When youpurchase a home, there’s a good chance you’ll have to pay a homeowners association fee, especially in gated communities, townhouses, condominiums, and other similar planned neighborhoods. The idea is to keep common areas clean and maintained, and there’s usually an HOA board that is responsible for setting the rules andregulations.
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 youroptionsfor a new home. 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, and other amenities. The HOA fees pay forcleaningand maintenance, so—in theory—you’ll always have a clean pool whenever you want to use it.
Protecting the communityHOAfeesoften 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 thegeneral safetyand 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.
Author:Jimmie Miller Phone: 208-867-4020 Dated: April 13th 2016 Views: 336 About Jimmie: With 25 years of experience in both Commercial and Residential sales and ownership experience, I wil...
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