If you’ve been renting your previous residence, it’s likely you haven’t had to pay Homeowners Association (HOA) fees for your apartment or rental. Should you buy a house, condo or townhouse in a neighborhood with common areas, a clubhouse, pool, or any other kind of community meeting places, it’s likely you’ll move into a neighborhood with an HOA. HOA fees can vary in terms of what the HOA covers within the community, but unless you know through your Realtor or through the homeowner the monthly fee, you can expect to spend anywhere from $10 to hundreds of dollars per month on HOA fees. One thing that is noteworthy is that always ensure your new home is already in compliance with the HOA rules. Buying a home that had problems with the HOA can be a headache, therefore, check out the rules and communicate with the HOA to find out what changes needs to be made in order to comply.
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