Understanding HOA Fees

If you are considering purchasing a condo or a townhome, you'll want to understand and factor in home owners association fees, or more commonly referred to as HOA fees. HOA fees are an additional monthly payment on top of mortgage, taxes, and insurance. These fees cover services and amenities that the condo or townhome community provides. 

Typically, these communities require their residents to follow certain rules. Since many people are living in the same building and space, these fees are a group effort in maintaining lawn care, swimming pools, parking garages, roofing, sidewalks, and many other exterior amenities. 

What do HOA Fees cover?

Although these extra fees may require a bit more budgeting, those interested in condos and townhomes know the benefit and luxury that comes with them. Since you will be living in close proximity to your neighbors, these fees ensure a quality of life and safe atmosphere for the community. 

Covering things such as lawn care, trash removal, pest control, and general maintenance, these amenities save homeowners time and energy. You typically won't have to worry about mowing your own lawn, shoveling snow, or repairing sidewalks and pavement.

Additional luxuries may include private swimming pools, clubhouses, gyms, and tennis courts. The fees will cover the upkeep and maintenance of these luxuries.

How much do HOA Fees cost?

Depending on the area, type of building, and the variety of amenities, pricing of HOA fees can range from as little as $20 a month to the more common $200 - $400 a month. Your real estate agent will be able to easily obtain and relay pricing during your home search.

We always recommend thoroughly researching and understanding the services, regulations, and expectations that come with each condo and townhome community and their HOA fees. Understanding and agreeing with their rules and expectations is necessary before signing anything official.

The Zielinski Real Estate Group are experts in their field and are eager to assist you if you should need further explanation and advice before purchasing a property with HOA fees. Contact our team today for more information or take a look at what is currently on the market here.