What is it? HOA fee is an amount of money that must be paid monthly by owner for certain types of residential properties. HOA fee are collected to maintain and improve the properties. The more upscale the building and the more amenities it has, the higher the HOA fees are likely to be. When you buy a unit or lot in the development, you become a member of the HOA and must pay monthly dues. A portion goes toward upkeep of common areas, and the rest goes into a reserve for potential repairs.
In a single-home neighborhood, HOA also create rules related to parking or the use of common area, how often you members can paint their house, what time of fence they can have, and how to maintain their landscape/property.
Benefits? HOA’s are great for living in a clean community. HOA (almost always) cover city services, insurance, lawn care, pest control, maintenance and repairs to the outside of the building.
How much? HOA fees can vary between $100 to $700 a month. But it all depends on the area you are living in. If you decide not to pay the HOA fees, you may have to pay a fee for not paying your fee.
Do your research… Every property is different.