Whether you live in a condo, townhouse, high-rise, or individual house, chances are that you live in a community that’s governed by a homeowners association, also known as an HOA, a self-governing organization that collects maintenance fees.
Depending on your property type, your HOA, which is most likely run by resident homeowners, might be responsible for something as small as maintaining the common areas, including parking lots, or something as significant as overseeing the management of the whole property. Dobbs & Braddock Inc offers this guide for the greater Altus, OK community in navigating HOA.
Homeowners Association (HOA): What You Need To Know
In communities that have an HOA, homeowners pay fees so they can maintain the neighborhood or units. If you’re curious about the cost of HOA fees and what they cover, you’re in the right place–because that’s exactly what we’re covering here.
So, how much are HOA fees, and what do they cover? It depends on the community’s amenities, but generally, homeowners pay between $200 and $2,500 per year.
At the very minimum, homeowners can expect their HOA to cover things like:
- Safety and security
- Maintenance and landscaping
- Garbage pickup
- Common area utilities
It should come as no surprise that larger communities with a more extensive list of amenities typically charge significantly more than communities that simply enforce rules and regulations.
By paying the HOA fees, homeowner residents get to enjoy living in a community that’s safe, clean, and well maintained.
Contact Us Today
Do you know what else is worth investing in? Condo insurance. This type of coverage has a plethora of benefits, including protection from losses from events like theft, vandalism, and natural disasters. And that’s where Dobbs & Braddock Inc comes in. For nearly a century, our insurance agents have been serving the greater Altus, OK community. For more information about how we can help you, give us a call.