It is essential to start by checking the financial status of the homeowners association (HOA) board. Even if you like the property itself, reviewing the HOA's financial statements can change your perspective. In order, you will need to check three main things: the most recent financial statements, the status of the reserve fund, and any planned special assessments.

Looking at the Staten Island condo market, as of March 2026, the median price is reported to be $462,000, which is a 5.1% increase from the previous year. Other surveys report prices of $485,000 and $490,000 (first quarter, stable compared to the previous year), indicating some variation in the data. Generally, it is reasonable to consider prices between $460,000 and $490,000. While this information is helpful for referencing market prices, checking the exact price for individual properties is the best way to reduce uncertainty.

You should also consider the level of maintenance fees. The average monthly maintenance fee for condos in New York State is $886, which is among the highest in the nation (HOA Costs data). This can be a burden as it is a fixed cost that must be deducted when calculating rental income, but on the flip side, well-managed buildings tend to maintain their resale value, which is advantageous.

The reserve fund is particularly important to examine closely. According to Fannie Mae guidelines, if the reserve fund is less than 10% of the budget, it may be classified as a non-warrantable condo, which can lead to unfavorable loan conditions (Fannie Mae Selling Guide). It is advisable to request the results of the reserve study from the HOA to check if there are any significant expenditures planned in the coming years.

New York City mandates a local facade inspection program for buildings over six stories, requiring exterior inspections every five years. If repairs are deemed necessary, the costs often lead to special assessments. Staten Island has a high proportion of low-rise buildings, so many properties may not be subject to this regulation, but if it is a building over six stories, it is crucial to check the inspection history.

Items to verify include:

• Recent 2-3 years of HOA financial statements and budgets
• Results of the reserve study and reserve fund accumulation rate
• Any planned or discussed special assessments
• Litigation or dispute history in the HOA meeting minutes
• Rental restrictions and warrantable status

If your family prioritizes school districts, some areas in southern Staten Island are mentioned among Korean families as having a good reputation for schools, but school district boundaries change frequently, so it is safest to verify the assigned school for the property address directly. If you are moving from another state, you should also consider that property tax and insurance systems may differ from your previous residence.

HOA meeting minutes often contain not only recent lawsuits but also upcoming large construction projects. By reviewing several years of minutes, you can gauge the actual management condition of the building, which may not be apparent from a single financial statement.

The Staten Island Ferry operates for free, making it a cost-effective commuting option for tenants traveling to lower Manhattan. However, since there is no subway within the borough, properties farther from the ferry terminal may have relatively weaker rental demand, so location should also be considered.

If a building already has a high rental unit ratio, purchasing it may limit your ability to rent it out, so it is advisable to ask the HOA for the current rental unit ratio before signing a contract. If it is close to the maximum limit set by the bylaws, you may need to revise your rental plans after the purchase.

From an investment perspective, the ability to access Manhattan and New Jersey via ferry and bridge is advantageous, but the lower reliance on public transportation compared to other boroughs may limit the tenant pool, which can be a concern.

Verifying the financial health of the HOA is not a one-time document request; it involves reviewing financial statements, meeting minutes, and reserve studies together. This article is intended for general informational purposes, and it is recommended to consult with a real estate professional and attorney before making any actual contracts.