What Is An HOA Fee?
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As you or someone you know may be on the path to buying their own home, there are a few things to know before making that purchase. One of the common decisions you will need to make when choosing a home, is having an HOA fee or not. Whether you’ve heard of this abbreviation or not, you may be asking; what does HOA stand for? How much is an HOA fee? Why do I need to pay HOA? And many other questions but don’t worry, all of this plus more are answered below thanks to bankrate.com!
What Does HOA Stand For?
HOA stands for Homeowners Association.
What Is An HOA?
An HOA is a self-governing organization in “common-interest” communities where homeowners collectively pay fees to maintain the units or neighborhood.
How Much Is An HOA Fee?
HOA fees are usually around $200 to $300 per month but can be as low as $100 or as high as $1,000 per month.
What Does The HOA Fee Pay For?
HOA fees are crucial for maintaining shared areas within the community including but not limited to; garbage pickup, landscaping, shared utilities (like pools), parking facilities, fitness centers and snow clearing, if needed.
Which Homes Have An HOA Fee?
Homes in condominium complexes, co-op communities, planned developments, and some single-family homes.
Why Do I Need To Pay HOA Fee?
Failure to make timely payments can significantly impact the HOA’s finances which are used for the common spaces in each neighborhood.
What Are The HOA Rules?
Rules pre neighborhood will differ but some may include; limited design schemes or paint colors, number of and type of pets permitted to have.
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