Homeowners Association (HOA) Fee

A Homeowners Association (HOA) Fee is a recurring charge levied by a homeowners association to cover the costs of maintaining common areas and services in a residential community. These fees can include expenses for landscaping, pool maintenance, security, trash collection, and other communal facilities. HOA fees are typically collected monthly, quarterly, or annually, depending on the association’s rules.

For example, in a condominium complex, the HOA fee might cover water, insurance for common areas, and upkeep of Shared amenities like a gym or clubhouse. If the fee is $300 per month, residents pay this amount in addition to their mortgage or rent.

In cases where the HOA determines that additional funds are needed for unexpected repairs, such as fixing a damaged roof on the community clubhouse, they may impose a special assessment fee on top of the regular HOA fees. This could be a one-time charge of $500 per homeowner to cover the costs of the repair.