The Basics of a Homeowners Association
One of the most important things you should do whenever buying a condo or a house, especially in Southern California, is to find out if there is a homeowner’s association involved.
It’s been our experience that when it comes to purchasing condos in Southern California, the condominium is almost always part of a Homeowners Association (HOA).
As for single family homes, we’ve found that a Homeowners Association has been involved in roughly 70% of our transactions.
How to Deal with Homeowners Associations
As a home buyer, one of the most important things you have to know is that you have rights as a buyer to do in-depth research into the HOA by asking for a copy of all their documents including.
CC&R’s – These are also called the Declaration of Covenants, Conditions, and Restrictions of the homeowner’s association. They will give you a good idea of what you can expect if you do decide to buy a single-family home or condo that’s part of an HOA.
Reserves – The homeowner’s association reserve fund will let you know if the HOA is healthy and well off financially or if they are underfunded.
Learn More About What’s Coming Up for The Homeowners Association
Once you review the HOA’s CC&R’s, and their reserves, the next thing you should do is dig a little deeper and ask more questions just so you will know that you’re going to feel comfortable living there.
Some of the questions you should consider asking include:
- Are there any special assessments coming up?
- Is the HOA planning any major remodels?
- What’s the owner occupancy versus renter rate in the community?
Search for Homes in Southern California
For questions regarding buying a home that’s part of an HOA, or to view homes for sale in Southern California, contact the Fred Sed Group today by calling us at (800) 921-9231 or click here to connect with us online.