{"id":51710,"date":"2022-04-16T15:27:27","date_gmt":"2022-04-16T22:27:27","guid":{"rendered":"https:\/\/staging-movotobyojo.kinsta.cloud\/?p=51710"},"modified":"2024-10-03T07:22:22","modified_gmt":"2024-10-03T14:22:22","slug":"hoa-fee-tax-deductible","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/hoa-fee-tax-deductible\/","title":{"rendered":"What Does It Mean When A Home Has an HOA Fee?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">An HOA fee is the standard fee a homeowners association charges its residents each month. If you buy a property in an HOA, you will automatically become a part of this organization and will be required to pay your dues. <em><strong>HOA fees vary in cost from $100-$1,000, but generally fall in the $200 &#8211; $300 range.<\/strong><\/em><\/span><\/p>\n<p><span style=\"font-weight: 400;\">HOA fees are very common for condo and townhome owners. Single-family and subdivision homes may also have HOAs. Typically, the HOA fee covers the maintenance of properties, common areas, and shared amenities in a neighborhood.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How much are HOA fees?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">HOA fees can vary widely based on the location of a home. Among the 3,000 HOAs currently operating in the United States, the <a href=\"https:\/\/www.nar.realtor\/magazine\/real-estate-news\/study-homeowners-associations-are-booming\">average HOA fee is<\/a><\/span> <span style=\"font-weight: 400;\">$259<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What do HOA Fees Cover?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The general rule in most HOAs is that the HOA handles everything that\u2019s outside of your immediate property. If you\u2019re looking at condos or homes that share walls with other units, everything within the interior walls of your unit will be your responsibility; exterior upkeep is on the HOA.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Common Areas &amp; Amenities<\/span><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\">Lobbies\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Patios<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Elevators<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Swimming pools<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Tennis courts<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Community clubhouse<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Parks<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Playgrounds<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Fitness facilities<\/span><\/li>\n<li>Staff at the locations (doorman, pool attendant, etc)<\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Maintenance<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Landscaping<\/span><\/li>\n<li aria-level=\"1\">Gates &amp; surveillance<\/li>\n<li aria-level=\"1\">Pest control<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Repairs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Snow removal<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cleaning<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Shared Utilities<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Water\/sewage management<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Garbage disposal<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Security\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Does an HOA Pay Your Utilities?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">An HOA will often pay for shared utilities, but not individual utilities. Homeowners are responsible for their own electric, gas, water, TV, and wifi bills.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Factors That Cause High HOA fees<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If your HOA fees seem unusually high, there is likely a good reason. This may include:<\/span><span style=\"font-weight: 400;\"><\/p>\n<p><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Luxury buildings\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sought-after neighborhood<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Older buildings needing more frequent and extensive repairs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Buildings with elevators<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Buildings with numerous staff members<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">State and local laws<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Inflation\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insurance premiums<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Taxes<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Typically, the more amenities that are included in an HOA, the higher your fees will be. <em><strong>High HOA fees may actually be a good thing<\/strong><\/em> as they show that the association is managing their reserves and you likely won\u2019t get surprised with a lump sum due.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Additional consideration: HOA reserves<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">HOA boards diligently plan for the long-term value of a planned community. To achieve this, they put aside a portion of each fee collected to be placed in something called an HOA reserve fund. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Think of this as a savings account that the HOA can use for large or unexpected projects. For example, the swimming pool may need its liner replaced at some point. Other big expenses could include replacing the roof, repairing crumbling walkways, and paving shared roads.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><em><strong>HOA fees can go up.<\/strong><\/em> If an HOA reserve runs low, the HOA may need to increase its funds, this can <em><strong>raise your monthly dues or require a lump sum payment from all members<\/strong><\/em>. HOA boards routinely adjust dues based on expected annual expenses.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How To Asses The Cost of HOA Fees<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If your HOA fees seem unusually high, you can request certain information from the HOA board to assess whether the fees are appropriate. An agent can help you obtain these documents:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Governing documents, e.g. articles of incorporation, bylaws, CC&amp;Rs, rules and regulations<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Annual budgets<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Income statements<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Balance sheets<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Accounting and financial records for the past three years<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Meeting minutes<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Developer documents, e.g. community plats, maps, permits, and land surveys<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insurance policies<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Contracts or third-party agreements<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">What if you don&#8217;t pay your HOA dues?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Unpaid dues can be escalated by your HOA in a number of ways. You will generally receive notification letters if a payment is missed. If those letters are ignored, you may be charged a late fee. The HOA board will usually escalate the situation by then taking away your usage privilege for shared amenities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your HOA board is likely to hire a collection agency to recoup your missed fees if you continue with your nonpayment. The HOA may also sue you or place a lien on your property. It&#8217;s important to know that you&#8217;d be unable to sell your home with a lien in place.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While it may seem extreme, your HOA could actually force your home into foreclosure. Laws on this vary by state. However, HOAs are often permitted to foreclose on homes for unpaid dues.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Are HOA fees worth it?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Many people who live in HOAs enjoy the orderliness and convenience this option offers. HOA living can offer access to high-end amenities you wouldn&#8217;t be able to afford on your own property. You&#8217;ll also never have to worry about your neighbors creating eyesores. HOA living can also boost your home&#8217;s property value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Of course, some people dislike the lack of freedom that comes with living in an HOA. For example, you may not be able to paint your home certain colors or have your own above-ground swimming pool. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You&#8217;ll also be responsible for HOA fees regardless of how your financial situation changes while you&#8217;re living in the property. An HOA fee is an expense you can&#8217;t cut out of your budget.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is a homeowners association?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Not every residential neighborhood is part of a homeowners association. With 30% of the U.S. population living in homes located within community associations, you&#8217;re almost certain to run into HOA properties when searching for a home. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, the HOA question is one of the<\/span> <a href=\"https:\/\/www.movoto.com\/blog\/the-10-most-important-questions-before-making-an-offer\/\"><span style=\"font-weight: 400;\">top questions before making an offer<\/span><\/a><span style=\"font-weight: 400;\">. If a home you&#8217;re making an offer on is located within an HOA, you&#8217;ll need to negotiate with the seller on who will pay the<\/span> <a href=\"https:\/\/www.movoto.com\/blog\/what-is-an-hoa-transfer-fee-and-who-pays-it\/\"><span style=\"font-weight: 400;\">HOA transfer fees<\/span><\/a><span style=\"font-weight: 400;\"> when you inherit the HOA dues.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">HOAs are organizations that manage planned communities on behalf of the original developers. While people often associate HOAs with condos, they are also used to manage communities with single-family homes and detached properties. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are the core tasks of an HOA:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Maintain community spaces<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enforce rules <\/span> <span style=\"font-weight: 400;\">regarding property uniformity and tidiness<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Manage amenities<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Make decisions about capital improvements in the community\/subdivision<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There&#8217;s no opting out of an HOA. If you purchase a home under an HOA&#8217;s control, you&#8217;ll become a member automatically. HOAs generally have boards responsible for collecting fees and making decisions. These boards can also impose fees for noncompliance. The &#8220;strictness&#8221; regarding how you can decorate or alter your property can vary by HOA.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An HOA fee is the standard fee a homeowners association charges its residents each month. If you buy a property in an HOA, you will automatically become a part of this organization and will be required to pay your dues. HOA fees vary in cost from $100-$1,000, but generally fall in the $200 &#8211; $300 range. HOA fees are very common for condo and townhome owners. Single-family and subdivision homes may also have HOAs. Typically, the HOA fee covers the maintenance of properties, common areas, and shared amenities in a neighborhood.\u00a0 How much are HOA fees? HOA fees can vary [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":51753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[167,223,63,48],"tags":[158,114,191,159],"class_list":["post-51710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-basics","category-buying","category-finance","category-real-estate","tag-finances","tag-hoa","tag-property-taxes","tag-taxes","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Is an HOA Fee? How Much Is It? What Does It Cover?<\/title>\n<meta name=\"description\" content=\"What is an HOA fee used for? How do you assess if your HOA fees are reasonable? What about HOA reserves? 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