A Beginner’s Guide to HOA Fees
As a new homeowner, you may have heard the term “HOA fees” thrown around, but may not fully understand what they are or why they are important. A Homeowner Association, or HOA, is a legal entity responsible for maintaining and managing a community of homes. HOA fees are monthly or annual fees that homeowners in the community pay to cover the costs of these maintenance and management services.
In this guide, we’ll dive into the basics of HOA fees and provide you with all the information you need to make informed decisions as a homeowner.
What is a Homeowners Association?
A Homeowners Association is a non-profit organization made up of the residents in a community. The HOA is responsible for maintaining and managing the common areas, amenities, and overall appearance of the community. They ensure that the community is safe, well-maintained, and visually appealing for all residents.
What are HOA fees?
HOA fees are monthly or annual fees that homeowners in a community pay to cover the costs of maintenance and management services provided by the HOA. These fees are used to maintain common areas and amenities within the community, such as parks, pools, and clubhouses, as well as to potentially cover the cost of security, trash removal, landscaping and other services to residents.
Check Covenants, Conditions, and Restrictions (CC&R) Before Making any Decisions
Before purchasing a home in a community with an HOA, it is important to thoroughly review the Covenants, Conditions, and Restrictions (CC&R) document. This document outlines the rules and regulations of the community, including the amount of HOA fees and what they cover. It is important to make sure you understand the CC&R and are comfortable with the amount of HOA fees before making any decisions.
If you need any assistance deciphering these documents, make sure you contact a real estate lawyer.
Can you avoid HOA fees?
In most cases, HOA fees are a mandatory part of owning a home in a community with an HOA. While it may be possible to opt out of some HOA services, such as community centre usage, the overall HOA fees will still need to be paid.
If you are not interested in paying these fees, you’ll likely need to buy a standard single-family home that does not belong to any associations.
HOA Benefits
Despite the added cost, there are many benefits to living in a community with an HOA. These benefits may include well-maintained common areas and amenities, increased security, and a visually appealing community. HOA fees also provide peace of mind knowing that someone else is taking care of the maintenance and management of the community.
HOA Drawbacks
While there are many benefits to living in a community with an HOA, there are also some drawbacks to consider. HOA fees can add up over time, and there may be restrictions on what homeowners can do with their properties, such as restrictions on paint colours or landscaping choices.
Bottomline
HOA fees are an important aspect of living in a community with an HOA. It is important to thoroughly review the CC&R and understand the HOA fees before making any decisions. Despite the added cost, HOA fees provide many benefits, including well-maintained common areas and increased security.
Contact Emerald Management & Realty Today
If you have any questions about HOA fees or living in a community with an HOA, contact Emerald Management & Realty at 403-237-8600. Our team of experienced professionals is here to help with 24/7 emergency services. For more information, fill out our online contact form online.
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