As more and more Americans wind up living in HOA communities, questions arise about HOA fees. These fees are in addition to your property taxes and homeowners insurance. How much can one expect to pay per month?
The fees range from approximately $100 to $1,000 per month. The average sits somewhere around $200 to $300 per month. The more amenities and services a community offers, the more the homeowner will pay in HOA fees.
Are you looking at HOA communities in Colorado Springs, Colorado? Keep reading to learn more about the various things these fees cover within the community.
What Is a Homeowners Association?
A homeowners association (HOA) is an organization within a planned community that manages the community. It sets and enforces rules for the neighborhood.
Do you want to paint the exterior of your home? Check with the HOA for approved colors.
Do you have more cars than will fit in your driveway? Check the rules for parking on the street in the neighborhood.
Rules and regulations are all part of this type of community living.
What Is an HOA Fee?
The HOA fee is the amount of money each household needs to pay to cover the annual HOA budget. It's established by the board of directors and collected monthly, quarterly, semi-annually, or annually.
What Do These Fees Cover?
If you're new to HOA living you might have questions about HOA dues. Let's take a look at some of the costs covered by the members' monthly HOA fee payments.
Street lights and lighting for other amenities like pickleball courts, clubhouses, and parking lots go on the electric bill. All indoor areas need air conditioning and/or heating.
There is water for irrigation, swimming pools, and other community facilities.
HOA Maintenance and Repairs
All common spaces and other amenities require regular maintenance and occasional repairs.
The property manager hires vendors to care for the roads, landscaping, and grass in the common areas.
Some of the HOA dues go into reserves for bigger projects and repairs.
Professional Property Management Company
Many HOA communities hire professional property managers to handle the business of the community.
These professionals collect dues, impose fines, hire vendors, come up with a budget, and help make future plans for the community.
A majority of planned communities have amenities like pools, fitness centers, playgrounds, tennis, basketball, pickleball courts, and walking and biking trails.
HOAs require insurance to protect common areas in the event there is damage or an accident in one of the areas. They need to carry liability and theft insurance.
Some may require other riders and add-ons like flood insurance.
HOA Fees: Now You Know
Before you consider buying a home in an HOA community, it's a good idea to ask what the HOA fees cover. Are the benefits worth the cost?
If you're looking for more guidance on HOA communities in Colorado Springs, CO, we at PMI Pikes Peak are here for you. We pride ourselves on providing prompt, friendly, and professional services and understand that an HOA is an important asset for the future of each unique community.
Feel free to use our online form to set up a consultation or call us at 719-644-6846 if you have more questions.