If you’re among the 20% of America’s homeowners that live within a community governed by a Homeowners Association (HOA), it’s important that you pay your fees as scheduled – typically monthly, quarterly, or annually.
HOA fees may cover the following types of services:
- Trash removal, water and sewage
- Lawn care for common areas
- Pest control
- Maintenance and repair for common areas
When budgeting and planning for homeownership, remember to account for your HOA fees, keeping in mind they can increase each year with the cost of services.
It’s important to pay your HOA fees on time and in full. Not only is it part of your responsibility as a homeowner, but HOAs can initiate foreclosure proceedings for non-payment.