Definition
Monthly or annual charges that fund HOA operations, maintenance, and amenities. Factor these into your total housing costs when comparing properties.
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HOA fees vary widely depending on community size, amenities, and maintenance needs. Fees typically range from $100-$500+ monthly. Fees can increase annually and are mandatory even if owners don't use amenities. Non-payment can result in liens and foreclosure. Fees appear on property valuations and affect purchase prices.
Pro Tip
High fees can negate neighborhood appeal. Make sure you're getting value for what you're paying.
Example
A condo HOA charges $250/month for building insurance, maintenance, landscaping, and management