Making Sense of HOA Fees

Minneapolis St Paul High Rise Condos

What is a Homeowners Association?

If you’re looking at a Minneapolis or St. Paul condos & lofts for sale, there’s a good chance you’ll encounter a homeowners association. In essence, the homeowners association will manage most of the details concerning the exterior of your property and common elements. The association documents outlines the rules that homeowners must follow regarding their property.

What Do HOA Fees Cover?

Every association has different policies. The seller will provide a comprehensive list of HOA rules and regulations, which should outline what is covered in the dues. 

In general, these are some of the costs commonly covered by HOA fees:

  • Sanitation: Many homeowners associations collects garbage on a weekly basis and ensure that common areas are clean;
  • Lawn Care: Typically, this includes the removal of snow, lawn maintenance, and general landscaping;
  • City Services: Utilities, such as water, sewage, and trash removal;
  • Professional Management: Most HOAs cover maintenance and repair services, including roof leaks, driveway pavement repairs, exterior painting, and more.

What is an HOA Reserve Fund?

HOA fees are often divided into two parts: One part includes monthly expenses, such as those described above, while the other part funnels into a reserve fund. Reserve money is saved for long-term repairs and replacements, such as plumbing, roofing, and pavement replacement. These funds also cover expenses that arise that can’t be predicted, including natural disasters, vandalism, and ordinary wear and tear. 

The specifics of your HOA fees and what they cover will be explained in your condo’s covenants, conditions, and restrictions. Read the CC&Rs carefully. Also, speak with your Minneapolis-St Paul Realtor if you have any questions.

If you are looking to buy a Minneapolis-St Paul condo, a loft, or a townhome, please feel free to contact RE/MAX Results – Shannon Lindstrom, Realtor @ 612-616-9714 today.

 

HOA’s – What is an HOA? What are the Benefits?

Minneapolis St Paul Condos

Simply put, an HOA or a homeowners’ association can be an non-profit organization in a condominium, planned community, or subdivision that helps to manage and maintain the building or neighborhood, and its residents.

Members of an HOA pay monthly or yearly membership fees, which the association then uses for carrying out its duties, including guideline enforcement, maintenance or repair of shared spaces, meeting management, etc.

If you buy a condo or a home that is within an HOA’s jurisdiction, it means that you become members automatically. As the name suggests, an HOA is made of and run by the residents of the community.

Benefits of an HOA

For someone who has never been a member of a homeowners’ association, it may be difficult to understand the many advantages that the association offers to its members. Below, we outline the top benefits of an HOA.

  • Access to different amenities and services

A huge portion of the membership fees go to developing and maintaining community spaces and amenities that are meant to make your life easier and more pleasant. These amenities and services may include clubhouses, swimming pools, gyms, tennis courts, walking trails, BBQ pits, parking lots, etc.

  • Provides a sense of community and belonging

HOAs give members a sense of community and belonging, making them feel secure. Besides, the various events organized by the association such as holiday parties, sporting events, and other small gatherings give members the opportunity to mingle with their neighbors.

  • Enforces community rules and guidelines

Another benefit of an HOA is that there are strict community rules and guidelines that each member is expected to follow. These regulations are laid down to make the lives of members easier, promote peace, safety, and security, and ensure that all residents live in harmony. Some restrictions may include not allowing late-night parties, barking dogs, etc.

  • Great for your property value

Finally, an HOA ensures that your property, as well as the surrounding area, is kept pristine and maintained well over the years. This greatly helps in increasing your property value.

RE/MAX Results
Shannon Lindstrom, Realtor®, AHWD, GREEN, NCS
13784 83rd Way No, Ste. 200
Maple Grove, MN 55369
Direct: 612-616-9714
Lindstrom_S@msn.com
Shannon@ShannonLindstromRealtor.com
www.ShannonLindstromRealtor.com
www.ShannonLindstrom.info