What are HOA fees? Why as a specific type of property owner must we pay them and how often do we make this payment?
What are HOA fees?
When you purchase a condominium, townhouse or another type of property in a planned development such as a leased land property or a gated community, you are obligated to join that community’s homeowners’ association (HOA) and pay monthly or annual HOA fees for the upkeep of common areas and the building.
How much are the fees? Why the difference in fees on properties?
HOA fees often range from $200 to $400 per month. The more upscale the building and the more amenities it has, the higher the homeowners’ association fees are likely to be. In addition to monthly fees, if a major expense such as a new roof or a new elevator comes up and there aren’t enough funds in the HOA’s reserves to pay for it, the association may charge an extra assessment that can run into thousands of dollars.
How often do you pay HOA fees?
It is typically a monthly payment, however, some communities ask for a single installment at the beginning of the year. It’s best to ask one of our advisors to find this out for you.
To chat more about HOA fees and for general advice get in touch with us . Was this information useful? Be sure to leave a comment we always read them.