Homeowner Association (HOA) dues – What do they cover?

The Barr Team First Time Homebuyer Info, Info for Home Buyers 0 Comments

In this video Henry Barr explains Homeowners Association (HOA) dues, what they are likely to include and not include…

Hi this is Henry Barr from the Barr Team with Re/Max Properties of the Summit here in Frisco, Colorado. Some people have asked me to explain homeowners dues and what they cover. It is going to be a little bit difficult in that all homeowner dues are different, but I will try to make some generalities and point out some critical things to check on. One…always check on what it includes, be very specific in knowing what it does and doesn’t include. Normally in your condos, it’ll include most everything needed to operate the condo and live there. Some of them don’t include electricity, some of them don’t include internet, which is becoming one that is really of concern, so people need to understand whether it includes the internet or not. Also sometimes they don’t include water and sewer in condos, normally they do, but be very careful. One really in question is whether they include heat. If they include a central boiler system most will include the cost of heat in the dues. But if they have an individual system or if they have electric heat, then heat is probably not included. So make sure when you look at HOA dues and that you compare apples to apples and you understand exactly what is included and what’s not included because you can get really tripped up on that. Remember all HOA’s are non-profit, so any money that they are taking in is spent on that association and paying for whatever is necessary to operate it. There are no real big winners or profit in there.