Here is why some HOA fees are so different from each other.
Today we want to answer a question we get from buyers all the time: “Why are homeowners association fees so varied?” In one neighborhood, they could hardly be noticeable, while in another, they can be hard to ignore. Let’s talk about the difference between HOA fees and what it means for you as a buyer.
The short answer is that HOA fees are varied because what they cover is varied. Some neighborhoods have pools, green space, gates, and other amenities that cost money to maintain. Some HOA fees also cover your insurance; for example, you won’t have to worry about paying for roof insurance if your HOA fees cover the damages. This means that if you have to pay a higher fee, the cost should be offset by your lower homeowners insurance payments.
Before you move into a property, make sure your agent gets you the HOA documents.
So now we know why some HOA fees are more expensive than others, but how do you find out what’s covered in your fees while you’re looking at homes? This is where your real estate agent comes to the rescue. If you are looking at a property with high HOA fees, ask your agent to get the HOA documents to see what the costs cover.
Before you move into a property, make sure your agent gets you the HOA documents. We recently had a client who had to pay a “resale” fee for moving out of the neighborhood. It ended up being around $1,400, so make sure you’re aware of anything like that before moving into a property. If you have any questions, ask them during the inspection period. After that, it could be too late.
Real estate agents have to do some research to get HOA documents, so communicate with your agent and avoid any annoying fees. If you have any questions, please reach out to us via phone or email. We’d love to help!