How Do HOAs Work

Dated: 03/03/2017

Views: 258

When you purchase a home, there's a good chance you'll have to pay a homeowners association fee, especially in gated communities, townhouses, condominiums, and other similar planned neighborhoods. The idea is to keep common areas clean and maintained, and there's usually an HOA board that is responsible for setting the rules and regulations.

Each HOA is different, but most have the same core elements. You'll typically pay your HOA fees either monthly or annually, and it's an important factor to consider when you're weighing your options for a new home. So what is typically included in your HOA fees?

First, the fun stuff Amenities are typically the big perk of living in a community with an HOA. While you lose out on some of the freedom of living without an HOA, you instead get community amenities like a maintained pool, gym, clubhouse, tennis courts, and other amenities. The HOA fees pay for cleaning and maintenance, so-in theory-you'll always have a clean pool whenever you want to use it.

Protecting the community HOA fees often contribute to insurance for the community amenities, as well as a fund for unexpected repairs to damaged community property-think damage from weather or accidents.

General maintenance Your HOA fees will go toward maintaining the general safety and upkeep of the community. This means things like elevator maintenance for condominiums, snow removal, and trash/recycling services.

Be active in the association There may be a board of directors, but homeowners associations exist for the betterment of the entire community, and every voice matters. HOA meetings-and the amenities they support-provide great opportunities to meet your neighbors and make your community a better place.

Blog author image

Christi Buratti

Having been raised in Austin, I have a clear understanding of the uniqueness of each neighborhood and the surrounding communities. As a child, I used to help my dad, a custom homebuilder with the de....

Latest Blog Posts

Austin Real Estate Market Update September 2018

The Austin Board of REALTORS® just released the September 2018 Austin Market Report.  According to the report, September data shows a stall in home sales growth. Regardless, median home

Read More

How Appraisers Determine Value

Once a buyer and seller agree on a sales price, the contract is then sent to the lender for the loan approval process. One of the first things the lender will do is to order an independent.

Read More

Never skip a home inspection

Why You Should Never Skip the Home InspectionBuying a home can be expensive. It might feel like once you’ve entered escrow, you have new things to pay for at every turn. While the fees are

Read More