If you’re thinking of buying a home one question you need to ask your real estate agent is, if the home you are looking to purchase has HOA fees. HOA stands for Homeowners Association and its a corporation form by a real estate developer for the purpose of marketing, managing, and selling homes and lots in a residential subdivision. When you purchase a home that has an HOA associated with it then you will be required to pay monthly or yearly HOA fees. So, what are the types of things an HOA covers? Below are listed a few of the things that are covered but keep in mind each association is different and it’s up to the companies discretion what is included in the fee.
- City Services- Including services such as trash removal, water and sewage.
- Insurance- This only includes insurance for damage of the outside of the building and the property around it. You will still need to purchase your own insurance policy to cover everything on the inside of your home.
- Lawn Care- This covers snow removal, gardening and general lawn maintenance as well as essential tree removal and mulching.
- Pest Control- http://www.theprovidentteam.com/Most HOAs schedule a monthly inspection from a pest control company in order to avoid pest infestation.
- Maintenance and Repairs to the Outside of the Building- This includes things such as roof leaks, exterior painting, driveway pavement repairs, gutter repair, Carports, lighting, security systems, gated entries, mailboxes, etc.
- Amenities- HOA can sometimes cover community amenities such as a gym, tennis court, walking trails, pool or playground. It will also cover the cost of maintaining these amenities.
- Special Assessments- This is an account that the HOA uses to pay for unexpected communal expenses. If a tornado or fire destroys communal property for instance, HOA fees can cover a percentage of the repair costs.
- Premiums for Disaster Insurance- Keep in mind they do not pay for individual homeowners insurance coverage.
If paying HOA fees every month doesn’t bother you then you should consider purchasing a home with a Homeowners Association and the labor-free amenities it comes with. You do want to keep in mind however, that HOA fees can increase each year as the cost of services increases.
If you are looking for a home in Central Ohio, contact an experience team…The Provident Team with RE/MAX Affiliates. We specialize in the Central Ohio real estate market and have many years of experience helping buyers and sellers with their next step.
Contact us! We would love to help.
Joel, Karen, Kathy, Todd