What is an HOA fee?
A homeowner’s association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, such as condominiums, planned housing development and town homes.
In a HOA community, you will be provided with shared amenities and services like front yard maintenance, limited insurance, sewer services, etc. The HOA board collects a monthly or annual fee to maintain those amenities, protect the integrity and safety of the community and to enhance property values for the homeowners.
The main benefit of life with an HOA is that you can enjoy the amenities you want without having to pay for them by yourself. But, shared benefits mean that your dues are used for two things –property maintenance and improvements and for building reserves. This can include future expenses like swimming pool resurfacing or unexpected expenses like fallen tree removal. It also means that the HOA may have some rules you may not like, such as no yard signs or flags on holidays.
That’s why you need to see the governing documents of the HOA, including the CC&Rs, - covenants, conditions, and restrictions. These are the rules of esthetics, conduct, maintenance, and security the homeowners voted to have, such as how many pets you can own or whether you can park your car on the street.
Keep in mind that HOA boards are composed of volunteer homeowners like yourself and that they’re not property managers. HOAs typically hire third-party property managers so board members can enjoy the community, too.
You can then make the decision whether this particular community is right for you.
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