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HOA Fees (Homeowners Association Fees)
Definition
Monthly fees paid to a homeowners association for maintaining shared community areas.
Explanation
HOA fees cover landscaping, pool/gym maintenance, trash service, security, building insurance (condos), and reserve funds. Fees range $100-500+/month. HOAs can impose fines, increase fees, and place liens for non-payment.
Always review HOA financials before buying in an HOA community. Low fees might mean inadequate reserves for future repairs.
Example
Condo charges $350/month HOA fees covering building insurance, pool, landscaping, trash, and reserves. Over 30 years = $126,000 in fees.