You may wonder, what is the purpose of collecting these fees?
They’re used for the general upkeep and maintenance of the common areas such as the playgrounds, club houses, open spaces and security. These fees vary based on the square footage of your space and the shared amenities of the development. HOA fees are specific to the particular development, so developments that offer a wider range of amenities may have higher fees than those that offer more basic amenities.
So, what exactly is a HOA?
An HOA comprises of homeowners in a particular development whose job is to govern and oversee the day-to-day operations of the development. It has the responsibility of repairing, painting, constructing, approving modifications and collecting the monthly maintenance fees. However, in the event, the association has to undertake a significant project, and the accumulated funds are insufficient to cover the expense, then each owner is taxed according to his/her unit entitlement. So, the bigger your unit, the more you will have to pay.