Today we are at the Jonathan Club in Los Angeles, and we will be discussing what you need to know about HOAs (homeowners associations) before you buy.
Yes, homeowners associations can be a very big deal, especially if you don’t take the time to learn the facts about your specific homeowners association.
Why?
Every one of them is different, and they each come with a specific set of rules and regulations with which you must abide. If you are going to buy that perfect house, you MUST take the time to research and investigate its homeowners association; otherwise, you could, at some point, lose your home.
But don’t worry—we’re here to help you with that. So here is a quick overview of how a homeowners association works, the do’s and don’ts, the pros and cons of a homeowners association, and the one thing you must ALWAYS do if you don’t want to risk losing your home.
First, what is a homeowners association? The purpose of an HOA is to make and enforce rules and regulations for the properties within a designated subdivision. The association’s goal is to ensure that living in the area or on the property is pleasant for all residents.
Those who purchase a home in a subdivision that has an HOA pay membership dues called HOA fees. They will also be required to follow all the existing and newly voted-in rules and regulations or face fines and penalties.
“
Make sure you read the CC&Rs.
”
When dealing with an HOA, you will want to read Covenants, Conditions, & Restrictions (CC&Rs). These are the rules that are placed on the properties within the HOA-governed subdivision. These rules and limits are determined by a builder, developer, or the managing members of the homeowners association for that neighborhood.
If you decide to live in an HOA neighborhood, you might have to give up some of your rights and freedoms to do so. Therefore, you have to ask yourself a few questions before making that final decision about whether or not you really want to live in that HOA neighborhood. For example:
Do I have any amenities that aren’t allowed under this HOA?
Am I willing to pay a higher cost to live in this HOA subdivision?
How will I feel about being told I can’t do something I normally do or would like to do? (think paint colors, yard decor, etc.)
Any given HOA will have their own individual rules and regulations, so learn what they are for each HOA subdivision you are considering. Just because you learned the HOA rules for that first house you passed on doesn’t mean all are the same. You need to research and investigate the rules and regulations for each different HOA neighborhood.
Most HOA restrictions are related to the following:
Landscaping and outdoor decor
Smoking
Parking
Noise levels
Fencing
Square footage
Pets
Home use
Amenities
Generally, the HOA is responsible for taking care of all the common area maintenance, upkeep, and repairs. For condos, they are also generally responsible for all major exterior replacements like roofs, fencing, plumbing, etc.
If you have any additional questions for me about HOAs or anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
Today we are at the Jonathan Club in Los Angeles, and we will be discussing what you need to know about HOAs (homeowners associations) before you buy.
Yes, homeowners associations can be a very big deal, especially if you don’t take the time to learn the facts about your specific homeowners association.
Why?
Every one of them is different, and they each come with a specific set of rules and regulations with which you must abide. If you are going to buy that perfect house, you MUST take the time to research and investigate its homeowners association; otherwise, you could, at some point, lose your home.
But don’t worry—we’re here to help you with that. So here is a quick overview of how a homeowners association works, the do’s and don’ts, the pros and cons of a homeowners association, and the one thing you must ALWAYS do if you don’t want to risk losing your home.
First, what is a homeowners association? The purpose of an HOA is to make and enforce rules and regulations for the properties within a designated subdivision. The association’s goal is to ensure that living in the area or on the property is pleasant for all residents.
Those who purchase a home in a subdivision that has an HOA pay membership dues called HOA fees. They will also be required to follow all the existing and newly voted-in rules and regulations or face fines and penalties.
“
Make sure you read the CC&Rs.
”
When dealing with an HOA, you will want to read Covenants, Conditions, & Restrictions (CC&Rs). These are the rules that are placed on the properties within the HOA-governed subdivision. These rules and limits are determined by a builder, developer, or the managing members of the homeowners association for that neighborhood.
If you decide to live in an HOA neighborhood, you might have to give up some of your rights and freedoms to do so. Therefore, you have to ask yourself a few questions before making that final decision about whether or not you really want to live in that HOA neighborhood. For example:
Any given HOA will have their own individual rules and regulations, so learn what they are for each HOA subdivision you are considering. Just because you learned the HOA rules for that first house you passed on doesn’t mean all are the same. You need to research and investigate the rules and regulations for each different HOA neighborhood.
Most HOA restrictions are related to the following:
Generally, the HOA is responsible for taking care of all the common area maintenance, upkeep, and repairs. For condos, they are also generally responsible for all major exterior replacements like roofs, fencing, plumbing, etc.
If you have any additional questions for me about HOAs or anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.