What are HOA Fees?
Posted Mar 28, 2007 @ 9:57 am, Viewed by 1058 Visitors, Read 1074 Times.
Recently, in dealing with some first-time Boston condo homebuyers, we have addressed the question of what are HOA fees. This gives us a good chance to educate folks on what HOA fees and Special Assessments are as they relate to condos.
We put together a more formal article called "What are Homeowners Association (HOA) Fees?", and it is now available for viewing. Essentially, it lays out the basics of what you can expect from HOA fees and Special Assessments.
Aside from educating yourself on what HOA fees are in general, a key takeaway from an article like this is that when buying a property that involves an HOA fee, you need to perform some extra due diligence around the health of the HOA reserve funds, and any Special Assessments that are looming - something that you might not remember to do if you have never purchased a property that has a Homeowners Association. Additionally, don't forget to factor monthly HOA fees into you overall monthly outlay for living expenses - a $400 HOA fee represents an additional 25% on a $1,600/month mortgage payment.
We put together a more formal article called "What are Homeowners Association (HOA) Fees?", and it is now available for viewing. Essentially, it lays out the basics of what you can expect from HOA fees and Special Assessments.
Aside from educating yourself on what HOA fees are in general, a key takeaway from an article like this is that when buying a property that involves an HOA fee, you need to perform some extra due diligence around the health of the HOA reserve funds, and any Special Assessments that are looming - something that you might not remember to do if you have never purchased a property that has a Homeowners Association. Additionally, don't forget to factor monthly HOA fees into you overall monthly outlay for living expenses - a $400 HOA fee represents an additional 25% on a $1,600/month mortgage payment.
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