Definition
Regular payments made to a homeowners association for maintaining shared areas and services in a community. They’re part of the cost of living in some neighborhoods.
What to consider
- Include these fees in your overall housing budget.
- Stay informed about any changes in the fee structure.
- Understand how they affect your monthly living costs.
Real world scenarios
- Monthly HOA fees cover yard maintenance and community pool upkeep for Todd’s townhouse complex.
- Before buying a condo, Jenny calculates HOA fees into her total housing budget to avoid surprises.
- When the roof needs replacing, the HOA dips into reserves funded by fees to finance repairs.
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