Upon completion, as a homeowners association (HOA), the owners in your community will pay monthly dues to the HOA to cover a variety of community expenses.
In California, we hire a professional consultant that specializes in HOA Budgets to do these since they also need to be approved by the State Department of Real Estate. Other states may be less regulated, but Fannie Mae and lenders do tend to ask for copies of your HOA budget. In any case, it is an educated guess about what it will cost to run your community after move in, but the dues as up front will establish expectations over the long term. It is much harder to raise HOA dues after move in. Ultimately, the community itself controls the HOA budget.
Washington Commons HOA dues will run between $430 to $530/mo., depending on the size of home and whether you have a garage or carport. What is unusual is how much is included in our HOA dues: when you really look at it, there are many things that are more cost effective when shared. Depending on the community, some of the items covered by HOA fees may include:
In California, we hire a professional consultant that specializes in HOA Budgets to do these since they also need to be approved by the State Department of Real Estate. Other states may be less regulated, but Fannie Mae and lenders do tend to ask for copies of your HOA budget. In any case, it is an educated guess about what it will cost to run your community after move in, but the dues as up front will establish expectations over the long term. It is much harder to raise HOA dues after move in. Ultimately, the community itself controls the HOA budget.
Washington Commons HOA dues will run between $430 to $530/mo., depending on the size of home and whether you have a garage or carport. What is unusual is how much is included in our HOA dues: when you really look at it, there are many things that are more cost effective when shared. Depending on the community, some of the items covered by HOA fees may include:
- Property and liability insurance for buildings. Doesn’t cover personal property and liability, but owners generally only get “contents” or condo insurance for their personal property.
- Community internet infrastructure that allows for fast internet.
- All ongoing operating costs associated with common areas including the common house, laundry, guest rooms and bathrooms, kitchen, furnishings, patio, common utilities, exterior lights, and exterior landscaping.
- City sewer fees
- Garbage and recycling pick up
- Fire sprinkler and alarm system
- Pest control
- Maintenance of landscaped areas (labor typically provide by community members, but materials, plants and major trimming may be hired out).
- Reserve for building and property maintenance and replacement including exterior paint, roof, and all building wide systems such as heating and hot water.
- Homeowners Association administration expenses