If you need assistance, please call 704-577-9055

How Do HOA's Work?

Saturday, November 16, 2019   /   by Shannon Eagan

How Do HOA's Work?

When you purchase a home, there’s a good chance you’ll have to pay a Homeowners Association fee, especially in gated communities, townhouses, condominiums, and other similar planned neighborhoods. The idea is to keep common areas clean and maintained, and there’s usually an HOA board that is responsible for setting the rules and regulations.

Each HOA is different, but most have the same core elements. You’ll typically pay your HOA fees either monthly or annually, and it’s an important factor to consider when you’re weighing your options for a new home.

So what is typically included in your HOA fees?

First, the fun stuff!
Amenities are typically the big perk of living in a community with an HOA. While you lose out on some of the freedom of living without an HOA, you instead get community amenities like a maintained pool, gym, clubhouse, tennis courts, and other amenities. The HOA fees pay for cleaning and maintenance, so—in theory—you’ll always have a clean pool whenever you want to use it. 

Protecting the community

HOA fees often contribute to insurance for the community amenities, as well as a fund for unexpected repairs to damaged community property—think damage from weather or accidents.

General maintenance
Your HOA fees will go toward maintaining the general safety and upkeep of the community. This means things like elevator maintenance for condominiums, snow removal, and trash/recycling services.

Be active in the association
There may be a board of directors, but homeowners associations exist for the betterment of the entire community, and every voice matters. HOA meetings—and the amenities they support—provide great opportunities to meet your neighbors and make your community a better place.

Yancey Realty LLC
Franklin Yancey
1515 Mockingbird Lane, 4th Floor
Charlotte, NC 28209
704-577-9055

Based on information submitted to the MLS GRID as of 11/11/2024 11:08 AM CST. All data is obtained from various sources and may not have been verified by broker of MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some listings have been excluded from this website.
Information Deemed Reliable But Not Guaranteed.
This site powered by CINC: www.cincpro.com