Just like your mortgage or property taxes, HOA fees are a required part of maintaining and owning your home. Plenty of people would rather not pay their HOA fees, so they wonder: what exactly happens if I don’t? If the housing market cools down, buyers may turn a more discerning eye to this line item. If the typical HOA fee for your city is around $400 and your condo's HOA fee is $1,000, however, you may want to discuss with your Realtor how the HOA fee could potentially impact the home's resale value in the future. If your HOA fee is $600 but that includes trash services, pool usage, snow removal, neighborhood security, and lawn work, you might feel that it's a reasonable price for multiple services you might've paid for out of pocket anyway. If you're wondering whether your potential HOA fees are reasonable, the answer depends on how valuable you rate the services they cover - and how the fees compare to other local properties. Most people would rather pay a single monthly fee and never have to worry about the hundreds of small and large tasks the HOA takes care of. Imagine trying to get 200 individual households to collectively staff a front desk, empty trash from common areas, or salt the sidewalk. For example, in Pennsylvania, HOAs can't prohibit residents from displaying the American flag.Īnd HOAs are often essential for condo living. However, it's important to know that HOAs have to follow state laws. Since HOAs are optional communities that homebuyers don't need to opt into, there isn't a strong legal basis for getting rid of them. Rather than paying the city for recycling, a neighborhood association for shared landscaping, and a membership for gyms, you can just pay one lump sum each month. While HOA fees may seem like a dent in your budget every month, they’re ultimately replacing bills you would’ve had to pay anyway - only separately. University of California at Irvine researchers found that, on average, homes with HOAs sold for 4% more than homes without HOAs. HOA fees can also be worth it if they maintain your home’s value. There’s no need to call around and find a new snow plowing company every year: the HOA does that for you, and can sometimes negotiate for better rates than an individual.
Retirees often find the most value in HOAs because they are at a point in life where they don’t want to - or even struggle to - do the sort of routine maintenance that is often taken care of by an HOA. However, someone who loves swimming will find it to be a great investment. Someone who never swims and never has pool parties will find a pool annoying to maintain. In many ways, it’s similar to owning a pool. Whether an HOA fee is worth it to you really depends on what you prioritize as a homeowner. Statistically speaking, most people would say yes: according to the Community Associations Institute, roughly 85% of residents who have an HOA are satisfied with it. Here are the average HOA fees for several major cities, according to Trulia: This is because condo and apartment buildings typically offer more amenities - like doormen, swimming pool upkeep, community activities for residents, fitness centers, and more. Single-family homes tend to have lower HOA fees, while condo associations often have far higher fees - often around the $500 range.
deal with HOA rules, fees, and regulations while owning their homes.īeing part of an HOA can impact your day-to-day life, and it also impacts your budget. Did you know that about 24% of all homes are part of a Homeowners Association (HOA)? That means over 60 million people in the U.S.
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