An important question to ask yourself before any real estate purchase is “What will be the cost of owning this property or home?” One often overlooked element is Homeowner Association (HOA) Dues and Special Assessments. These fees can significantly impact your future financial stability, quality of life, and return on your investment.
Many homes and condominiums are within a sanctioned Homeowner's Association (HOA) and require regular fees to be paid by residents to cover the costs of shared amenities. These dues are used to fund community expenses, including landscaping, exterior maintenance, insurance, and the management of common areas to name a few. While they may be cumbersome, they serve a vital purpose within the community and help enhance your quality of life and the value of your investment. Here are the answers to some points to consider before closing:
In addition to regular HOA dues, homeowners may also be asked to fund special assessments. Special assessments are one-time charges levied by the HOA to cover unexpected or significant expenses that cannot be funded with the regular dues. These can occur for a variety of reasons, including:
Homeowner's Association dues and special assessments are essential components of any real estate transaction within an HOA community. They affect your financial stability, quality of life, and long-term cost considerations. Utilizing the services of a professional Realtor® will assist you in understanding these complexities and illuminate the importance of these factors.
Newman-Dailey Resort Properties has been managing real estate transactions on the Emerald Coast since 1985. Our boutique real estate agency located in Miramar Beach, Florida is comprised of local agents who pride themselves on their ability to provide their clients with an expert understanding of the area and market values. Our team consistently ranks in the top 10% of agents in the Emerald Coast Association of Realtors®. Learn more about our experienced team members online or call our Real Estate Sales Manager, Melissa Aiken, at 850-837-1071 to hep find a REALTOR for your Destin real estate investment.
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