Inside HOA Fees
Are you considering purchasing a home with a homeowners association? Wondering what the fees cover and how often they are assessed? Some buyers avoid purchasing properties with homeowners associations. Whether the fees seem steep or they worry that the association will have too much control over their property, there are pros and cons. Some buyers appreciate knowing that the HOA will insure the community is well kept, some enjoy lawn maintenance and the fact that neighbors have restrictions and duties, which can help retain the value of the total neighborhood. There may be security advantages if the community is gated or patrolled. We wanted to offer an inside look into HOA fees for our buyers. If you are looking to purchase a home with an HOA and would like to know more, contact My NC Homes!
What are HOA Fees?
What do Fees Cover?
What about Assessments and Tax Implications?
Most Important Considerations Prior to Purchasing Property with an HOA
- Check how often the HOA fees increased in the last ten years.
- Check what services fees cover.
- Check the fiscal health of the HOAs reserves.
- Check the history of special assessments.