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Anyone who lives in a homeowners association will be subjected to HOA fees. These fees can cost anywhere from $100 to $1,000 per month. But more often than not, HOA fees will fall somewhere between $200 and $300 per month on average.
Many Americans live in HOAs these days and have to pay HOA fees. But despite this, not everyone who pays HOA fees knows what they are, what they're used for, or even if they're worth it.
Do you fall into this category? If you do, you should take the time to find out more about HOA fees and what they cover. You should also think about whether or not they're worth it in the end.
Discover more about HOA fees below.
What Are HOA Fees?
HOA fees are pretty much exactly what they sound like. They're fees that you'll have to pay when you belong to an HOA.
Prior to purchasing a home in a homeowners association, it's always a good idea to take a look at what the HOA fees are for it. You'll need to pay HOA fees on top of your mortgage and many other expenses that'll come along with living in an HOA. So you'll need to be ready the foot the bill for HOA fees each month.
What Do HOA Fees Cover?
HOA fees are used to cover the costs associated with all the services that those who live in HOAs will get access to. For example, HOA fees will cover sewer costs and garbage disposal fees in most cases.
HOA fees will also cover the maintenance associated with any common areas that'll be open to everyone who lives in an HOA. From lobbies and patios to swimming pools and elevators, HOA fees will take care of the costs that come along with keeping these areas clean and functional.
Additionally, there are major repairs that can be covered by HOA fees. Things like roof replacements will typically be paid for with the money that is generated through HOA fees.
Are HOA Fees Worth It?
It can be difficult to say whether HOA fees are worth it. There are some people who live in HOAs that have very high fees that don't see the value in them.
At the same time, there are other people who face low HOA fees and love getting all the amenities that come along with them. They're more than happy to shell out $100 each month to not have to worry about, say, taking care of landscaping.
Those who live in HOAs will need to consider how high their HOA fees are and what they get for them to decide if they're worth it.
HOAs Need to Set Their HOA Fees Properly
HOAs should work to set their HOA fees at the right level. They should also make sure they use the funds they're able to create by implementing HOA fees in the right way. It'll help make these HOA fees worth it for those living in HOAs.
Does your HOA board need help with setting HOA fees and using the funds they create accordingly? PMI Emerald Coast is the Panama City association management company you can count on to assist your HOA.
Contact us today for more information on how we can help those in the Panama City area.
