In Texas, homeowners resident in HOA communities pay an average of $389 per month in HOA fees. For many, this may seem excessive, especially if they're paying a mortgage too.
HOA fees are essential for maintaining the appeal of community living and preserving home values. HOA board members see to the collection of these fees and allocate what they're used for.
If you're wondering what your HOA board does with all that money, keep reading.
What Are HOA Fees?
HOA fees are the price residents pay to enjoy the advantages of living in an HOA. These benefits include:
- Stable property values
- Convenient and desirable amenities
- Well-maintained common areas
- A great sense of community
When you live in an HOA, you enjoy the perks of these facilities without having to spend time maintaining them. Your
Living in an HOA means enjoying these aspects without having to invest time in their upkeep or planning. Community members contribute equally toward paying someone else to do the work for them.
For this reason, all community members must pay their HOA fees religiously. Those who don't can face serious consequences, like incurring an HOA lien against their property.
What Are Killeen, TX, HOA Fees Used For?
An elected HOA board oversees the HOA's budgeting, rule enforcement, and the upkeep of the common facilities. In most cases, HOA fees go toward the following expense items:
General Upkeep of the HOA
The HOA board takes care of the routine tasks involved with keeping common areas presentable. These tasks include landscaping, mowing lawns, and snow removal.
In most cases, they will hire an expert service provider to manage these aspects.
Upkeep of Amenities
Swimming pools, communal buildings, and golf courses all require considerable and ongoing care so that community members can make the most of them.
Keeping these amenities in good working order is vital for preserving the appeal of the community and ensuring HOA homeowners get value for their money.
Building Maintenance
HOA homeowners must see to the upkeep of their home's interiors. The HOA board is responsible for the rest.
This includes overseeing the maintenance of siding, roofs, and gutters on the exterior of the buildings.
Usually, HOA fees cover routine maintenance aspects. The HOA board may need to impose an additional HOA assessment in the event of major repairs like a roof replacement.
Insurance and Operational Costs
An HOA must carry insurance to protect their homeowner's investment. They must also keep money aside to pay taxes, just like any other business.
If the HOA hires an association management company to assist them with running the HOA, their monthly charges come out of the HOA fees, too.
Managing HOA Fees in Killeen, TX
HOA board members are accountable for every penny that they collect from homeowners. Community members expect to get the most bang for their buck when it comes to onsite amenities and community maintenance.
Yet, most HOA board members have little experience in the line of maintaining and managing properties. They're volunteers who freely give their time to oversee their community's affairs.
Hiring HOA managers in Killeen, TX, is by far the best way to ensure cost savings and effective management of these fees. PMI Phantom Realty is backed by over 20 years of experience in managing community associations.
Call us today to discuss our HOA management services and how we can help you maximize your HOA fees in Killeen, TX.
