Curious About Homeowners' Association (HOA) Fees? Here's What You Need to Know
If you are thinking of buying a condominium or a home that is part of a planned community, you have likely come across the term "homeowners' association" or HOA. In short, the HOA is a coalition of local homeowners who have banded together to manage the needs of the local community. Let's explore the concept of the homeowners' association, why they charge fees and what you can expect from your HOA if you buy a home that is part of one.
HOA Fees Are Meant To Make Things Easier
Believe it or not, HOA fees are meant to make your life easier. Common sense dictates that all homeowners won't be able to commit to investing some of their time in community upkeep. So the HOA manages everyone by charging a monthly fee to all owners to cover the costs of keeping everything in order. Of course, some HOAs can make unpopular decisions or foolish investments that don't benefit all equally. However, most are well-intended, well-balanced and do provide positive benefits to its owners & residents.
What Do HOA Fees Cover?
Your HOA fees will be used to pay for needs that benefit all homeowners' in the community. If you live in a building, this will be everything from elevator maintenance to keeping the doors in good order. If you live in a townhouse complex or planned community, this includes landscaping, gardening, road maintenance, etc. Some HOAs cover one or more utilities. As long as your HOA leaders are doing their job, they will be diligent in the use of your fees to maintain and improve the community for everyone.
Some Pros And Cons Of HOA Fees
The main benefit of paying HOA fees is that you are off-loading your share of the responsibility for building or community upkeep. In essence, you are trading a monthly payment so that you don't have to vacuum the common areas, change the light bulbs or worry about repairing the gate when it breaks. The main downside to paying HOA fees is that you only have a single vote as to how they are spent and you may disagree with other homeowners about the HOA's priorities.
All things considered, whether or not you have a favorable view of your HOA, generally comes down to you. If you are the type that likes to share their opinion and is willing to commit the time to improve your local community, you may want to join your HOA. You may be less interested in being involved and are comfortable with the ‘status quo.’ Whatever the case, when you are ready to buy your next home and are finding a wide variety of HOA fees or fees that seem outrageously high, remember that they can be covering more than the ‘normal’ common property and management costs. Ask us for that research - that’s what we are here for!
Now, let’s go find the right home for you – HOA or not! Call or text (704) 491-3310 or email DebeM@remax.net.
© Debe Maxwell | The Maxwell House Group | DebeM@remax.net | Curious About Homeowners' Association (HOA) Fees? Here's What You Need to Know