For many condo dwellers, their Homeowner Association Fees (HOAs) are simply paid without a second thought. However, do you know what your HOA fees entail and what they don’t?
For many, condo living is the ultimate in convenience and luxury. However, before you purchase a condo or townhome, you should examine the HOA fees and make sure that you understand with what they cover.
HOA fees are not negotiable; however, if you don’t like the fees or the services covered under the association, then you should probably look for a different Jacksonville condo property.
Examining the Homeowner’s Association Documents
A smart condo owner will first carefully read all of the homeowner’s association documents, bylaws and financial statements. Very important document to read carefully is the homeowner’s association covenants, conditions and restrictions, also knows at the CC&Rs. Every homeowner’s association should have this comprehensive document, and should be able to provide it to you upon request.
The CC&Rs document is especially important because it details any future improvements to the complex, any special assessments expected to be incurred, the amount of the association’s cash reserves and whether the association envisions dues increases in the near future. Another tell-tale sign of a homeowners association is its history of due increases, as this can often indicate the likelihood of your dues increasing in the future. Any increases in dues are always detailed in the association’s CC&Rs.
What your HOAs Fee May Cover
Each and every condo or townhome complex will have different dues, different related fees and different plans. With that said, you should carefully examine the items included in your HOA fees, as this could very well indicate what you are getting for your money.
Some of the items which are typically covered under HOA fees include: