Homeowner Associations are common in many condominium and townhouse complexes – and in some single family housing developments. Here’s a look at what they are and what the fees they charge typically cover.
The Homeowner Association is the “governing body” of the development – and membership is mandatory. The Association is responsible for maintaining common areas and typically hires a landscaping service to maintain lawns, trees and shrubs. It is also typically responsible for exterior repairs like painting… and repair or replacement of roofs and driveways. Insurance coverage is often provided for damage to the exterior of the building. The homeowner pays for insurance on the interior and its contents.
Get a copy of the Association’s rules prior to closing if the property you’re purchasing requires membership in a Homeowner Association. Also make sure the unit you’re purchasing has no violations of the rules and is current on all fees.
Homeowner Association fees are generally a few hundred dollars per month but higher fees can be expected in upscale developments.
