Simply stated, HOA (Homeowner Association) Fees are the amount of money that must be paid monthly by owners of certain types of residential property to an organization that assists with maintaining and improving a property. HOA fees are almost always charged to condominium owners, but they may also apply in some single family neighborhoods.
HOA fees, on the average, can typically run from $100-$700 monthly. HOA fees can cover many amenities of common areas of the property, such as:
• Building Exteriors
• Swimming Pools
• Fitness Centers
HOA fees can also apply to single family houses in certain neighborhoods, particularly if there are common amenities to maintain, such as tennis courts, a community clubhouse, or neighborhood parks.
Fees are normally set by the HOA’s board of directors and adjusted annually. Generally, an HOA board of directors is simply all the homeowners in a complex or building, if it’s small. Or, if there’s a large number of owners, the board of directors is typically elected by all homeowners.
Additional costs, such as utilities (i.e, water, sewer, garbage, etc.) may also be included. The association may also levy special assessments from time to time if the HOA’s reserve funds are not sufficient to cover a major repair, such as a new elevator or new roof. Before purchasing a condo, be sure you understand the HOA fees and any potential costs involved. And if you’re looking to buy or sell a home in the Albuquerque area, be sure to contact me today!