Homeowners association fee (HOA Fee),
Definition of Homeowners association fee (HOA Fee):
A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association. HOA fees are almost always levied on condominium owners, but they may also apply in some neighborhoods of single-family homes.
For condominium owners, HOA fees typically cover the costs of maintaining the building's common areas, such as lobbies, patios, landscaping, swimming pools, and elevators. In many cases, the fees cover some common utilities, such as water/sewer fees and garbage disposal. The association may also levy special assessments from time to time if its reserve funds are not sufficient to cover a major repair, such as a new elevator or new roof.
The annual or monthly fee charged by homeowners associations to fund maintenance and improvements for property under their jurisdiction. This is more typical in housing communities and condominiums where a group is in charge of maintenance and improvements rather than the individual homeowner, especially when such properties have common areas like swimming pools and park areas. Usually homeowners must pay the fee as a condition of purchase, with no option for refusal. Each HOA will have its own set of rules and level of strictness regarding enforcement, which all members must abide by.
How to use Homeowners association fee (HOA Fee) in a sentence?
- HOA fees are standard for most purchased condominiums, apartments, and planned communities, though some neighborhoods that consist of single-family homes also have HOA fees.
- Generally, HOA fees are used to pay for amenities, property maintenance, and repairs. .
- Homeowners association (HOA) fees are the monthly dues homeowners associations collect.
Meaning of Homeowners association fee (HOA Fee) & Homeowners association fee (HOA Fee) Definition