The expenses covered by your HOA fees will depend on the type of condo building or neighbourhood you’re buying into. If fees are being paid but the property isn’t being taken care of, or the funds are being mishandled, the owners should hire a lawyer that specializes in HOA cases. The only feasible way to avoid paying HOA fees is to avoid living in an HOA-managed community altogether. The association needs every member to cover their fair share so that it can pay for maintenance, repairs, management fees, etc. When you join an HOA, paying fees becomes a non-negotiable obligation. HOA fees are mandatory, and failure to pay them could result in you getting evicted or your home being foreclosed. It is also very common for fees to increase in correlation with inflation or changes to the state of the economy. If your community is managed by a homeowners association, you will be required to pay monthly dues that contribute towards the cost of maintaining the property. It’s also the key to ensuring that the value of the assets (the homes) continues to appreciate over the years. In a nutshell, a well-functioning HOA is the foundation of a healthy planned community. The HOA is also in charge of enforcing community rules and regulations to make certain that people can enjoy a safe and clean living environment.

Some responsibilities of the HOA include maintaining common areas and making sure that the community has enough in its reserves for a rainy day. A small number of owners volunteer their time and resources and serve on the HOA board to ensure the HOA is well maintained. Once the developer has reached a certain threshold (either they have sold a certain percentage of homes or have been responsible for the HOA for a certain number of years), they transfer ownership of the HOA to the buyers who have now become the homeowners. In return, members have access to amenities and don’t have to shovel sidewalks or mow their lawn. Unlike other communities, members of HOAs must follow a set of rules, and pay fees. A Homeowners Association is usually set up by the property developer to ensure that the building or neighbourhood maintains the same standard of living even after decades have passed.

To help you understand HOA fees, we’ve put together a helpful guide with practical information you can use before you join an association.īefore we delve into HOA fees and what they cover, it’s important to explain what an HOA is, and how it differs from other residential communities. Things like HOA fees come as a surprise to them because they were not properly informed about how they work or what they are used for. When most people think about buying a home in a condominium or single-home community, they only consider the capital cost of buying the property.

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