What does an HOA cover?
We’re in the spring buying season and I thought I’d cover what you need to know if you’re considering buying a property in a Homeowners Association (HOA). HOA’s vary based on the type of property. Check out the overview below. Please note most dues ARE NOT escrowed; meaning you’d have to pay the dues on an annual/semi-annual or monthly basis depending on the HOA.
- Single Family Home – Single Family Home HOA’s run around $300-$450 per year. They usually cover maintenance of common areas, reserves and management fees. If a community has a gated entrance or a guarded entrance I’ve seen some annual dues up to $1800 per year.
- Townhome – Townhome HOA’s run around $200-400 per month depending on the community amenities. The dues usually cover blanket insurance, exterior maintenance, management fees and reserves. If a community has a pool sometimes the fees are a little higher.
- Condos – Condo HOA dues run around $200+ per month. Some condo dues include pest control, water/sewer/trash, cable, other utilities, community clubhouse, valet parking, etc. The du
There area a few pros and cons to HOA but it’s all about perspective and a positive attitude. Also, be sure to check to see if an HOA has a community facebook page or direct website; this could give you even more info on a particular HOA. If you have any additional questions about HOA’s feel free to comment or email us at email@example.com .