MYTH
There are too many hidden fees.
FACT
HOAs generate their operating funds by collecting fees and assessments
from members. This money allows the HOA to carry out its responsibilities,
including maintaining shared spaces, saving for future repairs and
improvements, and enforcing community guidelines.
Before you buy a home that's part of an HOA, make sure you're familiar with any fees
you may be responsible for paying. You'll need to decide for yourself if these fees are
worth it. Consider the amenities they offer and the perks they provide to the
homeowners. Keep in mind, HOAs also offer a lot of things that are difficult to quantify.
An HOA can help protect your home's value by maintaining the look and feel of a
neighborhood, and for some people, it provides a real sense of pride and community.
While HOA fees can vary by community type and location, it's customary for boards to
promptly communicate the reasoning behind fee changes or additions, so there aren't
any true surprises. Make sure you have all the association's financial information you
need before signing on the dotted line.
