There are many beautiful properties in Ventura County which require the property owners to abide by certain rules and covenants. These properties are either homes, condominiums, townhouses, or lots that are located within a common interest development. Each of these communities may have a different set of rules however; they all have to comply with the California Homeowners Associations regulations.
As a Homebuyer in Ventura County, there are a few specifics about HomeOwner Association (HOA) that you need to be aware of prior to the purchase of your property.
When you purchase a property within a common interest development you automatically become the member of the association. You and the other homeowners in the development are in charge of the association. You also elect a board of directors who supervises the HOA.
Each HOA has a set of assessments or fees for all the homeowners within the association.
The California Civil Code characterizes HOA assessments as either being regular or special. The
Regular Fees are fees that are needed for the long term and daily maintenance of the common areas. The
Special Fees are fees set aside for major repairs, or new construction of the common areas. (NOTICE: in order to cover these fees the board of directors can raise HOA fees by 20% each year without the approval of all the home owners.)
The association usually purchases
insurance to cover the units for
fire and other common casualties and also liability for accidents in the common areas. However, as a homeowner you should acquire an insurance policy for your own unit. I would recommend looking into an insurance policy that covers earthquake damages, that is if your HOA insurance does not provide such coverage.
To learn more about HOAs and to see if they are for you or not Click Here.
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