When buying a home, there are many options to consider, a major one is whether or not you want to purchase a property that is part of a homeowners association (HOA) which requires you to pay a monthly maintenance fee. Here’s what you need to know to help decide if you want to go that route.
Some properties, such as single-family homes in developments, have minimal HOA requirements. Maintenance fees can be fairly low, depending on the community; however, the HOA may only cover minimal items, such as maintenance of a shared pool, some landscaping and the purchase of approved paint colors for the community.
Fees for HOAs get pricier, and cover a more comprehensive list of maintenance needs, for townhomes and condos, where walls are shared by more than one home unit. In townhomes, for example, maintenance often covers roof issues, shared space such as a pool or community room, landscaping/lawn maintenance and paint. Condo maintenance can become more costly because you own a unit that is part of a larger structure. In that case, your maintenance fees, or even additional special assessments by the HOA, can be levied on homeowners for items such as upgrading windows to high-impact hurricane resistant windows or beach renourishment for oceanfront properties. Some buildings have private parking garages, dog parks, work-out rooms and other perks.
When you have a single-family home that is not part of a neighborhood HOA, you won’t have a monthly maintenance fee. However, you will have maintenance expenses and work to do every month, such as maintaining a yard or painting the exterior of your home, which would be covered by a HOA maintenance fee. So, it’s simply a matter of adding everything up and deciding if the fees are worth it, for the peace of mind that comes with not having to deal with maintenance yourself.
Our team is happy to help you figure it all out and help you narrow down your purchase decision. Call us today to get started