If you are currently looking for a house to buy, you may encounter certain properties that come with a homeowners association or HOA. This is common among condominiums, townhouses, and other properties located in planned developments. This means that if you live there, you will have to pay monthly or annual HOA fees.
HOA fees vary from development to development, but they can typically go up to as much as $400 a month, with even higher fees being charged in upscale buildings with more luxurious amenities. HOAs operate under the principle that residents of a community can all help each other with shared needs. All residents are equally responsible for maintaining common areas, and there is usually a governing HOA board that works toward a better quality of life for residents, sets certain rules, and protects the property values for all properties. It’s important to learn the rules before you purchase a property in the area, and you may want to talk with other residents about how they feel about the HOA before you decide to go ahead and buy the property.
The good thing about having an HOA is that it takes a lot of burden off your shoulders when it comes to maintaining your property. You usually won’t have to worry anymore about the cost of trash removal, swimming pool and fitness room maintenance, lawn care, snow removal and common area upkeep (such as lobbies, elevators, walkways, parking garages and clubhouses) as there is a property manager who takes care of those things. Another advantage to having an HOA is being able to enjoy the amenities that come with your home, such as pools, clubhouses, gyms, tennis courts, basketball courts, walking trails and gardens. This added entertainment is especially attractive to young, active homeowners and families with young children.
Again, it’s important to learn as much as you can about the homeowners association fees that come with the property you are considering before you make the purchase. Take some time to think about whether you can afford it, and if the benefits of the HOA are important to your household, before making a decision.
If you are planning to buy a home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
