How Do HOAs Work?

Dated: 10/23/2019

Views: 97

When you purchase a home, there’s a good chance you’ll have to pay a homeowners association fee, especially in gated communities, townhouses, condominiums, and other similar planned neighborhoods. The idea is to keep common areas clean and maintained, and there’s usually an HOA board that is responsible for setting the rules and regulations.

Each HOA is different, but most have the same core elements. You’ll typically pay your HOA fees either monthly or annually, and it’s an important factor to consider when you’re weighing your options for a new home. So what is typically included in your HOA fees?

First, the fun stuff
Amenities are typically the big perk of living in a community with an HOA. While you lose out on some of the freedom of living without an HOA, you instead get community amenities like a maintained pool, gym, clubhouse, tennis courts, and other amenities. The HOA fees pay for cleaning and maintenance, so—in theory—you’ll always have a clean pool whenever you want to use it.

Protecting the community
HOA fees often contribute to insurance for the community amenities, as well as a fund for unexpected repairs to damaged community property—think damage from weather or accidents.

General maintenance
Your HOA fees will go toward maintaining the general safety and upkeep of the community. This means things like elevator maintenance for condominiums, snow removal, and trash/recycling services.

Be active in the association
There may be a board of directors, but homeowners associations exist for the betterment of the entire community, and every voice matters. HOA meetings—and the amenities they support—provide great opportunities to meet your neighbors and make your community a better place.

Blog author image

Homes by Vanna

Vanna has called Alaska home for the past 15 years. As a mother, real estate investor and previous business owner, Vanna brings many different perspectives when working for her clients. She has been a....

Latest Blog Posts

Alaska Real Estate Market Update - July 25th - 31st, 2020

Here's Alaska real estate market update for July 25th - 31st, 2020.On the top of our list is the Anchorage market. During this week, 432 are currently active listings where 67 of which are new

Read More

Alaska Real Estate Market Update - July 11th-17th, 2020

Here's Alaska real estate market update for July 11th-17th, 2020.On the top of our list is the Anchorage market. During this week, 435 are currently active listings where 81 of which are new.

Read More

Alaska Real Estate Market Update - June 27th to July 3rd, 2020

Here's Alaska real estate market update for June 27th to July 3rd, 2020.On the top of our list is the Anchorage market. During this week, 435 are currently active listings where 65 of which are new

Read More

Real Estate Terms That You Should Know

Planning to buy or sell a property? Here are some of the Real Estate terms that you should know.If you or someone you know is looking for a new place to call home, we’d love to talk to you!?

Read More