What is the HOA fee?

Asked by Mischiboo, Los Angeles, CA Thu Jun 13, 2013

This question was asked from http://www.trulia.com/property/3118764046-256-S-La-Fayette-P…

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Gail Mercedes…, Agent, Beverly Hills, CA
Sun Jun 16, 2013
HOA monthly fee is the Home Owner's Association Fee. It is the monthly fee that homeowners living in Planned Unit Development pay to the association for maintaining grounds, landscaping, pool, spa, roofs, exterior and etc of complex. Planned Units Development are generally, condominium, townhouse complexes but there are single family home development (Playa Vista, L.A., CA). When buyers are viewing Planned Units Developments it is always good to choose complex with good HOA reserves. Reserves are substantial monies in reserve for normal wear tear and emergency maintenance.

Gail Mercedes Cole
EXP Realty
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carlos parra…, Other Pro, Monrovia, CA
Sat Jun 15, 2013
There is a broker listed on the ad, call them and they will be able the exact amount.
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Rikke Anders…, Agent, Beverly Hills, CA
Fri Jun 14, 2013
A HOA fee, or Home Owners Association fee, is an amount of money that must be paid monthly by owners of certain types of residential property to an organization that assists with maintaining and improving that property and others in the same group. HOA fees are almost always levied on condominium owners, but they may also apply in some single family neighborhoods.
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Crystal John…, Agent, Jonesboro, GA
Fri Jun 14, 2013
HOA - Home Owners Association
Often you will find an HOA established for Condominiums and Master planned communities. The HOA fee is divided among the number of homeowners in that building or community. The fees collected are used for things such as common areas maintenance, roof repairs, exterior painting, landscaping. If the HOA's reserve funds are not sufficient to cover a major repair, such as a new elevator or new roof a special assessment can be established. If you have any further questions, please feel free to contact me, It would be a pleasure to assist you with your real estate needs. Crystal Johnson CA Realty Group- Partner-Realtor 310-346-4886
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Sonya Coke, Agent, Los Angeles, CA
Thu Jun 13, 2013
It stands for Home Owners Association. It covers maintenance of the common areas of the building and insurance. A portion also goes towards building a reserve to cover any future repairs. For some buildings some utility fees may also be included (but this is not common.)
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