Real Estate: The Ultimate HOA Guide
Buying a condo or townhome can be a really great investment whether you’re planning on making it your forever home or plan on renting it out as a vacation space. 99% of the time, condos and townhomes come with HOA (Home Owners’ Association) Fees. There’s often confusion on what HOA fees are and what they go toward, so we’re here to help you answer the most common and important questions?
So what is an HOA fee anyway?
HOA fees are monthly or annual fees that help with the upkeep of common areas of the community like the pool or the gym. HOA fees help keep all residents of the community accountable for keeping common areas in tip top shape and helps maintain the quality of life for all residents in the area!
What do HOA fees cover?
Most of the time HOA fees will cover what has been mentioned above; maintenance and upkeep of common areas. However, sometimes HOA fees cover things like cable, garbage pickup, and insurance like flood and wind. Do your research on the fees before you commit!
Are there other rules in the Home Owner’s Association?
Sometimes there can be more rules that the Home Owners Association has put in place. These are called covenants, conditions, and restrictions (CC&Rs). CC&Rs could include things like how many guests you can have at the pool, types of vehicles that can be parked on the street, what color you can paint your door, heights and types of fences you can put up, whether or not you can have a satellite dish, and the size and types of pets allowed. Not all complexes are the same or expect you to follow the same guidelines. It’s important that you research the CC&Rs and HOA policies before you commit to buying a home.
If you’re the type of person that doesn’t like being told what to do, you should probably reconsider living in a community with HOA dues. HOA fees and rules tend to get a bad reputation but in reality, they help everyone in the community co-exist!