Home Buying in Lawncrest>Question Details

Frank Gaffney, Home Buyer in 19148

What is an HOA fee?

Asked by Frank Gaffney, 19148 Sun Oct 17, 2010

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Home Owners Association fee. This fee can include many different things, and it varies from association to association. Types of things included can be: security, utilities, maintenance, pool/community area, taxes, assessments, etc. HOA fees are due at different times, and you need to check with each HOA to find out when their fees are due.
2 votes Thank Flag Link Sun Oct 17, 2010
Hi Frank,

If you see a low HOA fee but a beautifully maintained community with luxurious amenities, there may also be a Community Development District Tax. It increases your annual property tax by sometimes $3k or $4k or more. Also if the lawns are maintained for each property there may be an additional monthly maintenance fee that you may be required to pay.

Hope this helps.
Alma
0 votes Thank Flag Link Sun Oct 17, 2010
Hi Frank - The following definition is from Wikipedia, the free on-line encyclopedia:

A Homeowners' Association (abbrev. HOA) is an organization created by a real estate developer for the purpose of controlling the appearance and managing any common-area assets during the marketing, managing, and selling of homes and sites in a residential subdivision. It grants the developer privileged voting rights in governing the association, while allowing the developer to exit financial and legal responsibility of the organization, typically by transferring ownership of the association to the homeowners after selling off a predetermined number of lots. It allows a civil municipality to increase its tax base, but without requiring it to provide equal services to all of its citizens. Membership in the homeowners association by a residential buyer is typically a condition of purchase; a buyer isn't given an option to reject it. Some Homeowner Associations hire and retain property management companies. The Board of Directors is responsible for the retention of these companies. Most homeowner associations are incorporated, and are subject to state statutes that govern non-profit corporations and homeowner associations.

As previously stated, HOA fee amounts and coverage vary widely. A local real estate professional would be happy to research any condition of property purchase on your behalf. Best of luck to you!
0 votes Thank Flag Link Sun Oct 17, 2010
Keep in mind that HOA fees do vary from complex to complex--they include master insurance, building maintenance, landscaping, amenities such as fitness centers, pools, etc.--ask your agent the question as it relates to specific complexes of interest--again they do vary.
0 votes Thank Flag Link Sun Oct 17, 2010
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