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Make It Home: What You Should Know About HOA Maintenance Fees
Have you ever purchased a residential property and you were told by the Homeowners Association (HOA) that you are required to pay maintenance fees?
Well, if you have, you might want to pay these fees, as they are used for the upkeep of the development, which will inevitably add value to your property in the event you decide to sell. Plus, in most cases these fees are mandatory once you purchase a property in a planned development.
They’re used for the general upkeep and maintenance of the common areas such as the playgrounds, club houses, open spaces and security. These fees vary based on the square footage of your space and the shared amenities of the development. HOA fees are specific to the particular development, so developments that offer a wider range of amenities may have higher fees than those that offer more basic amenities.
An HOA comprises of homeowners in a particular development whose job is to govern and oversee the day-to-day operations of the development. It has the responsibility of repairing, painting, constructing, approving modifications and collecting the monthly maintenance fees. However, in the event, the association has to undertake a significant project, and the accumulated funds are insufficient to cover the expense, then each owner is taxed according to his/her unit entitlement. So, the bigger your unit, the more you will have to pay.
These fees also ensure the smooth day-to-day operations and maintenance of the development. As a vested homeowner or investor, it is vital that you adhere to the rules governing the scheme to maintain the aesthetics and property value of the development.