When you buy a home in a community with a homeowners association, you’ll be responsible for paying dues. Your dues cover things like community space maintenance and repairs.
But how much do they cost, and how often will you pay them?
Here’s what you need to know.
How Much Are HOA Fees in Aspen?
On average, homeowners association dues are between $200 and $300 a month. However, there are pretty big variations in those figures. In smaller communities, the HOA fee could be less than $100 per month, but in large, private and gated communities, it can be much higher. Typically, the number of amenities included in a community determine how much the fees are.
A lot of HOAs pay property managers, security guards and other professionals, like landscapers. If yours does those things, your HOA dues will likely be higher than those in communities that don’t offer those types of amenities.
Two Parts to HOA Dues
Usually, HOA fees are divided into two parts: monthly expenses and reserve fund. The part that goes toward expenses pays the contractors and maintenance workers, and the part that goes toward the reserve fund is more like a safety net for large expenses, like gate repair, road work or even natural disasters.
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