What are HOA fees and How Are They Determined? How much are homeowners association fees? Some studies suggest that you can expect to pay HOA monthly fees between $200 and $300. However, it depends. A homeowners association (HOA) fee supports the maintenance and expansion of planned communities. It also covers the amenities the community provides to you.
What are HOA fees and How Are They Determined?
Some common amenities and services HOA fees support are:
• Community parks
• Fitness centers
• Entertainment centers
• Trash removal
• Electricity and other utilities that support common areas
• Gates and security guard
• Fire alarm systems
• Pest control for common areas
• Trash removal
So the more bells and whistles your community boasts, the more you can expect to pay in HOA fees. A recent study. In addition, part of your HOA fee supports a reserve fund. The HOA uses this fund to support long-term maintenance projects. For example, the HOA may tap into it when it needs to repair gates, elevators, sidewalks, or anything else that needs improvement in your community. In the event a reserve fund can’t cover a particular project, the HOA may require you to pay an “assessment bill” in addition to your regular fee.
Therefore, your HOA fees indirectly depend on how well your HOA manages this fund. The HOA of any planned community is usually run by a board of directors comprised of community property owners who elect other property owners.
The HOA also makes and enforces the rules that govern properties within its borders. It decides HOA fees based on what’s needed to keep the community running efficiently. So it’s important to take a magnifying glass to the HOA in the community you’re considering to make sure it’s experienced and reliable.
For more information on homeowner’s associations in the San Tan Valley real estate area and surrounding areas please contact us anytime.
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