Are you considering purchasing a home in a community that has a Beverly Hills homeowner association?
Before placing an offer, it might be worth understanding how these organizations operate. My
company comprises a range of Beverly Hills real estate agents who know a thing or two about
luxury realty and work towards your every home need. Thus, I’ve grabbed the advantages and
drawbacks of homeowner associations and placed them below for you to look at!
Beverly Hills Homeowner association
A homeowner association is a private association usually formed by a real estate developer or
in a building with various owner-occupancies. It typically has rules and regulations which
improve the community as a whole.
Let’s look at the main benefits of living in an area with a homeowner association.
Maintain your home’s exterior
Some homeowner associations look after the exterior of their community’s homes. This could
include power washing, repairing siding, and roof maintenance. Thus, you could save
thousands of dollars from living in this type of community, which is particularly important in a
costly place such as Beverly Hills.
Manage communal areas
One big plus of having a home association is that they work hard to manage shared areas, including public pools, playgrounds, parks, landscaping, and community centers. This means you can enjoy these community spaces without worrying about their upkeep.
Mediate conflict between neighbors
Suppose you are considering living in one of the flats in Beverly Hills. Rather than risking tensions with your neighbor, contact your homeowner’s association about their violation of a rule. The association will take care of everything on your behalf!
Now that we’ve explored why homeowner associations can work well, let’s consider why they may not be for you.
You will be charged monthly fees
Due to the association’s maintenance of communal areas and home exteriors, you must pay a monthly fee. The price depends on the amenities available, although you could expect an increase anytime. If you are a wealthy buyer wanting to live in the Beverly Hills area, these fees should be manageable, but they’re certainly something to be aware of.
There are repercussions for those defaulting on fees
Defaulting on homeowner association fees might put you at risk for foreclosure. If the association cannot collect enough cash from residents in the community, this results in insufficient funds, meaning that properties cannot be adequately maintained. Therefore, the area’s condition and appearance may deteriorate, negatively affecting property values.
Enforced rules and regulations
You can expect to follow the rules on the appearance of your home if you are part of one of these associations. They can decide what type of windows you can install and even the color of your front door. Therefore, if this doesn’t seem appealing, you may want to consider other options. Luckily, my team of realtors can help.
Make sure you are buying into the right community!
Hi, I’m Erik Brown. As a Beverly Hills luxury real estate agent, I’ve helped many clients secure their dream homes in luxury communities. By being willing to build a trustworthy, professional relationship with any client, I hope to do the same with you.
Want to discover more about what neighborhood you’ll be investing in? Don’t hesitate to contact a member of my team today!