Fungirl, Home Buyer in Washington, DC

HOA FEE on this resident

Asked by Fungirl, Washington, DC Wed Feb 27, 2013

Why is the homeowners fee so high on this property $575.00? That is just crazy. What does the fee include? A few hundred more dollars and that's a mortgage payment. Look like from the photos it made need new carpeting, painting, etc.

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Answers

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Hello Fungirl: Aaron Brown, SELLSTATE Dominion Realty, abrown2362@aol.com, 202-327-1385, http://www.aaronbrown-realtor.com

Answer:
Each Homeowners Association is run independently either by the neighbors in the neighborhood or a management company. You will have to contact the actual Homeowners Association and request a breakdown or index of their services and fees associated with that particular development to get an accurate list. As your realtor I would get that information for you from the listing agent.

Homeowners Association (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for:

master insurance
exterior and interior (as appropriate) maintenance
landscaping
water
sewer
garbage costs.

HOA fees are typically paid monthly and run on average from $100-$700 per month – these are indeed estimates, and can vary depending on many factors (especially if there are higher-end amenities being provided via the HOA fees such as a concierge, pool, fitness center, or valet). Fees are normally set by the HOA's board of directors and adjusted annually – oftentimes, an HOA board of directors is simply all the homeowners in a complex or building, if it is small, or if there are a large number of owners, the board of directors is typically elected by all homeowners. Any excess HOA fees that exist after paying for pertinent services as described above are stored in an account and called reserve funds.

I look forward to hearing from you.

Thanks,
Aaron Brown
SELLSTATE Dominion Realty
10268 Lake Arbor Way
Bowie, MD, 20721
202-327-1385
abrown2362@aol.com
http://www.aaronbrown-realtor.com
0 votes Thank Flag Link Wed Feb 27, 2013
THAT MOST LIKELY IS THE TOTAL FOR THE YEAR, SO ABOUT $48 A MONTH
0 votes Thank Flag Link Wed Feb 27, 2013
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