Buyer Tips: What you Need to Know About HOA Fees

Buyer

Homeowner Association Fees, otherwise known as HOA fees, are fees imposed on many condominium or single-family St. Augustine homes that are located in subdivisions or formal communities. HOA fees can vary widely in price, from as little as $50 a month to as much as $400 or more a month. These fees may substantially raise your monthly housing budget.

Understanding the details of a home's HOA fees, how they work, and what they cover will help you make the best decision regarding the purchase of a home.

The services covered under HOA fees may include: lawn and landscape maintenance (for your property, common grounds or both), snow removal, community amenities, such as swimming pools and tennis courts, security services, trash removal and utility fees, just to name a few.

Whether you decide to own a St. Augustine property with HOA fees or not, here are some things you should first know:

HOA fees are not negotiable. Although the price of your home is usually negotiable, HOA fees are not. Expect to pay what is required, and expect to pay them on a monthly basis.
HOA fees will likely change over time. Don’t expect your $100 monthly HOA fee to remain the same as long as you own your home. It will likely increase steadily throughout the years, so you’ll need to always be prepared for that possibility when figuring your monthly housing budget. Many communities will raise HOA fees to cover the rise in inflation, the rising costs of labor or to cover the costs of community repairs or improvements.

Although HOA fees are a nuisance to many homeowners, they are often a fair trade-off for not having to worry about lawn maintenance or snow removal, for example, or for enjoying the use of community amenities, such as swimming pools and playgrounds.

Understand your HOA fees before purchasing your home so that there won’t be any surprises after the sale.

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