Understanding HOA Fees

Understanding HOA Fees

For those who are looking to purchase a home or condo in the South Bay, you might be dealing with the dreaded Home Owners Association (HOA) fees. HOA dues in the South Bay can range anywhere from $200 to $1000 and more depending on the area. Understanding HOA fees can help you make the best decision on choosing the right place for you.

A Homeowner’s Association is not necessarily a bad thing. They can maintain standards in uniformity and maintain common areas and even yards. In most neighborhoods, there is always at least one house in which the yard is not maintained. The house is falling apart or there are cars in various states of disrepair. If you have a good Homeowner’s Association, these problems are much less frequent. It does cost money to run a HOA, hence the monthly fees.

Here are some of the things that can be paid for with HOA fees:

• City services such as trash collection, water and sewer services;
• If you own a condo, it might pay for the outside of the building. Note that he owner is still responsible for insuring the inside of their condo;
• Maintaining common areas such as playgrounds and yards;
• Repairing and maintaining outer building and areas such as gyms;
• Pest control services such as inspections and spraying for termites and other insects.

Here are some things to consider regarding HOA fees:

When you sign an HOA agreement, they are binding. It can be very difficult to make repairs, additions or even painting your house certain colors if it is in violation of the agreement. Before making any of these changes, make sure you understand the parameters of your agreement.

HOA’s can also determine how many pets you can have and in some cases, size restrictions as to how much they can weigh.

Your HOA dues can possibly increase, especially if the value of your property increases.

In most cases, HOA’s do a pretty good job. However, there are horror stories about heavy-handed Homeowner’s Associations, which go beyond what they are allowed to control.

You might not like the idea of having to pay the fee every month but in most cases you do get something back. When purchasing a property that has HOA fees, take the time to understand what the fees cover and the rules that are implemented. If you have questions regarding HOA fees or want to purchase a home in the South Bay, contact us at (310) 796-9088.