Recently, we’ve received many questions from those of you who watch our videos, and we are going to do everything in our power to answer them in future videos. Today, we want to address the questions of HOA fees and how they can affect you, whether you’re buying or selling.
Not long ago, we worked with a seller who ran into HOA fees and was taken by surprise. When we first listed their home, we looked at the mortgage payoff, property taxes, real estate commission, and all the things that are usually figured in to help sellers understand what to expect on the HUD statement.
The one thing the seller was not aware of was a HOA fee in the amount of $850. He didn’t realize that he had agreed to it back when he purchased the house. Any time the title is transferred, under the agreement he made, he had to pay an $850 fee to the homeowners’ association in order to do so.
We just want this to be a warning to you, so you aren’t caught off guard when selling a home. You need to be aware of the homeowners’ association fees you agreed to years ago when you first purchased your home. It’s something you’ll want to keep in mind and think about when budgeting for your move.
On the buyer side of things, be aware that you may have to pay an initiation fee to join the homeowners’ association in your new neighborhood. They’re typically not too expensive, but you need to keep an eye out for them as well.
If you have any questions about this topic, or would like real estate assistance of any kind, don’t hesitate to give us a call or shoot us an email at any time. We would love to hear from you!