HGC Tips | To Fee or not to Fee

The pros and cons of being in an HOA property.

 

Home Owners Associations (HOA) exist on multi-owner properties to ensure that the property is maintained at a fair shared cost to the owners. Usually, the formula that dictates the payment amount is calculated by the square footage, so you pay your fee by consumption, so to speak.

Buying into an HOA managed property may seem tiresome and complicated, but there is another side to fees, rules and regulations. Neatness, cleanliness, quietness and order. HOAs are generally governed by a Declaration of Condominium where rules about pool access times, allowing of children and pets are governed. But they also decide when the garbage is collected, minimal rental periods, when maintenance needs to be done and ensures that your neighbour doesn’t leave garbage and junk in their driveway.

HOAs are a great asset to the second homeowner who may find it easier to pay a monthly maintenance fee to manage the multitude of services that would have to occur without the one middle man. What do you get for that monthly fee? Landscaper, garbage disposal, pool maintenance, building maintenance, often water is included, security, (usually) general building insurance, hurricane preparation, accounting, maintenance of common areas (laundries, BBQ, beach, parking, pathways and showers) and someone to coordinate it all for you. Sometimes when you add all that up you are actually getting a great deal!

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