Want to lower your monthly HOA fees?
Homeowner Association (HOA) fees vary drastically from house to house, but the average is usually somewhere between $100 and $1,000 per month.
And while most people accept these fees at face value… There are some things that can be done to lower your monthly payments.
How is it done?
Here’s what we recommend!
Ask To See The Budget — It’s a homeowner’s right to review the HOA budget. Ask for a copy and review it. You can ask questions as they come up.
Review HOA Contracts — Many HOAs have outdated and overpriced contracts for the services they hire out for on behalf of homeowners. If possible, it’s worth reviewing and renegotiating these contracts (this is easier if you’re on the HOA board!).
Join The HOA Board — It might take a little extra time to get approved, but being on the HOA board will give you much more insight and control over the budget.
Find New Contractors — If you think that a contractor is overpriced, it’s worth finding a new contractor to lower costs.
Renegotiate Insurance — Insurance is a big part of HOA payments. Whenever your policy gets renewed, prepare to renegotiate terms with your carrier to lower your monthly payment, or investigate other insurance providers.
Property Management Fees — Property management is a large part of most HOA fees. How much is your HOA paying and is it a fair amount? It’s worth reviewing and it’s maybe worth renegotiating.
Hope that helps you lower your monthly HOA payments.