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 stuffAmenities 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 communityHOA 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 maintenanceYour 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 associationThere 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.
Author:Adrianne Lynch Phone: 480-570-0600 Dated: April 2nd 2017 Views: 574 About Adrianne: ...
Chris Grenko epitomizes integrity, dedication and creativity in every detail of your Real Estate transaction. Chris grew up Chicago and began his sales habit at the age of 11 selling the local newspaper. He moved to the Phoenix area in 1997 to enjoy the beautiful weather in the Valley of the Sun and everything it has to offer. He has worked closely with sellers, buyers and investors over the years. Chris is a family man with a beautiful wife and four children, and an avid athlete who enjoys golf and hockey. He uses his experience and foresight to proactively address issues before they become problems. Chris and his team work diligently, from the first phone call to the closing date.