What Does HOA Cover In A Condo?

By Doherty • May 15th, 2011
Luxury condominiums at 1224 Dearborn Street, C...

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HOA or homeowners’ association is an association formed by the builder of condominiums or planned developments, and required by statute in some states for enforcing the rules and regulations of the community, and also for the maintenance and upkeep of any common areas, including community centers, swimming pools, and health club facilities in Homes For Sale in Philadelphia PA.

It also manages both the appearance and common-area assets. Condominium and townhouses available for purchase are part of a homeowners’ association. So when a person buys a condo unit with a homeowners’ association, s/he becomes a member of the HOA and is responsible for membership dues, which could range from $100 to $1,000 or more.

This amount is the monthly due owed to condo HOA that will be used repairs, maintenance and restrictions for shared facilities.  To make things clear, the following are the items that are covered by your monthly HOA dues when buying a condo Mesa Townhomes:

Public Areas / Common Space

The walls, the lobby, and the exterior of the building are the areas called common space that also need some maintenance and cleaning.  HOA fees, in this case, include snow removal, garbage collection, lawn care, pool maintenance, the exterior maintenance and upkeep, changing of light bulbs in the hallway, as well as the salary of the stuff responsible for overseeing, assisting, maintaining, or cleaning the facilities.

Garbage / Sewer / Water

Your monthly HOA fees will cover garbage removal, sewer or water fees because the association will have to contract in some companies to do these services for the condo unit owners.

Master Insurance Policy

The HOA fee will cover a master insurance policy for the building that includes coverage for storm damage, leaking roofs, and liability around the property.  You can talk with your insurance agent about getting an HO-6 policy (insurance for condominium owners) if your HOA insurance policy doesn’t cover some of the things you’d like to be covered like clothing, electronics, furniture, and jewelry

Take note that not all associations cover the same things so, before you buy Purcellville Virginia Condos you need to do some special research in order to know exactly what are specifically covered in the HOA fees.

 

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