HOA stands for Home Owners’ Association.
HOA’s govern how owners get to use and improve their units and manage the finances for the development.
There are rules all owners must follow, usually relating to things such as:
- Changing the exterior appearance
- Interior modifications
- Pet restrictions
- Insurance requirements
- Rental policy
- Which repairs are HOA responsibility and what owners are responsible for
Condonomics — the Economics of Condominium Life.
Some people feel that HOA fees are costly—and they can be. However, if they’re examined in the context of what the owner receives for the fee, most find the HOA fee to deliver reasonable value.
Most HOA fees cover some or all of these expenses:
- Common ground maintenance
- Utilities (water, trash, sewer)
- Landscaping and snow removal
- Common area cleaning and maintenance
- Parking area/garage maintenance
- Pool maintenance
David Gerchan, St. Louis Condo Expert, will help you understand what an HOA fee covers and whether this is the right investment for you.