What are “HOA Fees”?

flowers at Belle View condos

HOA stands for Homeowners Association. HOA Fees are funds collected from the buyer for different things, such as landscaping, maintenance, and water & sewer. Some associations also collect funds to include extra amenities like, pools, fitness centers, and valet parking. These are all extra benefits that come with the purchase of a home. These fees can be between $100-$1000 yearly depending on where you buy.

Usually there is a board of directors that are voted in and they decide the fees charged. These  fees can also be changed yearly. The HOA should keep you updated on all decisions made. Each HOA has it’s own by-laws and restrictions. These vary from neighborhood to neighborhood.

You are basically joining a group within your neighborhood that applies rules that help keep the neighborhood safe and beautiful. It is important for the buyer to make sure they understand all of the by-laws and restrictions before purchasing a home. You need to make sure they are rules you can live with.