Finding your dream home can be exciting. It doesn't take long before you visualize sitting in the sun on the patio or hosting family in the gorgeous and spacious dining room.
But those dreams can come crashing to Earth fast if you fail to account for ongoing costs like HOA fees. Here is what you need to know about these fees when buying an HOA property in Tulsa.
The HOA Fee Breakdown
Many people assume HOA fees are used to maintain communal areas.
While true, it's not the only way an HOA board will spend money collected from fees. Average HOA fees are used to invest in site improvements, like landscaping a grassy area or building a new gym.
Fees will also be used for community events, decorating communal areas during the holiday season, and repairing security cameras and lights.
Fees Vary By HOA
Before you buy an HOA property, you should always check the fees and potential HOA fee increases in the future.
In Tulsa, fees will vary by HOA. What you pay might depend on the number of facilities your HOA has available, such as pools, security gates, and gyms.
A beautiful and well-maintained HOA with high-quality landscaping will likely have higher fees because you are paying to live in a premium environment. You should also check what services are included in the fees, such as garbage collection.
HOA Fees Impact Property Values
The best HOAs in Tulsa offer a well-maintained and attractive community for residents, which means they are more in demand with buyers. That's something worth remembering when you are examining HOA fees.
Look at how the money is spent. If the HOA is well-managed, it will positively impact your house price.
Conversely, those with high fees but a poor-quality community will be less attractive, which could lead to stagnation or even a decline in your property price.
The Legal Implications of Non-Payment
HOA fees form part of your agreement with the association when you move into your house. There are legal repercussions if you fall behind with fee payments or refuse to pay.
In the worst-case scenario, an HOA can issue you an eviction notice. They can also file a claim to recoup the money they are owed. You must check if you can afford the fees when moving.
If you are having payment issues, speak to the HOA about installments.
An HOA Must Offer Transparency
You have a right as a homeowner to know how your money is spent. An HOA must show transparency by sharing a budget and expenditure details with property owners.
These financial statements should show value for money and full accountability for spending decisions.
HOA Fees: the Cost of Living In a Beautiful Community
At its best, HOAs offer dream living to homeowners. However, you should always ensure you get good value for money with your HOA fees. When spent well, they represent an excellent long-term investment on your property.
PMI Green Company offers a common sense approach and an experienced team for all your property needs in Tulsa, including overseeing HOA management. Discover how we can help you find the perfect home here.
