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What is Condominium Home Owners' Associaton Fee?

Posted by Los Angele Real Estate Broker on March 17, 2013 at 1:45 PM

Condo Home Owner Association fee which commonly referred as HOA fee or HOD is the monthly fee that a condo home owner must pay every month to a company that is responsible for maintaining the condo complex. This monthly fee is usually charged towards the fire insurance, water, and maintaining common area of the complex. The HOA company may charge some extra fees and add earth-quick, and flood insurance. It is essential for a condo buyer to study the bylaw and clearly understands the services that will be provided. In addition to the maintaining pool, jacuzzi, and gardening, there are some depreciations that will inquire cost to repair. For example: any necessary repair of the roof, termite infestations, or plumbing issues, elevator repairs. Therefor, a condo owner must contribute towards the repairs. This contribution maybe required one payment or multiple payments.

Categories: Real Estate Informational Posts

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