If you plan to buy a home or condominium that is part of a homeowners association (HOA), you should understand what HOA fees are and how they work before signing a contract. The first thing to know about HOA fees is that they are in addition to your mortgage, insurance, and property taxes. For this reason, it’s important to ask about HOA fees before you buy a home with an HOA.
Every HOA has regular dues to cover routine upkeep of the property. These fees are usually paid monthly or quarterly, depending on the specific HOA, with the costs ranging anywhere from $50 to $1,000 per month. HOA fees vary widely, depending on the property location and the amenities available to the property owners. For example, the owner of an oceanfront condo in Florida loaded with amenities might pay $1,000 per month, while a single-family home in a modest gated community might pay only $100 per month. HOA fees can increase yearly, depending on the rise in maintenance costs.
Some of the costs paid out of the HOA fee are:
Electricity and other utilities for common areas
Fire alarm systems
Grounds maintenance and landscaping
Gate security guard
If you’re considering buying a property that has a homeowners association, the amount of the HOA fees should be readily available. For questions and concerns regarding condominium law in Loudoun County, VA, contact Ceresa Law by calling us at 703-726-9500.