous hoa management got sued two years ago for mismanaging funds and not having reserves to make repairs. Residents say that the new management is making repairs and that things look much better than they did a couple of years ago. No one seemed to be running away from their units--they only had nice things to say. This despite hoa recently asking for a one time due of $30k from each resident to make repairs--I heard a rumor that they will ask for $15k more soon. If the hoa actually makes all the repairs, I can see the value of the unit going up by $150k, and the one time payment/due is totally worth it. But if they don't, I worry about losing money both from the one time payment and also from the value of the place going down, not to mention fear that the hoa won't make necessary repairs if basic services break.

Has anyone here had experience owning a condo whose exterior went into disrepair due to mismanaging of funds? Did things ever get better? Or did the place eventually get bulldozed?

submitted by /u/lildaemon
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source https://www.reddit.com/r/RealEstate/comments/t3bj68/need_advice_about_buying_a_condo_whose_exterior/
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