With Boca Raton being one of the top retirement destinations in the entire country, maintenance-free housing options here are beyond plentiful. But when you buy a condo, townhouse, or even a home in a gated or golf course community, home owners are required to pay a home owners’ association fee for common area maintenance and upkeep, which can be billed monthly, quarterly, or sometimes even annually.
So if you’re planning on being in the market for a new home or condo this spring, here’s a brief overview of HOA fees and what it may mean for you as a new home owner.
As just alluded to above, the general idea behind an HOA fee is to help maintain the common areas of a condo building or community, which could including anything from the property’s landscaping to the swimming pool, clubhouse, or tennis courts.
HOA fees vary but typically range between $200 and $400 per month. Upscale condo buildings and communities with lot of amenities tend to have more expensive home owners associations fees, and this money will also go towards exterior maintenance, on-site security, and building up a reserve that will help pay for any major expenses that also may arise.
Beyond Maintenance and Upkeep
If your HOA’s reserve fund can’t pay for a major expense like a new roof or elevator, the association may charge residents a special assessment, which could potentially cost you thousands of dollars. So before making any final decision, do whatever digging you can in order to learn more about what kind of financial shape a building or community is in.
Questions to Ask
Don’t know where to start? Well, here are just a few questions you may want to find the answers to before choosing a particular building or residential community in Boca:
- What’s included with HOA dues? (maintenance, garbage, landscaping, cable, internet, etc?)
- How are HOA fee increases determined?
- What’s the history of fee increases?
- What’s the status of the community/building reserve fund?
- Are any special assessments already planned for the near-future?
- What’s the special assessment history of the community/building?
Gloria Singer on