How To Research A Homeowners Association
Are you interested in buying a home in Southern California but found that it’s part of a homeowner’s association? This isn’t uncommon because many single-family homes, condos, and townhomes in SoCal are part of HOA’s.
In this article, we will provide you with several tips you can use for researching an HOA to make sure that it’s a homeowner’s association you want to be a part of.
#1 - Read The Covenant, Codes, And Restrictions
The first thing that you want to do when researching a homeowner’s association is to read their documents including their Covenants, Codes, and Restrictions (CC&Rs).
Besides reading the CC&R’s of an HOA, you should also take the time to review their bylaws because, the bylaws will provide you with information on the voting rights of HOA members, specific meeting requirements, and what budget or assessment procedures they may have.
#2 – Review Their Restrictions
Another important thing to do when reviewing a Homeowner’s Association is to look into their restrictions. Specifically, you want to find out things like how you can fix up on your property and what you can or cannot do.
Knowing the restrictions of an HOA are vital because, you may not be able to do things like repaint your home a certain color, rent out your property during the summer months, or even park your car in your own driveway so it’s best to verify HOA restrictions first before buying that home.
#3 – Learn More About The Financial Health Of The HOA
Last of all, but most importantly, you want to review the financial health of the Homeowner’s Association. This means reviewing their budget, reserves, and how many times they’ve raised their dues in the last five years.
When reviewing the financial health of an HOA you should also find out if they are thinking about raising their dues any time in the near future as well.
Contact The Fred Sed Group
To learn more about how to research an HOA, or to search for homes for sale in Southern California, contact us today by calling (800) 921-9231 or connect with us online.