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Homeowers To Get Financial Cost Help

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Homebuyers in California´s 37,000 private communities will soon get new help to understand what they´re getting into financially.

Governor Schwarzenegger signed legislation Friday making homeowners associations better explain the true costs of living there.

The idea comes from the California Association of Realtors. Real estate agents say too many buyers are complaining of unexpected hikes in their monthly or yearly assessments soon after moving in.

Backers say the bill will help buyers in private neighborhoods determine if they can afford both a mortgage and monthly dues that may rise in years ahead.

Privately run communities now represent 60 percent of California´s new housing.

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