How Do HOAs Work

Dated: 04/02/2017

Views: 621

Image title

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.

Want to Advertise on this Site?

Latest Blog Posts

How To Get 20 Years Out Of A Hot Water Heater Chandler AZ

How to get 20 years out of a Hot Water HeaterI have a rental where the Hot Water Heater (HWH) went out. It was original from 1998 when the home was brand new. This particular one was an A.O. Smith.

Read More

4 NonTraditional Ways To Finance A Home

This information is brought to you by Harold and Tara WineyThe Richwine Group powered by eXp Realty4 Non-Traditional Ways to Finance a HomeA 30- or 15-year, fixed-rate mortgage with the same

Read More

The Incredible Joy Of Owning Your Home

If you haven't bought a home yet, you're missing out on a wonderful feeling! That moment when you walk through your doors, throw your purse or keys on the floor, plop down on your couch and breathe

Read More

Dont Replace Your Agent With The Internet

With the influx of new technology and web based solutions, it isn't a surprise that everything is moving fast into the era of the internet. From sites like Uber to Grubhub, we generally can pull up

Read More