HOA fees can sweeten or break the deal when it comes to HOA homeownership.
Boise is home to over 35 homeowner associations, and you have every reason to want to live in one of them. HOA living has many benefits, including greater quality of life and property value appreciation.
However, you have to make do with the fact that you'll be paying recurring HOA fees, on top of other housing expenses you might have, such as a mortgage and home insurance.
Read on to learn more about this fee and how it can affect your homeownership journey.
What Do HOA Fees Cover?
Understanding the purpose of HOA fees will help appreciate why it exists in the first place.
In an HOA, there are communal assets, such as clubhouses, swimming pools, driveways, and parks. While homeowners are responsible for maintaining their properties, these communal assets fall under the care of the community's management. Thus, every homeowner pays an HOA fee, part of which is used to repair and maintain these assets.
HOAs also have other expenses, including worker salaries, utility bills, and vendor charges, all of which come from the fees the HOA collects from the homeowners. In addition, the community needs to maintain HOA reserve funds.
How Much Are HOA Fees?
It varies from HOA to HOA, but the national average is about $250.
Your HOA fees will be determined by the size of the community, the amenities offered, and the location. An HOA in an upmarket neighborhood will have a higher fee compared to an HOA in an inner town or rural area.
Are HOA fees negotiable? In many cases, no. HOAs are supposed to maintain fairness and transparency, and every resident has equal access to the community's facilities. It's unimaginable that homeowners would pay different rates.
However, depending on HOA rules and regulations, homeowners can get discounts on HOA fees. For example, an HOA can offer a discount to homeowners who pay a year's fee in a lump sum.
How HOA Fees Can Affect Homeownership
Like the average HOA homebuyer in Boise, you're financially conscious. You don't want to spend beyond your budget and strain your finances.
If you've done the math and realized the HOA fee won't fit into your budget after paying for the property, you might consider finding a property in an HOA with lower fees.
You must also consider how the HOA fee will change over time. The price of everything seems to have gone up over the years, and so do HOA fees. You don't want to be in a situation where you're selling your HOA home because you're struggling to keep up with the increasing fees.
Make Smart Homeownership Decisions
Buying an HOA home in Boise is a smart move considering the benefits that you'll enjoy. Be sure to factor in how this additional expense will affect your finances before splurging on the property.
If you're ready to buy or looking to sell an HOA home in Boise, PMI Treasure Valley can help you every step of the way. We are a real estate asset management company located in Meridian, Idaho, but are part of a national franchise that has over 20 years of experience in the industry.
Contact us to speak to one of our experienced realtors.
