What is a Homeowners Association?

If you’re like many people buying a home for sale in Lakewood or Long Beach, you might end up buying in a community where there’s a homeowners association. But what is a homeowners association, or HOA, and what does it do?

What is a Homeowners Association?

A homeowners association, commonly called an HOA, is an organization of people who create rules and regulations that everyone in the community must live by. They do this for one very simple reason: To keep property values steady. The HOA also takes care of things in the neighborhood, like community spaces, to make sure the neighborhood keeps looking good.

Where Does an HOA Get Money for Community Maintenance?

Everyone who lives in a neighborhood with an HOA has to pay dues. Sometimes you have to pay dues monthly; in other cases, it’s quarterly or annually. No matter how, though, the point is that the members of the community pay for all the community space maintenance (and sometimes other benefits, like private landscaping services at all the homes) through HOA dues.

HOA dues usually cost between $200 and $300 a month, but that can vary depending on the neighborhood you live in and the extent of the services your HOA provides. You can find out about HOA dues before you even make an offer on a home, so talk to your real estate agent if you’re interested in buying in a community that has one.

Are You Buying or Selling a Home in Lakewood or Long Beach?

If you’re buying or selling a home in Lakewood or Long Beach, we can help. Call us at 562-882-1581 to find out how!