8. Your payment amount can change over time.
Your HOA's annual budget directly impacts each individual owner. If, during the budgeting
process, an HOA finds that it's not meeting the expenses required to operate the
community, it may need to recalculate assessments for the coming year. Financials
like HOA loans, uncollected payments, and low reserves can affect everyone in the
community. Some states, however, have statutes that limit assessment increases.
7. HOA fees vary by association.
The fees that your HOA charges can vary significantly depending on where you live and
what amenities are offered. The average monthly HOA fee for a home in a single-family
community may be less than that of a condo or townhome association where HOA fees
also include insurance and maintenance for buildings with shared walls.
