HOA (home owner association) fees generally include exterior insurance and maintenance, landscaping & water for such, trash, management fees, a reserve account for major improvements, water, sewer and trash. It varies due to things like age of community (older communities generally have more maintenance items due to age), amenities (pools, gyms, valet parking, security - the more amenities, the higher fees), and size of reserve account contribution. If they are saving money for a future roof replacement, etc. Once you are an owner, you will be a voting member and help determine size of fees and where that money is being spent.
This fee covers many items that you would have to pay for if you had a single family home. Mowing the yard, keeping the pool cleaned and treated with chemicals, roof maintenance, tree pruning, watering the landscaping, exterior painting, etc.
While no one likes HOA fees, these are generally things you would pay for anyhow, you just have the luxury of coming home and the pools clean and ready to enjoy, the grass is mowed and you didn't waste your weekend pushing the mower! Condo living is a great step from living in a apartment. You can test drive home ownership and get all the rewards of owning a home (tax benefits, appreciation and pride of ownership) without giving up your entire life to work weekends on the yard or exterior maintenance!
If you have questions about owning a condo, please ask our Guest Blogger - Alan Shaffer!
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