See my answer to your other question for general guidelines. On this property, please be aware that most PUDs (Planned Urban Development) have home owners associations and therefore HOA dues to be added to your monthly home payment. From the positive side, these dues usually cover the maintenance of the common area and common facilities, insure the buildings (you only have to insure your contents) and pay for trash service. From the negative side, they add to your monthly payment, they dictate what you can and cannot do to the exterior of your home, you will not be able to use FHA financing to purchase unless they are FHA approved, and you could find yourself assessed with thousands of dollars for major repairs and renovations needed in the community as a whole. Another problem arises with the high foreclosure levels in most areas of California. This results in non-payment of HOA dues for months on end and many HOAs are having some financial problems just keeping up with the monthly bills. Make sure, if you decide to purchase this property, that you thoroughly review the financial condition of the HOA, including their capital reserves. For more information on this, speak with your agent or you can contact me directly. Dare to Dream.
Real Estate Cosultant
RE/MAX Palos Verdes Realty