Another common Real Estate question that many people have when purchasing a townhome or condo in Southern California is “what is an HOA and are they good or bad?” Many people have a mixed opinion about HOA’s or Homeowners Association and most people don’t really know what a Homeowners Association will really do for them.
In this article we will provide you with information about HOA’s and what you’re really getting for the money that you pay to your HOA on a monthly basis.
Homeowners Associations are responsible for the upkeep of all common areas surrounding the home that you purchase. What’s great about buying a property that’s part of an HOA is that your Homeowners Association will also be responsible for preserving the value of the condo, townhome or single family home you’re buying because every homeowner has to follow the HOA’s rules and clear any changes or improvements that they make to the exterior of their property with the Homeowners Association BEFORE making them.
Homeowners Association Fees
Depending on where you purchase a property in Southern California you can expect to pay a Homeowners Association fee between $120and $1500 per month. Most homes listed on the MLS will disclose what the HOA fees are so you can factor that into your decision.
Before buying a home that’s part of an HOA you should make sure that the Homeowners Association has sound management by reading past HOA minutes. You should also find out what type of catastrophe insurance the HOA currently has just to ensure the HOA doesn’t raise fees if there is a disaster like an earthquake in the future.
HOA’s are good
There’s no denying that HOA’s can be good because they do offer a variety of benefits and advantages to the homeowner but every buyer should make sure they avoid choosing the wrong HOA by following the simple tips in this article
To learn more about Homeowners Associations and how they affect you, or to view homes for sale across Southern California, contact Fred Sed Realty today by calling us at (800) 921-9231 or click here to connect with us online.