What is an HOA fee?
Homeowners association (HOA) fees are regular payments that are made by the members of a homeowners association to cover the costs of maintaining and managing the common areas of a community. These fees can include things like:
- Maintenance and upkeep of shared amenities, such as swimming pools, fitness centers, and parks
- Landscaping and maintenance of common areas, such as sidewalks and roads
- Insurance for common areas and shared facilities
- Management and administrative costs associated with running the association
- Reserve funds for future repairs and improvements
The amount of the HOA fees can vary depending on the community and the amenities that are offered. Some communities may have higher fees because they have more amenities or a larger common area to maintain. The fees can also vary depending on the size of the unit, some communities charge a flat fee for all units, while others charge a fee based on the square footage of the unit.
It's important to review the association's bylaws and covenants before purchasing a property in a community with a homeowners association to understand the responsibilities and obligations of membership and the amount of the HOA fees. It's also important to budget for these fees when considering the cost of owning a property in an HOA community.
It's always a good idea to work with a real estate agent, they can help you understand the HOA fees and obligations of the community you are considering and also help you make an informed decision.
Request a consultation with our expert real estate team today