How Much Does It Cost To Live In A HOA?
When you find the home of your
dreams, you may find it comes with HOA fees. What are they, and how
much are they going to add to your monthly living costs? Here’s
everything you’ll need to know about them, and why you should
consider moving into a community with a HOA.
What Is A HOA?
If you’re a first time buyer or
never encountered one before, you may not know what a HOA is. It’s an
abbreviation For Home Owner’s Association, and it’s responsible for
all the community areas around your home, that you can use. This can
cover all sorts of areas and utilities. For example, if you live in a
condo or apartment building, it’ll cover maintenance of shared areas
like hallways and lobbies, swimming pools, parking garages, and so
You’ll be asked to pay a monthly HOA
fee, which will be on top of your regular payments such as mortgage
and utility bills. Some buyers don’t like the idea of paying more,
but HOA fees cover a lot of work, and may even save you money in the
How Much Are HOA Fees?
HOA fees will differ depending on
where you’re living. This is because every community has different
amenities, and so the cost of upkeep will be different. To get an
accurate cost of how much your home will cost you, talk to your
realtor to get the prices.
On average though, a family home
will cost $200-$300 per month, depending on the size of the home and
the utilities available to them.
Where Does The Money Go?
So you pay your $200 a month to your
HOA, where is that money going? Home Owners Associations, such as
those at Botaniko homes, will be divided into two funds The first
fund is used to pay for monthly expenses such as utilities and upkeep
on the common areas. The other part is the reserve fund. This is kept
aside, and used for longer term projects that need to be done. For
example, it can be used for reroofing a part of the building, or for
emergency works such as fixing a burst pipe.
What Are The Benefits Of Paying
So you are paying extra money to
live in your home, but those fees give you a lot back in terms of
community and activities you can take part in. Here are just a few of
the benefits you’ll receive when you live in a HOA controlled home:
- Utilities are often covered
in your fees: In some communities, those fees you’ll pay will
cover the daily bills that you have to pay. These will cover things
like water, power, trash, and so on. You’ll need to ask when you’re
house hunting, to see exactly what they cover. Having to pay only
one bill to cover all these things is a real bonus when you move
into your new home.
- You get your pick of
fantastic amenities: A HOA means that you’ve got access to all
kinds of amenities in your community. Pre construction homes in
Weston FL are coming up with all kinds of community benefits for
their residents, including children’s play areas, spas, and even
private screening rooms. You’ll be amazed at what’s available for
- No more dealing with
nuisance neighbors: Living in a HOA community means your
neighbors are more likely to be mindful of others and their
surroundings. If you are dealing with barking dogs, loud parties or
trash in your shared areas though, the HOA will step in on your
behalf. If you hate having to confront neighbors about things like
this, it is a relief to have someone else help.
- No more yard work: If
you’re living in an area with outdoor spaces, you won’t have to
maintain them. The HOA will arrange all that work for you. Who
doesn’t want to avoid mowing a lawn?
There’s a lot of benefits to paying
HOA fees. They’re not as expensive as you’d think, and they take a
lot of worry off your shoulders. Take a look at what your prospective
HOA is offering you, you’ll be amazed at what you’ll get.
Meta description: What are
HOA fees, and how much do they cost you every month? Here’s what you
can expect to spend, and what you’ll get for your money.