Be Aware Of Fees In Your Homeowners Association

There are several aspects to cover when discussing homeowner’s association fees.  Generally, many new homeowners will ask about the fees but neglect to be thorough or look to the HOA website for information regarding any increases or changes.  This is an important part of making the decision if a particular homeowners association is right for you as financial changes often require unforeseen spending.

 

 

Within each homeowners association, quarterly or yearly fees are part of living in a specific community and those fees are usually recorded.  Over the course of time, those fees might increase and amenities that are covered such as pools, playgrounds, and garbage costs could be considered as additional.  Track that as far back as possible to give you an idea of what to expect in the future.

 

If possible, try to retain the past ten years of multiple homeowners association fees in the area where you are planning to live and compare them with one another.  Once you are able to do a comparison of dues and the amenities that are covered, you will have a better indication of what to expect of the homeowners association you have chosen to reside in.

 

 

The fees that HOA residents pay is used to keep the homeowners association functioning efficiently and a portion of it goes to a reserve fund. General maintenance of amenities is possible due to a reserve fund that the homeowners association has in place.  Without an adequate reserve fund, residents could be faced with two options which would be a substantial increase in fees or a special assessment. 

 

Each option would require homeowners to pay a significant amount that they never intended to be a part of their budget.  Suitably, most individuals find it unpleasant to make a sudden financial adjustment without any warning.  The HOA website may differ from what is on record so take the time to find out about homeowners association fees prior to making a commitment.