If you have been shopping for a condo or townhouse you will see in the description of the property given to you by your real estate agent the term HOA fee followed by a price for example $50 it may say quarterly, monthly or yearly what does this mean? This fee could also apply to some homes in a subdivision.
The HOA fee is a maintenance fee that will cover the cost of maintaining the common areas of the property such as lawn maintenance, pool cleaning trash services and even some insurance of the exterior of a structure you are living in such as the roof.
The more amenities that are provided by the complex the higher the HOA fee for example if you are living in a complex that does not have a pool and exercise room or a tennis court your HOA fee will probably be relatively low. Of course if you have many amenities it will be just the opposite. An HOA fee is generally paid by the month and could range from $50 up to as much as $700. The fees are determined by the board of directors of your association. Before purchase in your dream condo or town house be sure to check the HOA fee.
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Thursday, September 15, 2011
HOA Fee
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