What is an HOA fee? A homeowners association fee or an HOA fee is the amount of money collected by the HOA from owners of properties in certain types of communities. Depending on your amenities and property upkeep your HOA fees, for the most part, goes into making sure that everyone gets to enjoy the community for years to come.
When you own a home in a homeowners association community, your responsibilities includes helping to pay for the upkeep of all the wonderful amenities your neighborhood offers. As a homeowner you’ll be required to pay HOA fees at a regular schedule, usually every month. However, living in Greater Groves you only pay once a year which is included in your property taxes and one additional Annual due.
So what do HOA fees actual cover? Below is an example of items covered by homeowners contributing to there HOA. Every community is different therefore expenses for each community vary.
- Maintenance and Repair Costs
- Administrative Expense
- Property Insurance Policies
- Utilities
- Contracted Services
- Community Improvements
- Community Events
- Community Association Management
- Staff
- Reserves
Leave a reply
You must be logged in to post a comment.