But what is an HOA, and how will being part of one affect your property ownership?
What is an HOA?
A homeowners association, commonly called an HOA, is an organization that you must join if you live in certain neighborhoods, townhome or condo developments, or subdivisions. It’s not an option in many communities, and it will require you to pay a monthly or annual fee.
What Does an HOA Do?
A homeowners association has one primary purpose: To maintain property values in a neighborhood. The association does so by enacting and enforcing rules, such as whether you can add on to your home, what color you may paint your house, or even what types and sizes of pets you’re allowed to have.
The rules in an HOA are called covenants, conditions, and restrictions, or CC&Rs.
The HOA also maintains community amenities, like walking trails and playgrounds. In some cases, HOA dues include lawn maintenance and other perks, as well.
How Much Does an HOA Cost?
Every HOA is different, but it’s a good idea to find out how much dues will be before you make an offer on a home. (Your Irvine Realtor® can get you that information.)
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