If you’re buying a loft or condo in downtown Los Angeles, you’ll likely buy something in a community that has a homeowners association, or HOA.
But what should you know before you make an offer in a building with an HOA?
3 Things to Know Before You Make an Offer in a Building With an HOA
In a building that has a homeowners association – commonly called a condo-owners association, too – here’s what you need to know.
An HOA’s rules and regulations are contained in a document called Covenants, Conditions and Restrictions, or CC&Rs. You need to become very familiar with them and make sure they’re all rules you can abide by if you buy a condo or loft in that building.
Make sure you’re comfortable – and able to pay – the HOA’s fees. Also, find out how fee increases are set, and how often the fees go up. You also want to learn how much money the HOA holds in reserve and find out what your monthly dues will cover.
The Loft or Condo You Want to Buy: Is it in Compliance?
Make sure that the loft or condo you want to buy is in compliance with all the HOA’s rules. If it’s not, you could incur substantial cost to get it back up to “legal” status.
Are You Buying a Loft or Condo in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
While you’re here, check out our:
- DTLA Arts District lofts for sale
- Historic Core lofts for sale
- DTLA Little Tokyo lofts for sale
- Bunker Hill lofts for sale
- City West lofts for sale
- South Park lofts for sale
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- Financial District lofts for sale