Buying your luxury dream home or an oceanfront condo often means joining a homeowners association with fees. Nearly 22 percent of property owners in the United States belong to one of these HOA-governed communities.
Many benefits come from joining a condominium community with an HOA. So if you’re shopping for a luxury condo in Jacksonville, read on to learn more about HOA fees and what they should cover.
What is a Condo Homeowners Association?
A homeowners association refers to an organization of property owners within a specific condominium or subdivision. This group sets a certain standard for the properties to upkeep and maintains various aspects of the community.
A homeowners association in a condo differs slightly from an HOA in a single-family subdivision. Since condominiums contain more shared spaces than developments, like stairwells and roofs, a condo HOA addresses different issues.
A condo HOA is an elected body of condo residents from your area who handle the community’s managerial responsibilities. Property owners pay HOA fees to the association to cover many different things.
What do HOA Fees Cover?
Moving into a luxury condo with HOA dues may not be appealing at first, but those fees cover many important things that protect your property’s value. These include:
Living in a condominium means sharing a lot of space with your neighbors. You walk the same walkways, park under the same carports, and live under the same roof. That doesn’t mean you want to work together with them to continually maintain and repair things.
When you pay your homeowner association fees, you pay for the board to take care of all these inevitable repairs for you. Depending on the community you join, the HOA fees may cover the following ongoing maintenance work and other amenities:
- Plumbing and sewage
- Landscaping and lawn care
- Trash removal
- Electrical systems and lighting in common areas
- Security gate systems
- Air conditioning and heating units
- Roof, road, and carport repair from the weather, age, and other damage
- Basic cable and/or Internet
- Cleaning and painting exteriors, walkways, elevators, and stairs
Again, the items covered vary from association to association and should be something you consider when looking to buy a luxury condo.
If your condo includes any common areas like a pool or community space, the HOA fees will cover the utilities for these areas. That should include anything from electricity and water to lighting or A/C.
3. Insurance Fees
Every condo homeowners association must buy an umbrella insurance policy that protects the entire condominium against property damage. Your HOA fees pay for an insurance policy to cover the buildings and their exteriors as well as anything else your HOA requests.
This does not replace your need for an individual homeowner’s insurance policy.
4. A Contingency Fund
Many HOAs create a contingency fund by setting aside a small bit of money from the HOA dues to cover unforeseen emergencies or other community expenses.
5. A Reserve Fund
Smart HOAs put part of the monthly HOA fees into a special reserve account when budgeting for planned repairs and renovations. Certain things need constant maintenance like roads and roofs. An HOA already allocating part of your HOA fees for these costs should not need to ask for additional fees later.
6. Paying Staff
HOA fees often go towards the salaries of the community’s management and staff. This includes janitorial and maintenance workers as well as property managers. If your condo HOA decides to partner with a professional property managing company, they should include that cost in your HOA dues as well.
Finding the Perfect Condo By the Beach
Paying HOA fees allows you to worry less and just enjoy your beautiful home. When you live by the beach this can be especially helpful since the sun and the surf takes their toll on any home.
Call us today to schedule a showing of our stunning oceanfront condos on Jacksonville Beach. It won’t take long to see how splendid life can be in our modern, luxury community.