There are more than 370,000 homeowners associations (HOAs) in the United States and 40 million homes or condo units in neighborhoods or complexes with HOAs. This amounts to more than half of all housing units in the country.
There are many good reasons for the general popularity of HOAs. They help ensure community standards are met and make improvements to common buildings and green spaces. All this helps retain home values and make HOA neighborhoods great places to live.
However, HOAs need money to carry out their goals and to perform basic maintenance. This is where HOA fees come in.
If you want to learn more about association fees for real estate in Tampa, keep reading. This article lays out the importance of and the responsibilities that come with them. This information will help you determine what is the right move for your neighborhood.
What Are HOA Fees?
HOA fees are dues collected by homeowners associations. They are used to manage and make improvements to the community. Fee structures and amounts are different, depending on where you live, but often fees are set per year (but may be paid in increments).
Money collected from HOA dues is administered by HOA boards, although sometimes they hire outside management companies to help. These could be for regular maintenance and upkeep of common buildings or grounds or special projects.
What Is the Purpose of HOA Fees?
If you live in a neighborhood with an HOA, you probably already know the basic answer to this. It is worth delving into a more nuanced look at how HOA fees can benefit a neighborhood or condo complex.
One is that it allows homeowners to collectively decide what their neighborhood should look like. An HOA is analogous to a representative democracy, where each resident elects board members to make decisions on their behalf. It means they have an indirect say in the decisions before the community.
This includes everything from aesthetics to amenities. Residents can decide if and how to use funds to improve common areas. They can choose which contractors to go with and how to allocate funds for community events, including festivals or special projects.
HOA fees also cover insurance, legal services, and utility bills for common buildings or areas. They go toward repairs and upkeep of automatic gates, irrigation systems, and community lighting. They can be used for pest control, sidewalk or road maintenance, and tree trimming.
These fees can also go toward the development or upkeep of amenities in the neighborhood. This includes things like swimming pools, fitness centers, or basketball and tennis courts. HOA fees can be used to put in walking trails, gardens, or anything the community desires.
Find Management for Your Tampa HOA
Now that you understand the ins and outs of HOA fees, you can determine the policies that best suit your neighborhood. With a little planning, you can accumulate funds for community betterment projects, which can help retain home values and make the neighborhood more enjoyable for everyone.
PMI Tamps is a full-service property management company. We offer a variety of services, including HOA fee collection and management. Reach out to us today to see how we can help with an HOA in Tampa!