There are a lot of different costs to evaluate when buying a home. For example, many properties are governed by an HOA (homeowner’s association).
If the house you’re buying belongs to an HOA, then you’ll pay monthly or annual fees. Those fees will vary based on your location and the services you receive from the HOA. HOA fees can be $200-$300 a month. But if you’re buying a condo in New York City, the fees can cost as much as $3,000 a month.
Here are 4 reasons why HOA fees are worth it:
- Access to community amenities – Some home communities have community buildings, play areas, swimming pools, and gyms. HOA fees can cover the costs of maintaining these areas so you can use them safely.
- Community engagement – HOAs often organize community gatherings to create a stronger sense of unity.
- Maintain property values – HOAs govern membership by implementing rules and guidelines regarding property development, renovations, remodeling, and landscaping. This ensures the community has a somewhat uniform look and that the actions of one homeowner won’t bring down the values of surrounding properties.
- The HOA pays some or all of your community expenses – Different HOAs cover different expenses. It’s not uncommon for an HOA to cover the costs of trash collecting, gatekeeping for gated communities, and landscaping.
HOA fees go toward maintenance, upkeep, and more. This makes them well worth the expense. However, it’s important that you pay attention to HOA fees when buying a house. Make sure the fees are worth it for you.
For more advice on buying a home, contact us at Randy Lindsay today.
