RealManage Insight

What Do My HOA Fees Actually Pay For?

What Do My HOA Fees Actually Pay For?

HOA | Condo Board Responsibilities and Education, HOA | Condo Homeowner Responsibilities & Education, HOA | Condo Financial

As a member of a Common Interest Community Association (HOA or Condo Association), you are required to share the costs of maintaining and operating the common areas of your community. Additionally, you may be responsible for shared amenities like a clubhouse or even the community shared entrance gate. You may have wondered, what exactly are my HOA assessment fees spent on and how does my community determine what to charge me? Your assessment amount is determined and set by your communities Board of Directors and each year the budget for those fees or dues is discussed during annual meetings. Boards often base their budgets on previous year expenditures, trends, community needs, and Reserve Studies. Below are some of the most common items that your HOA might be spending your dues on. 

By Sandra Vela Mora on Mar 3, 2020 8:42:00 AM
   
What Do My HOA Fees Actually Pay For?

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