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During your home buying search, you might be considering a property in an area with a homeowner association (HOA). If so, participation in the HOA is mandatory, and therefore, you’ll be subject to HOA fees. An HOA is a nonprofit organization of homeowners within a certain area, such as a condominium or gated community, that exists to help maintain the neighborhood according to a set of agreed-upon rules. An HOA might regulate what color you can paint your house or where guests can park, as well as manage trash pickup and landscaping services. Monthly dues are collected from all the members to cover the costs associated with the HOA. These fees can vary widely, but are typically around $200-$300 per month for a single-family home. However, if you do decide to buy a home, know that it doesn’t have to be a mysterious or stressful process. With knowledge and numbers on your side, you’ll be an informed buyer and inside your dream home in no time.

Featuring Annie Margarita Yang, Personal Finance Writer
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LowerMyBills does not endorse, warrant, or guarantee any financial product, service or company and makes no representation of any rates or financial programs. The content displayed on LowerMyBills or in this video does not provide legal, financial, accounting or tax advice.

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