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| Home Owner's Association
- HOA - Explained |
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| When you purchase a condo,
whether it is in Long Beach or another city, you
may be so excited about the opportunity to be a home
owner that you often forget to get answers to all
aspects about the purchase. At the Global
Trust Team, we concentrate on educating
you at every step of the way and we want you to know
about HOAs before you ever set foot in a Condominium
or Townhome!
If you feel this information is helpful get our HOT
LIST or use the MLS for
free to see the latest condos available in Long
Beach and beyond that is right for you. |
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| Get the answers to these questions! |
| What does HOA Mean? |
Who is responsible
for the HOA? |
| What do HOA's cover? |
What amenities are possible? |
| What are CC&R's? |
What dictates the cost of
the HOA? |
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HOA
means Home Owners Association. It can also be referred to
as HOD or Home Owners Dues. HOAs can exist in planned housing
developments, townhomes, and condos. It is generally billed
on a monthly basis. <Top> |
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Who is responsible for the HOA?
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The
owners of the building are responsible for the HOA.
HOAs are the owners of the condominium complexes that meet
on a monthly basis to determine the needs of the owners and
the building. We recommend that all of our owners attend
these meetings so they can understand how the HOA money is
being spent and if there are any upcoming concerns in regards
to the building. The HOA usually has a set of board members
and each board member has certain responsibilities. Don’t
worry that you have not been part of one before, the property
management company that works with the HOA is there to guide
in the care and maintenance of the building. <Top> |
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HOAs cover the maintenance and care of a building. In general
they are responsible for the exterior care of the structures
or areas that are used in common. HOAs for condominium complexes
also carry Fire Insurance policies to protect the entire
building. The lender that lends money for you to purchase
a condo will check with the property management company to
get the latest copy of the fire insurance policy prior to
funding your loan. <Top> |
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What
amenities are possible? |
Wide arrays of amenities are possible from building to building
and largely depend on the area. Some common amenities that
many condo buyers enjoy are that of a pool, spa, and a gym. <Top>
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CC&Rs are Covenants, Conditions and Restrictions. These
are the governing rules of the HOA. It is a large document,
often 100s of pages long, which dictates rules ranging from
electing new board members to pet policies. CC&Rs are
not written in stone and may be changed over time as the
needs of the building and the building owners change. <Top>
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What
dictates the cost of the HOA? |
There can be many factors that are used to calculate the
monthly cost of what you pay in HOA dues. Historic buildings
traditionally have higher HOA dues, due to increased maintenance.
Areas that are closer to earthquake areas, like Hollywood
Hills, may often have higher HOA dues because of their need
to carry extra insurance. Furthermore, depending on what
amenities a complex may have, the HOA may be higher to keep
them in top shape. It is important to note that dues can
change so stay active within your community to make sure
they stay on budget. <Top>
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| www.LovelyLongBeachHomes.com |
www.LovelyLongBeachCondos.com |
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