If you live in or have ever visited Southwest Florida, you've most likely driven past the beautiful gated communities that are lined with gorgeous royal palms and lush landscaping. Behind the gates you'll find quiet friendly neighbors, well manicured lawns, and amenities galore. Looks like paradise, doesn't it? So, just how much will paradise cost you and what rules must you follow?
The cost of a communities HOA fees are determined by the homeowners association. A homeowners association (HOA) is an organization in a subdivision, planned community, or condominium that makes and enforces rules and sets an operating budget for the homes within its jurisdiction. It is typically comprised of a board of directors elected to enforce and oversee the HOA governing documents. Each year the board of directors calculates the annual costs associated with effectively operating the community and divides those expenses among the resident homeowners. These expenses can include lawn/land maintenance, security, cable, legal/accounting, reserves, and much more.
Another factor that will effect the amount you pay in fees is the type of home you buy. For example, if you purchase a single family home you may pay less in fees than if you had purchased a condominium. However, fees associated with a condo usually include things such as water, sewer, exterior pest control, and insurance which aren't typically included with a single family home. Every community is different so it is best practice to contact the homeowners association to get a detailed list of what your HOA fees will cover.
In addition to monthly HOA fees, these desirable communities also have a set of regulations that must be followed by each homeowner. Regulations are set by the association to maintain a standard of appearance which helps support stable property values. They may be structural such as what type of fence you may have or they may be cosmetic such as which paint colors you can use.
Interested in a specific community but unsure if you can afford the HOA fees? Contact me today and find out!
