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 gym, clubhouse, tennis courts, snow removal, etc. The HOA fees generally pay for cleaning and maintenance, so—in theory—you’ll always have a clean gym 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, if applicable.
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.
Ask your agent for any HOA information. They will be able to find out what fees are associated with the HOA, what you get for your money and any contact information needed when proceeding with a purchase. Not every HOA pays for trash/recycling services and they typically do not cover driveway-specific or sidewalk snow removal so it’s a good idea to get these questions answered before closing.