If you are considering a move into one of the fabulous Downtown Dallas condos, you will likely encounter HOA fees. Your HOA fees are perhaps just as important as the sales price of your condo, so it is imperative to have a full understanding of what they are and what they entail.
What are HOA fees?
Homeowners Association fees, better known as HOA fees, are fees that are collected from homeowners of a condominium complex. These fees may be collected on a monthly, weekly or annual basis, depending on the downtown Dallas condo in which you reside.
What do HOA fees cover?
One of the reasons why it is so important to do your homework regarding the HOA fees for the condominium building in which you want to reside is because they can cover a wide variety of expenses. Typically, however, HOA fees cover the master insurance, the exterior and interior maintenance, landscaping, water, sewage, and refuse costs.
They may also pay for amenities and services of the downtown Dallas condo building in which you live, including a swimming pool, a party room, valet service, concierge service, and a fitness center, just to name a few.
How are HOA fees determined?
HOA fees are generally determined by the building's board or directors and often re-evaluated on a yearly basis.
How are HOA fees paid?
HOA fees are generally paid through your mortgage payments, thereby making the process of tending to these payments hassle-free.
Do HOA fees cover large repairs on the building?
Generally not. You may also be expected to pay for "special assessments" when unexpected communal expenses arise. This may include replacing the roof, for example.
Paying for HOA fees may have a large impact on your overall housing budget, so it is important to understand what you will be paying in HOA fees every month, and to also be aware that these fees can increase - often significantly - during the time you are residing in the home.
HOA fees can range anywhere from a couple hundred dollars to more than $500 per month, depending on the downtown Dallas condo building, so keep these fees in mind when you are shopping for your next condominium home.