When you are looking to buy a condominium, townhouse, or even a home in a planned community, you are likely to come across the term, HOA fees. These are paid to a Homeowners Association to ensure the maintenance of common areas and provide common services. What then are the HOA fees, and how do they affect the budget as a homeowner? Here is how to break it down.
What Are HOA Fees?
The homeowners’ association fees are also monthly/quarterly summaries paid by homeowners to their communities. HOA is charged with the responsibilities of looking after the common areas, the enforcement of the rules governing the community and protecting the property values. In effect, these fees maintain a safe, clean and attractive neighbourhood or building.
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What Do HOA Fees Cover?
The services that specifically come out of the HOA fees vary by community, but usually expect to be able to pay due to:
- Landscaping/Ground Maintenance: Mow lawns, plough snow, repair and general maintain grounds and landscaping.
- Amenities: Recreational areas, fitness centres, pools and clubs.
- Utilities: In certain instances, water, trash service or even cable/internet.
- Repairs and Upgrades: Repairs on roofs, painting the buildings and or upgrading the facilities.
- Security: Cameras or gated entry, or own security.
In upscale developments, HOA dues can include concierge services, valet parking and so on.
How Much Are HOA Fees?
Generally speaking, HOA fees vary depending on the community to community and in relation to the location, size and the available amenities. On average:
- The condos: 200-600 dollars per month.
- Communal homes: 50 to 200 dollars a month.
- Luxury or high-end communities: $1,000 plus a month.
Before purchasing a property, it is also necessary to see the history of the HOA but also to review the budget and fees as they tend to rise over time.
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Pros of Paying HOA Fees
- Amenities within your community that you could not pay to have personally.
- Increased values of houses in relation to the well-kept environment.
- Less individual responsibility with regard to landscape work or exterior repair.
Cons of HOA Fees
- This costs you a set monthly fee on top of your mortgage.
- Poor administration of the fee use
- The risk of rises in fees or special assessments in the case of unexpected repairs.
Are HOA Fees Worth It?
The value of HOA fees depends on the want of lifestyle. They can be a wise investment, especially when you place importance on ease of access, features and maintenance. But, in the event that you would like independence and reduced monthly costs, a property that is not covered by an HOA can be more desirable.
Final Thoughts
HOA fees cannot be considered as merely an additional bill, as they are a contribution to the quality, maintenance, and facility life at your community. When a home buyer knows what they cover and how they will make it into their budget, it is easier to make a decision on purchasing the next home.
Richard Slezak, Las Vegas Realtor®
Agent License: S.0201790
Call: (702) 688-3508
MAIL: richardslezak@gmail.com
Address: 2298 W Horizon Ridge Pkwy #114, Henderson, NV 89052, USA
