Here is a blog I wrote with more information about HOA dues:
All the best.
over 400 per month.
Some HOA dues cover part of the utilities (water, Trash Cable), while others only cover the upkeep of the grounds.
If the development offers a gym or even house cleaning the fees can be on the higher end.
The best thing to do is ask what is covered within the fees, and make sure it is something you are willing to pay extra for.
If you are single, it may not be such a big deal if the HOA include water, because your usage will be much less than the family f four next door, yet you will be paying the same HOA fee they pay.
Best of Luck to You!!
Kawain Payne, Realtor
Prudential California Realty
With that being said did you have a particular complex in 90815 in mind. I have been selling real estate for over 30 years and have sold in most of the complexes in the Long Beach Area so if I can provide any additional information I would be happy to do that.
Barbara Robbins-Olexa, Broker
L B Brokerage
Association fees are not regulated and have no effect based on zip codes.
When you buy a condo, you and all your fellow owners pay monthly dues into an account that is to pay for things that are maintained by you and your fellow group of owners. A budget is proposed, voted on by all owners and then approved or denied. Based on that budget, the dues are set and it's decided how much each unit will pay into the account each month.
Dues cover community items inside your complex like BBQ's, pools, roofing, painting, railings, walkways, common area lighting, water bill, perhaps cable, elevators, yearly taxes and accounting, landscaping and gardening insurance and any other services that the complex uses.
I would be happy to answer all questions you might have regarding condos and associations.
Please give me a call direct or email me.
It is not easy to locate the complex always on this website. The biggest reason it may no longer be fha approved is because the condo reserves (the cash accumulation of the fees) are not high enough because of defaults of the homeowners or the fees are too low. There could also be too high a percentage of renters in the complex.
That does NOT mean condos are a bad investment. Not being fha approved is NOT necessarily a deal breaker either. They can get reapproved. Lately only about 10% of the complexes are approved, but in the past, most complexes were approved. You can certainly buy any condo, you will just usually need a higher down payment. There are good values in non fha approved condos, but it is something to consider when you make an offer. In escrow you will be given the financial records and can decide if the association is strong. But the problem is that is deeper into escrow. Having the fha approval means it has been reviewed and is acceptable for fha financing,
A shorter answer, Yea! is that the fees are insurance and the normal things a single family owner should be fixing and repairing. In an association they are just put into one fund and then the board decides which repairs expenses to cover. There are very long and complicated rules for associations. They are fun somewhat like a business.