Lebanon, OH, is home to about 21,000 residents and some of the best blues and country music festivals. You've made a smart decision to purchase a home in one of Lebanon's HOAs and start enjoying what the city has to offer.
When signing the home purchase paperwork, you must have noticed that homeowners are required to pay HOA fees. You might be asking why you should be required to pay this fee.
Unfortunately, HOA fees are part and parcel of HOA living. Read on to learn more about this fee and how it helps your community.
The Purpose of HOA Fees
As an HOA homeowner, you're largely responsible for your home, but what about communal facilities? There are gates, walkways, driveways, clubhouses, swimming pools, parks, and other facilities that belong to the community.
Your HOA's management needs funds to maintain these communal assets. These funds come from the HOA fees you and other homeowners pay.
HOAs also need to pay workers, vendors, and utility service providers. All these financial obligations are honored because homeowners dutifully pay their HOA fees.
Who Sets HOA Fees?
Now that you know why paying HOA fees is necessary, you might be wondering who determines the exact amount every homeowner needs to pay. Perhaps your Lebanon HOA requires you to pay $200 monthly, and you feel it's exorbitant.
Every HOA community has an HOA board. The board is comprised of directors. These are usually residents who have volunteered to sit on the board and collectively lead your HOA.
The HOA board has many functions, including setting HOA fees. The board won't irrationally set the fee. It will consider the community's expenses and often consult with residents before settling on a figure.
Failing to Pay HOA Fees
HOA homeowners must pay the fee and other HOA assessments, but what if you're not able to pay? Perhaps your finances aren't looking up and you genuinely cannot afford to make the payments.
What can the HOA do? After all, you own the property and nobody has any right to kick you out of your home.
Well, failure to pay HOA fees can attract a fine, and usually a notice of default would follow if you don't bring your account to good standing. In many cases, the management will reach out and work with you to find a solution that works.
However, if a solution cannot be reached, or if the homeowner is being difficult to work with, the HOA can put a lien on your property. You won't be able to make transactions, like selling the property, before removing the lien.
Pay HOA Fees and Preserve Your Community
HOA fees are the lifeblood of every HOA community. When pooled, these funds go a long way in preserving the vibe and feel of the estate. As a responsible homeowner, you have a duty to pay your dues on time.
And if you're part of your HOA's board and need a professional to help you with the billing, collection, and management of these funds, PMI Buckeye Services has your back. Backed by a global property management franchise, we have the experience and tools to manage your HOA community. Learn more about our services!
