If you’re buying into a condo, townhouse, or a home PUD (planned urban development) or HOA (homeowner association), be prepared to pay a monthly or annual HOA and/or condo fee. These dues pay for services provided by the HOA, but what they pay for is entirely community specific. Not all items in the list below will be covered by your association, so you will need to review your HOA docs for their exact list. For example:
Utilities Included – Some will provide water, sewer, and trash pickup. Cable/satellite, internet service, natural gas, or electricity may or may not be provided.
Services Provided – Many HOAs will provide unit front landscaping, including lawns, shrubs, and tree trimming. However, if the unit or has a backyard, this is almost always the owner’s responsibility.
Common Area Maintenance – In addition to landscaping front yards, common areas may include playgrounds, docks, boat ramps, swimming pools, gyms, and clubhouses. Condos or high-rise buildings often maintain fixtures, carpets, wall art, wallpaper, in lobby and hallways. Most importantly, replacement of roofs and exterior siding is typically covered.
Major Repairs/Upgrade Assessments – If large repair projects are known to be needed, the HOA board will provide ample notice to all owners that they will be collecting an additional amount for a designated period of time in order to pay for said project.
Insurance – Insurance for common areas may also be collected using the HOA fee.
HOA fees is just one of many facets to purchasing a home. If you have any questions or would like to discuss how I can serve with your real estate needs, please contact me.