DO I have to pay HOA every month?

Question

Is the same thing as maitenance fee?

Answer 1

IF your association has a monthly fee then yes. Some associations collect their fees yearly. You need to read your association by-laws to see what it covers. Usually maintenance of common areas and a few other items. ALWAYS read the by-laws before you buy, to be sure you agree with all the rules.

Answer 2

There is nothing to keep you from paying for a full year in advance. HOA is the maintenance fee charged by some neighborhoods that have an association to maintain the grounds, the exterior of buildings, lawn care/snow removal and sometime hazard insurance. If you purchase a property that has an association, yes you have to pay that fee each month, or like I said in the beginning, a full year.

Answer 3

No, HOA is not a maintenance fee (per se). The HOA is run by the home owners. They will have a board who will insure that the rules governing home ownership in the development are followed. This fee may also cover trash pickup and snow removal but I do not believe it will cover basic maintenance to your house. It may cover common maintenance issues such as lawncutting, community pool/house, etc. If you've never lived in a development governed by a HOA then make sure you read the fine print to be sure you are able to live by their (sometimes dictatorial) rules.

Answer 4

If it's a mandatory HOA, yes you do. If it's voluntary, you are free to drop your membership at any time. The maintenance fees are part of the HOA dues. Other items include common area insurance, common area utilities, and an allowance for future repairs or expansion of services.

Answer 5

Good grief! You need to know this stuff before you buy! Did you sign without reading anything or knowing anything? Did you get taken advantage of? If there was misrepresentation, sue them.

Answer 6

Yes and it can go up at any time and if there hurricane damage,ect, they can raise it increasingly high and you have to pay all they ask for.