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.