Home Owner Associations (HOA’s)
Home Owner Association (HOA) fees are a necessary mandatory expense. HOA fees are set by the HOA board who are selected by people who own in the community and are calculated to cover running costs. Usually the better the facilities the higher the HOA fees, but this is also dictated by how many properties are in the community. Manned gated security, nice landscaping, community pool, clubhouse and facilities all cost money each year to run and through the HOA fees the expense is shared by the owners equally. In some communities this may be handled by a community management company if none of the owners choose to be part of the board. As an owner you can participate in the association. Most owners pay the fees and that is their only involvement. The HOA can have a very positive effect within your community and help increase your rental returns.
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