When you purchase a home, there’s a good chance you’ll have to pay a homeowners association fee, especially you are in a gated communities, a townhouse, condominium, or other similar planned neighborhoods - also called a planned urban development.
The idea is to keep common areas clean and maintained, and there’s usually an HOA board that is responsible for setting the rules and regulations.
Each HOA is different, but most have the same core elements. You’ll typically pay your HOA fees either monthly or annually, and it’s an important factor to consider when you’re weighing your options for a new home and home budget.
So what is typically included in your HOA fees?
First, the fun stuffAmenities are typically the big perk of living in a community with an HOA. While you lose out on some of the freedom of living without an HOA, you instead get community amenities like a maintained pool, gym, clubhouse, tennis courts, rooftop deck and other amenities. The HOA fees pay for cleaning and maintenance, so—in theory—you’ll always have a clean pool whenever you want to use it.
Protecting the communityHOA fees often contribute to insurance for the community amenities, as well as a fund for unexpected repairs to damaged community property—think damage from weather or accidents.
General maintenanceYour HOA fees will go toward maintaining the general safety and upkeep of the community. This means things like elevator maintenance for condominiums, snow removal, and trash/recycling services.
Be active in the associationThere may be a board of directors, but homeowners associations exist for the betterment of the entire community, and every voice matters. HOA meetings—and the amenities they support—provide great opportunities to meet your neighbors and make your community a better place.
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Author:Donna Hickey Hansen Phone: 303-949-3393 Dated: October 14th 2016 Views: 607 About Donna: As a Realtor and real estate investor, I love finding first time home buyers, move-up buyers and inv...
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