If you're considering buying a home within an HOA community, there are two important considerations to keep in mind.
The first is investigating the HOA CC&Rs, which are the rules governing the community. The second is the monthly cost of HOA fees.
On average, residents in HOA communities pay around $389 per month for these expenses. The next thing you're probably going to want to know is what the HOA uses these fees for. Keep reading to find out more.
Why Must HOA Homeowners Pay HOA Fees?
As an HOA homeowner, you enjoy several benefits associated with living in one of these communities. These include:
- Access to various convenient amenities
- Stable property values
- Regular community events
- Well-maintained common areas
The fact that you enjoy these perks without having to invest time and energy in implementing them is one of the biggest drawcards of owning a home in an HOA.
When you live in an HOA, you split the costs involved in maintaining and repairing communal facilities with all the other homeowners. All property owners in an HOA must pay their fees on time to ensure the community runs smoothly.
Those who don't could face severe consequences, like having an HOA lien attached to their HOA property.
How Are HOA Fees Allocated?
An elected HOA board oversees the collection and allocation of HOA fees. These volunteer community members give their time freely to budget for expenses and make sure community members benefit equally from their contributions.
These are some of the expenses that HOA fees go toward:
HOA homeowners take care of the inside of their homes, but the HOA board sees to most other maintenance aspects of the property. These include things like roofs, siding, and gutters.
They will often set aside a portion of HOA fees for major repairs and replacement tasks associated with these items.
Keeping communal areas like roads and shared outdoor areas in immaculate condition involves ongoing tasks like lawn care, snow removal, and cleaning.
The HOA board sets aside a portion of the money collected from HOA fees toward these housekeeping duties.
Maintenance of Amenities
Community amenities like fitness centers, swimming pools, and playgrounds cost time and money to maintain. A portion of the HOA fees goes toward keeping these in good order for the enjoyment of all community members.
Like any business, HOAs must pay taxes and carry insurance to protect their community. Sometimes they hire expert outside services to handle HOA management tasks that are beyond their expertise.
HOA Management Services Help Maximize HOA Fees
If you're an HOA board member, hiring an HOA management company is the best way to get the most out of HOA fees.
PMI Heart of Texas offers a wide range of association management services to meet the needs of HOA communities across Austin. We are backed by over 20 years of experience in Texas real estate to help you maximize your HOA budget and keep your homeowners happy.
Get in touch today to see how we can help you.