Find out: - What is an HOA? - What are HOA fees? - What's the difference between an HOA & a Condo?
An HOA is a homeowners association. In an HOA, members own their home and the plot it stands on. But common areas are owned by the HOA, and managed by the board of directors.
HOA fees (also known as dues) are a monthly, quarterly or annual charge that HOAs require from their members. These fees are necessary for the HOA to pay for expenses, such as insurance, maintenance and reserve funds, pay staff and take care of common areas and facilities.
1 - Common areas are owned by the HOA 2 - The HOA maintains the common areas, owners maintain their own house
1 - Common areas are co-owned by the owners 2 - The condo maintains the common areas, exteriors, roofs and units