Purchasing a new home is a new adventure, but this new adventure could mean some new costs. Many new and existing homes have HOA fees attached to them. But what exactly are HOA fees and what do they cover? Let’s take a look!
What the Heck is HOA Anyway?
The homeowner’s association (HOA) is the governing body of a development or complex. It is usually comprised of homeowners within the complex who serve on the board. The HOA makes rules and regulations for your neighborhood. Before purchasing a property that is linked to the HOA, it is important to learn about their specific rules and regulations to see if there is anything you do not agree with. Some rules could be no loud music after 10 pm, the height of your grass, the color of your home, or fence regulations. These rules are thought to make your home look like the others in the neighborhood and to keep common problems like trash piling in someone’s yard or poor maintenance of roads and common areas from plaguing the area. One of the jobs of an HOA is to keep up common areas such as parks and recreational centers in the neighborhoods. See their website for specific rules and regulations before purchasing the home.
The Fees of an HOA
Each HOA has their own policies so it is important to ask for the paperwork before buying the property. HOA fees range from $200 to $400 per month but could increase due to major expenses that are needed in your neighborhood. Most HOA fees go towards city services like trash removal, water, and sewage; insurance; lawn care of common areas; pest control; and maintenance to common areas.
HOA fees are something you should factor into your monthly budget when shopping for a home in a specific neighborhood. For more information on finding your new home, call Simply Referable today!
HOA Fees with Simply Referable!
The small team of realtors at Simply Referable is deeply focused on creating a memorable selling experience for you and your family. Each of our team members has an area of expertise, and we strive to form lasting bonds with each of our clients. We want to be your go-to realtors every time you or a friend wants to make a change. With local experience, our realtors can help you choose a house that is just the right fit for your family, now and forever. Contact us online or give us a call at 410-983-9045.