If you’re a member of a homeowners association, it’s important to understand your HOA fee structure and what your fees actually cover. HOAs serve to govern their communities and maintain common spaces to ensure that all residents have good living experiences and maintain their property values. However, it’s not always clear what the extra expense goes toward. Here are a few key facts that can help you understand HOA fees.
HOA Fees Benefit Your Community
The idea behind homeowner association fees is that every community member has to pay a monthly due, which is then used to maintain common areas, keep up the property, and in some cases provide additional amenities. Some communities have small HOA fees, whereas others can run into hundreds of dollars.
Coverage May Vary
The specific costs paid for by HOA fees vary based on the association. However, some of the most common ones include:
- Property repairs
- Common area maintenance
- Lawn care and gardening
- HOA insurance
- Trash removal
- Sewage and water services
- Amenities like pools or gyms
If you enjoy any of the above in your community, there’s a chance those perks are paid for by your HOA dues.
When you live in a community with a homeowners association, understanding your HOA fee structure is foundational to ensuring your extra dollars are benefiting your neighborhood. With these key facts in mind, you can start understanding your HOA fees better and making the most of the association.