How Do HOAs Work

Dated: 09/20/2016

Views: 129

When you purchase 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 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. So what is typically included in your HOA fees?



First, the fun stuff Amenities 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 for cleaning and maintenance, so—in theory—you’ll always have a clean pool whenever you want to use it.



Protecting the community HOA 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 maintenance Your 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 association There 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.  


Image title


Blog author image

Matthew Szalecki

Test Description 123!....

Latest Blog Posts

Budget Friendly Projects With Great Returns

Not all home improvement projects are created equal. Some renovations may cost a lot but not add significant value to your home. This list goes in the opposite direction: Here are some inexpensive

Read More

How Do HOAs Work

When you purchase 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.

Read More

Whats It Worth

Maybe you're thinking of selling, maybe you're thinking of refinancing, or maybe you're just curious about the market. But the question is, "What is that domicile of your's worth?” Such a simple

Read More

Create A Living Room That Feels Right

Can’t seem to create a living room that feels quite right? Looking for some styling tips that will bring your living room up a notch? Here are five ideas that can dramatically improve your living

Read More