Village Real Estate SpecialistPatrick McNameeEvergreen Realty,
- Posted in Commonly Asked Questions About Laguna Woods/General Information
The senior community of Laguna Woods Village is all about the “Country Club” amenities it offers. These include the 27 hole championship golf course ($10 for residents), the fact that it is a gate guarded community, AND one of the Top 10 safest cities in America. Other amenities include Horse stables, 7 clubhouses, 5 swimming pools, tennis courts, 2 state of the art fitness centers, and only 7 miles to Laguna Beach, California. But how much is all this going to cost? Good question! The HOA dues for Laguna Woods Village are $566 per month for a Co-op and $627 per month for a Condo. Besides all of the fabulous amenities mentioned above (and that is only a partial list), they also cover the following:
Building Insurance (fire and damage other than earthquake)
Exterior building maintenance (painting and roof care)
Plumbing and electric repair
Appliance repair and replacement (Co-op only)
Free Bus transportation, Maintenance of streets, sewers, exterior lighting, Around-the-clock security, Full replacement fire & hazard insurance on buildings
NO MELLO ROOS
The only thing more residents pay for is electricity, phone, and property taxes.
The “average” HOA dues for other condo developments in South Orange County are $275 per month. To compare what you get for your dues in Laguna Woods Village verses what you get in other condo developments, please see the chart below. For further comparison purposes, I have also included a Single Family home. I think you will find the differences striking!
As you can see from the Chart below (when all expenses have been added up) Laguna Woods Village is actually $87 cheaper per month than the average South County Condo! And $112 cheaper per month than an average Single Family Home!
Furthermore, the average price of a Laguna Woods Condo is $250,000 verses $360,000 for a condo in South Orange County. That is a difference of $110,000! That extra $110,000 mortgage (at a 30 year fixed rate @ 4.2% interest) would run you an extra $515 per month! You add this extra mortgage amount to the cost of the HOA dues of $275 and you get $785 So Laguna Woods Village is actually $157 cheaper per month!
So when you add it all up, the expenses in Laguna Woods Village are actually less than they would be in a similar South Orange County Condo or Single Family Home.
HOA Check List Monthly Expenses
* Please note the average price of a L.W.V. Condo with GOOD LOCATION and GOOD CONDITION is $250,000. The average price of a Standard Condo in South Orange County is $360,000 in a same “good location” and “good condition.” That means your mortgage would be $110,000 more or monthly, $515 more per month for the same condo, basically.
** A new roof is needed every 20 years and costs an average of $15,000. A home needs to be painted every 10 years at an average cost of $8,000. This totals $31,000 over 20 years or $1,550 yr. or $129 mo.