HOW HOAs WORKS

How do HOAs Work? When you purchase a home, there’s a good chance you’ll have to pay a homeowners association fee. This is especially true in gated communities, townhouses, condominiums, and other similar planned neighborhoods. The idea is to keep common areas clean and maintained. There is usually an HOA board that is responsible for setting the rules and regulations.

HOAs

Each HOA is different, but most have the same core elements. You’ll typically pay your HOA fees either monthly or annually. This is an important factor to consider when you’re weighing your options for a new home. So what is typically included in your HOA fees?

First, the fun stuff, what HOAs have to offer

Amenities are typically the big perk of living in a community with an HOA. While you lose out on some of the freedom of living without an HOA, you instead get community amenities. The amentities may include a maintained pool, gym, clubhouse, tennis courts, and other amenities. The HOA fees pay for cleaning and maintenance, so—in theory—you’ll always have a clean pool whenever you want to use it.

Protecting the community

HOA fees often contribute to insurance for the community amenities, as well as a fund for unexpected repairs to damaged community property—think damage from weather or accidents.

General maintenance

Your HOA fees will go toward maintaining the general safety and upkeep of the community. This means things like elevator maintenance for condominiums, snow removal, and trash/recycling services.

Be active in the association

There may be a board of directors, but homeowners associations exist for the betterment of the entire community, and every voice matters. HOA meetings—and the amenities they support—provide great opportunities to meet your neighbors and make your community a better place.

Please contact Bob or Melinda McKenna at Austin Real Estate Partners for any questions you may have concerning HOAs. They are here to help you!!

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