However, in Warren Michigan, $331 would be high because that city’s average was $218 per month. A recent study showed that the average HOA fee in the US was $331 per month when the entire country was averaged out. You cannot guarantee an exact match to your building or unit, but it is possible to get a rough idea of what is and is not a reasonable fee for your services, in the local market.ĭon’t take a quick look at random HOA fees, without ensuring they are roughly comparable. Look for those condominiums which provide similar amenities and in which the units are of a comparable price to the one in which you live. The best way to do this is to research other buildings in your area. The first thing to consider is whether your HOA fees are high because you are receiving a great deal in return or if they are out of proportion to the services provided. OK, but how? Are Your HOA Fees In Proportion To The Services?
What is an excessive financial burden for one person can be pocket change to another so first of all, when considering high HOA fees we need a better way to grade them than “high” or “low.” After the shock has worn off, you might start to wonder how they came up with the extraordinary amount you see before you. So you’ve just opened the email or the letter and are left speechless at the eye-wateringly high fees your HOA is expecting you to pay. My research has shown how you can identify these, and other issues, along with how you can address them to lower your high homeowner’s association fees. Others can be accidental, like continuing to automatically pay for services no longer needed. Some of these issues may be deliberate, such as awarding contracts on the basis of a personal connection instead of on cost and quality. Some owners are in arrears, and others pay extra to cover the shortfall.Excessive financial reserves are being built up.High cost, unnecessary, or out of date contracts are in place for maintenance and repair.
Rising HOA costs are a concern of many condo owners, and many are at a loss to understand how their fees are worked out, what they pay for, and how they can discover the details behind the costs. If you have just received your HOA fee bill and are wondering, Why are my HOA fees so high? You are not alone.
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