Homeowner Association

When buying a home, a question to consider is, do you want to live in a neighborhood that has a Homeowners Association (HOA) or not?  If you’re a first-time homebuyer, you might be wondering what is a HOA? 

A HOA is a legal entity formed by a real estate developer or established by the residents of a neighborhood or condominium complex. The HOA manages and maintains common areas and amenities in the community, such as parks, playgrounds, landscaping, swimming pools, to name a few.  HOAs also have set rules and regulations, known as covenants, conditions, and restrictions (CC&Rs), that residents must follow.  CC&Rs typically cover a range of issues, such as property maintenance, architectural guidelines, and noise restrictions. Violations of the CC&Rs can result in fines, liens, or other penalties.

It is important when you are looking for a house that you pay attention to the HOA fees-specifically how much they are and how frequently.  Will your HOA fee be monthly?  Quarterly?  How much is the fee?  HOAs typically have a transfer fee too when buying a home, that the seller usually pays at closing.

If you are interested in joining our team, let me know and I am happy to talk with you!