When you purchase a Long Beach condo you are so excited about the opportunity to be a home owner that you often forget to get answers to all aspects about the purchase. 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!
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?
- What about Long Beach HOA’s?
What does HOA Mean?
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>
Who is responsible for the HOA?
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>
What do HOAs Cover?
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>
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>
What are CC&Rs?
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>
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>