what is hoa fees for
Depending on what is covered, particularly if you are buying a condo, the fee could be nearly as high as your mortgage payment.. Bilgi says potential buyers need to carefully study what the HOA fee includes and compare that to what they would pay for similar services outside of an HOA.
Homeowners Association (HOA) fees are monthly or annual charges that cover the costs of maintaining and improving shared spaces. HOA fees are common within condos and some single-family home neighborhoods. Co-ops also have monthly fees (Common Charges and Maintenance Fees), which may also include real estate taxes and a portion of the buildingâs underlying mortgage.