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What's Actually Included in Homeowners Association Fees?
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A client of mine recently asked me to clarify a few important points on the subject of homeowners associations (or HOAs), so I wanted to share some of this information with all of you today. One of the main things to keep in mind when purchasing property in an HOA is that your home’s square footage will determine the percentage you pay in HOA fees. The type of building you live in will also play a role in how much you can expect to pay. A luxury building will be much different than a row house, for example. But even properties of the same type may have different items and amenities included in the HOA fee, so it’s important to carefully review what you’re paying for before making your move. “It’s important to carefully review what you’re paying for before making your move.” Specifically, you should look into what is included in your utility bill, and also whether you’re paying any insurance on the building. And beyond what’s included in your fees, you should also find out whether the building has plans for assessments or if there are any updates in the works. All of these things will come into play for buyers who are considering a purchase within an HOA. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
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