Depending on the property HOA fees may also include the building ext, roof, water, cable.
Some HOA fees are very small, $50.00 per year or as high as 600-700 a year.
Home Owners Association is a covenant placed on the deed by the contractor who developed the sub division your property. It makes you a member and subject to the by laws of a group of home owners in your sub division. They charge a fee to maintain things like flowers on the parking strips, a neighborhood swimming pool, or other amenities. The fees also go to pay for the cost of going to court to enforce the covenants on people who are contravening them.
Some associationso get to tell you what color your house can be painted, when to mow your lawn, what type of shrubs and flowers you can have, if you can park an RV on your lot, etc.
If you fail to pay the HOA fees, they place a lien against your house for the fees, and can wait until you sell the house to collect from the proceeds of the sale, or they can file a suit in equity and sell your house at sheriffs auction to collect the fees. Currently most HOA's are opting for the second option because of the chance the bank will foreclose.
It is important to know several things when it comes to HOA. The strength of the Association, whether they have escrow reserves, which could be included inthe HOA as well.Most important is also what the fee covers. If the fee covers a pool, spa, fitness center, tennis courts, water,sewer,bldg exxt, roof ground maint, roof, gate,cable, then it may be pretty high but it covers a lot., no water bill for you or o cable bill..
It depends on the Association . HOA means Home owners Association. Realtors are well versed in this area and can help you a great deal when purchasing a home with an HOA fee, whether its a condo,town house or single family in a community. Your personal Realtor will be the best one to help you ...Thank You
Maryann Spearman 72-709-2374 Century 21 Coast to Coast