Homeowner's Associations - What You Need to Know

By
Real Estate Agent with Coldwell Banker Residential Brokerage calBRE 01879178

It seems like more newly built homes belong to a homeowner’s association organization these days. In Rancho Cucamonga in particular, there are over 4 HOA communities that you may or may not want to move into when looking to buy your next house. Before we get into the pros and cons, let’s first discuss what a homeowner’s association is.

What is a Homeowners’ Association?

A homeowner’s association is an organization in a condominium, planned community or subdivision that makes and enforces rules. In order to maintain and manage the community, each resident is required to pay monthly fees. When you buy a home that is a part of a homeowner’s association or, HOA, for short, you agree to follow certain rules and regulations in place as well as pay your monthly dues, or fees which contribute to the overall management and maintenance of the community. Before you decide if living in an HOA will be suitable for you, below are some advantages and disadvantages you may want to consider.

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Advantages of an HOA

You will live in a nice-looking neighborhood. You won’t have to worry about some of your neighbors having an unkempt lawn or large obstructing vehicles on the street with the strict rules everyone will have to abide by.

You will have access to amenities. Enjoy spending the day by the pool, or work out at the fitness center. All recreational and common areas will always be in good order and accessible to you.

Your costs will be shared. In terms of maintaining all common areas, these costs will be shared equally with all other residents living in your homeowners’ association.

Disadvantages of an HOA

Each HOA sets the standards for your house. Depending on each homeowner’s association organization, there will be different rules you will have to abide by. The color you may or may not paint your house, how often you can mow your lawn, and how you decorate your house for the holidays are some of the rules you will encounter.

You will be expected to pay monthly dues. It is important to factor in your monthly dues into your mortgage payment so you can ensure that you can afford to pay your monthly budget.

Your HOA’s financial problems could potentially become yours. If they are going through a financial crisis it may affect the value of the homes being sold in the community.

 You can find more pros and cons by visiting RIS Media’s blog.

A homeowner’s association will either become your best friend or your worst enemy. I suggest you thoroughly analyze your wants and needs in terms what kind of neighborhood you want to be a part of to see if living in a homeowner’s association will be the best choice for you or if you should forgo this option. If you have any questions or would like to get information regarding HOA's in Rancho Cucamonga, you can contact me at 909-500-4777.

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 Provided courtesy of Kevin Shin 

Coldwell Banker Residential Brokerage
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