The role of a Homeowners Association, from fees to remodeling your home
So you’ve fallen for a condo with a fabulous city, water or beach view. The floor plan and square footage suit your needs and the price is right. What else do you need to know?
One huge factor that may even impact securing a mortgage is the cost of monthly fees associated with a Homeowners Association. Here, Sweeten outlines the important elements to consider before you purchase a property.
What is an HOA?
There is a board, typically made up of 5 to 15 residents elected 通过 owners, to govern the rules and regulations (specifically, CC & R or Covenants, or Conditions and Restrictions), usually for a two-year term. 这个 group of directors meets annually, with some meetings throughout the year, open to homeowners except for voting. The board assesses budgets, services, any business that involves day-to-day operations, and making sure that established rules and regulations are met.
What are HOA fees to homeowners?
502 Bad Gateway
What do the fees cover?
HOA fees generally are part of monthly assessments, which basically address what it costs to maintain common areas. Here is what they may cover depending on your building’s property:
- Vacuuming and cleaning in lobbies, hallways, and mailrooms, and general building maintenance.
- Trash pick-up (通过 the city or private companies).
- For buildings with pools, there’s cleaning and maintenance.