Things You need to Know if You’re Considering an HOA Community

If you’re considering a condo, townhouse, or free-standing home in a neighborhood with shared common areas and amenities (such as swimming pools, parking garages, and security gates), it’s a good bet these amenities are maintained by a homeowners association (HOA).

What is an HOA?

HOAs help ensure a particular community looks its best and functions smoothly.

What can I expect for fees?

To cover these property maintenance expenses and repairs, HOAs collect fees or dues (monthly or yearly) from all community members. For a typical single-family home, HOA fees will cost homeowners around $200 to $300 per month.

HOA fees can be lower or much higher depending on the size of your house or condo and the services provided. The larger the homeowner area, the higher the HOA fee.

What’s an assessment?

Be aware that when your community is hit with extreme maintenance expenses—like a flood in the underground parking lot due to a broken water heater or a pipe bursting—homeowner insurance will cover some of it, but whatever’s left will have to be paid by your HOA.

Typically, in these cases, the HOA will tap the reserve fund, which may become depleted as a result. Or the association may not have enough in reserve to cover necessary expenses. In either case, your HOA board may require you and your fellow homeowners in the community to pay a special assessment bill above and beyond your monthly HOA fee.

What about the rules?

In addition to management of the common areas, HOAs are also responsible for seeing that its community members follow certain rules and restrictions.

All HOAs have boards made up of homeowners in the complex who are typically elected by all homeowners. These board members will set up regular meetings where owners can gather and discuss major decisions and issues with their community. For major expenditures, all members of the HOA usually vote, not just members of the board.

Whether you’re looking for an amenity-filled neighborhood or something a little more relaxed, Metrowest has you covered. Give us a shout – we’d love to show you what Denver has to offer!