A homeowners association is a community of homes and residents that takes care of the exterior of the homes and properties. Each month, homeowners in an association expect to pay a fee for being a part of the community. Many people happily pay the fee and are thankful for the services that the HOA provides in return, but these fees can be frustrating if you are not sure exactly where your hard-earned money is going. If you are considering becoming a part of a homeowners association, or you are simply wondering where your money is paying for each month, we have put together a helpful list of items that homeowners association fees typically cover.
One of the primary items that association fees cover is the upkeep of the landscaping. This includes anything from lawn care to shoveling the walkways in the winter.
The money that residents pay each month may also be going towards upkeep of amenities that are available in the community. These can be things such as pools, tennis courts, and internet services.
Repairs on the Exterior of the Building
An association typically covers anything that is on the exterior of the building. Any repairs that need to be done on the outside of the home such as the roof or lawn are covered under your fees.
Your fee may include monthly inspections for pest infestations as well as alleviation of any current problems.
One of the big things that fees typically go toward is insurance coverage that takes care of the outside of the home. The homeowner is still responsible for acquiring individual plans that cover the inside of the home.
Other utilities that may be covered by your fees include city services such as trash disposal, recycling services, sewage, and water.
How to Find Out More?
Most HOAs conduct a monthly board meeting that includes all of the members of the board. This is the time when boards discuss budgeting issues as well as any other items pertinent to the community. If you are still curious as to how your individual HOA uses monthly homeowners fees, it may be helpful to contact a member of the board and ask to attend a session. Many boards are accommodating and can also provide a copy of the budget.
If you are interested in getting more involved in where the fees are going, look for opportunities to volunteer as part of the board. Most HOAs are looking for enthusiastic and talented members of the community to add their voices to the board and volunteer their time.
Being a part of an HOA can be an extremely beneficial choice. Although being a part of this type of community comes with necessary rules and regulations, many of the burdens of home ownership can be lifted off of your shoulders when you entrust the care of your property to an association. Most people find the fees well worth the convenience and ease of an HOA.