Homeowners Association
The purpose of the Village Park Homeowners Association (HOA) is to maintain, enhance, and protect the common areas and building exteriors.
Compare the monthly costs and expenses that any homeowner has!!
| Expense Category | Village Park | Single-Family House |
Comments |
|---|---|---|---|
| Property Hazard Insurance | $34.00 | $60.00 | covers all structures & common areas |
| Common Area Electricity | $7.00 | $5.00 | common area exterior lighting & pool pump |
| Sewer, Water, Storm Drain, Trash | $28.00 | $75.00 | City of Lemoore services |
| Landscape Maintenance | $34.00 | $60.00 | excludes private rear yards at Village Park |
| Pool Maintenance | $7.00 | $55.00 | monthly service |
| Pest Control | $4.00 | $35.00 | monthly service |
| Misc. Repairs & Maintenance | $19.00 | tbd | as needed |
| Mgmt, Acctg, Legal, Taxes & Misc. | $58.00 | n/a | includes HOA's State compliance |
| Reserves | $75.00 | n/a | State requirement for HOAs - covers future large capital expenditures |
| Contingency (5%) | $14.00 | n/a | State-mandated for condominium conversions |
| TOTALS | $280.00 | $290.00 | VILLAGE PARK HAS LOWER EXPENSES AND ALSO INCLUDES SPECIAL ADDITIONAL ITEMS (see below) |
SPECIAL ADDITIONAL ITEMS covered by HOA fees...
- Management, Accounting, Legal, Taxes, & Miscellaneous Expenses – Specifically required by the California Dept. of Real Estate. The professional management of Village Park willensure that the property values are maximized, since the property will always be in excellent condition.
- Reserves and Annual Reserve Study - Required by the California Dept. of Real Estate, the Reserve Account pays for any future major capital improvement items. A single-family homeowner would typically not fund this type of account, and therefore, any major capital improvements are either ignored or will need refinancing in order to fund those improvements. The future owners of the Village Park townhomes will retain their property values with a healthy Reserve Account.
The Bottom Line...
... is that the Village Park HOA fees are comparable to the typical expenses for any single-family homeowner… however, Village Park is professionally managed and its HOA fees assure a high standard of maintenance and property value retention.