Q:

What is an HOA fee?

A:

Quick Answer

An HOA fee is what members are required to pay so that the association can perform its duties. HOA is an acronym for Homeowners Association. A Homeowners Association is a group meant to perform maintenance of common facilities in condominium housing or subdivisions, such as gyms, tennis courts and pools.

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Full Answer

The HOA fee can vary based on location and amenities offered. If there is not enough money in the fund for necessary work, such as emergency roof or sidewalk repair, the fee can be temporarily increased to cover the costs. Because much is communally maintained, there are frequently rules about decorating one's home. It is important to find out what these rules are when purchasing a home or condo.

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