Answers to Common Questions About Homeowner Associations

Answers to Common Questions About Homeowner Associations

Homeowners associations — more commonly known as HOAs — are neighborhood organizations that are responsible for the care and upkeep of the area, and require residents of the community to pay fees (either monthly, quarterly, or annually) to cover the costs of that care and upkeep. Not all neighborhoods have HOAs, but they’re pretty common, especially in new-build communities.

But if you’ve never lived in a community with an HOA, chances are, you have questions.

A recent article from realtor.com answered common questions about HOAs, particularly about new-construction communities, including:

 

 

1. How much are HOA fees?

There’s no universal rate for HOA fees; instead, fees vary based on a variety of features, like the location of the community or the amenities offered. According to the article, the national average for HOA fees ranges between $200 and $400 per month, but that number can easily increase to thousands of dollars for luxury communities in highly desirable locales.


2. Can you negotiate HOA fees?

When it comes to buying real estate, you can negotiate a lot of things, but HOA fees typically aren’t one of them. Generally, when you buy a property, you’ll pay whatever HOA fees associated with it. The one potential exception is when you’re investing in a new construction property, you may be able to negotiate a credit to cover or reduce HOA fees for a certain time period (for example, the first year of ownership) as an incentive to purchase the property.


3. Do you have the option to opt out of HOA fees?

If you live in an area with HOA fees, you’re required to pay them. That being said, in certain communities, there may be different options or “levels” that offer access to different amenities; for example, all residents pay HOA fees, but residents that want access to the community pool will need to pay an additional monthly fee.

 

If you are preparing your house for sale, click here to learn how to do it without spending too much.

 

Did you enjoy this blog? Feel free to share it on Facebook, Twitter, and LinkedIn by clicking the green buttons on top.


Recent Blog Posts

Stay up to date on the latest real estate trends.

Signs a Buyer May Not Be Serious

Not every buyer who shows interest is serious about actually putting in an offer and moving forward with a home purchase, no matter how enthusiastic they may seem.

11 Things That Might Make You Feel Like Your Real Estate Agent Is a Secret Superhero in Disguise

Let’s take a look at 11 things that could be a sign that your real estate agent is actually a secret superhero in disguise

What Should You Not Say When Buying A House

For some buyers, stress and excitement can cause them to say things without thinking about them which could potentially cause the process to take a turn for the worse.

Feeling Like You Missed the Peak Time to Sell Your House? Well, It’s Not Too Late… Yet

The good news is you’re not the only potential seller feeling that way, and it’s not too late to capitalize on a sellers’ market.

Spring Living Room Ideas

Spring is officially upon us! Here are some of the spring’s biggest decor trends you can incorporate into your living room.

Things to Keep in Mind When Trying to Secure a Mortgage After a Foreclosure

No one wants to go through the foreclosure process, but if you have a foreclosure in your past, it doesn’t necessarily mean you won’t be able to get a mortgage.

How Long Does It Take To Buy A House

Buyers often wonder how long it’ll take to find the perfect home, so they can plan when to start their home search in earnest.

7 Things in a Home Inspection Report That Often Get Blown Out of Proportion

There are a lot of things inspectors include in their report that aren’t worth losing the house you love over.

Recent Study Finds That Price Is Becoming More Important Than Location to Homebuyers. (Spoiler Alert: Both Matter!)

A recent study is making headlines claiming that the majority of buyers now think price is more important than location. Are the tides changing? Find out in this blog.

Work With Us