There are more than 358,000 communities managed by HOAs as we speak. And it's only going to continue growing as HOAs become more popular.
Being a part of an HOA is becoming more popular for the many benefits that it has to offer to the people that live within the community.
However, with the presence of an HOA comes the HOA fees that all homeowners will need to comply with and pay each month or annually to avoid additional penalties.
If you're unsure of what an HOA fee is and how often you will need to pay them, you've come to the right place. Read on below to learn more about your homeowners' association fees.
What Are HOA Fees?
HOA fees, otherwise known as dues, are fees that are paid by all homeowners within a community. These fees will also include maintenance fees that are used to help upkeep the properties within the community.
Most homeowners associations will require that you pay your dues monthly instead of annually. Depending on your Los Angeles real estate area, you're going to have to pay varying fees within your community.
With a better understanding of what HOA fees in LA are, here's some more information about what these fees are going to cover.
HOA Fee Coverage
It's crucial to understand what your fees cover because you don't just want to hand over money with no understanding about what it's going to. The first service that is included are the general municipal services.
These services will cover things such as the removal of trash and wastewater management for the neighborhood. It also covers security for the community, which could mean a patrolman that ensures the neighborhood is secure or the fixing of a gate that keeps the community safe.
Other things your fee covers are maintenance and repair that needs to be taken care of. This means someone will come out to remove snow from the roads if it snows. It also means there is a company that will maintain the parking lots and other shared spaces within the community.
Doing this ensures that the community continues to be well maintained and further attracts new people that might want to move in and become members of the community.
There are some fees you might have to cover under special circumstances. If there is something that falls under a major repair that isn't routine, this would be counted as an unexpected expense that will need to be covered.
Most HOA fees in LA will be split to handle current needs, and the other half will be put into a reserve in case something like this happens. Another additional fee that you might not see coming are fines you have to pay if you've broken HOA rules.
Usually, you will be notified if you've broken a rule and will be given a risen and a date when you have to pay the fine. Otherwise, you risk additional penalties on top of this.
Things you might be fined for include painting your house a certain color or not maintaining your yard.
HOA Fees: Things to Know
When you're talking about HOA fees, there are several things you're going to want to know. You'll want to know what the fees cover and additional fees that might come up.
Contact PMI LA Pacific for all your HOA needs.