What is an HOA fee?
HOA fees quarterly dues, which homeowners are responsible for paying. These fees are paid to the association and contribute to daily operational expenses and reserve funds for future repairs and improvements.
HOW ARE FEES ASSESSED?
A Board of Directors and Management Company are responsible for setting the annual fee amount. When determining the exact payment required, a board will consider all operating, maintenance, and savings expenses, including things like utilities, vendors, insurance, and more. Fee amounts for your HOA will also be determined based on their needed reserve fund amounts. Unlike daily expenses, these funds help pay for future improvements and repairs for pools, parks, and clubhouses, et.
WHAT DO THE FEES COVER?
Typically, your fees will be directly tied to the size, cost, and complexity of your association's shared amenities, overall HOA common grounds, and complexity of services. For a Master Planned Community like Whisper Falls, the fees must cover things like Management; Audit & Tax Preparation; Legal-Collection Expenses; Licenses & Permits; Staff Payroll; Office Supplies; Telephone/Internet; Copies, Printing, Postage; Web Hosting; Social Events; Holiday Decorations; Landscaping; Cleaning & Janitorial; Pest Control; Pool Service; Alarm Monitoring; Access Systems; Fountain & Pond Maintenance; General Maintenance & Repairs; Signage; General Supplies- Gym, Pool, Amenity Center; Electricity; Water; Taxes; Insurance, to name a few.