We previously discussed what HOA fees are in Las Vegas, how they are calculated, and who is responsible for paying them, among other details. The article discusses that HOA (Homeowners Association) fees are used to pay for street maintenance, common areas, share expenses, and overall community maintenance.
However, what you get in return might not always be the same. For example, communities in higher-end areas, such as luxury real estate in McDonald Highlands’, fee will be higher, but the associated amenities will reflect that cost as well.
Here, we will discuss what you really get as a return of your HOA and building fees.
What Do HOA & Building Fees Cover?
The amenities you get will differ based on whether you live in an apartment, condo, or a house.
For shared living spaces such as a building or planned development, you will have to share some areas. Looking after or maintaining them isn’t your responsibility, but someone will have to do it, right?
Your HOA and building fees will cover this cost and will often be referred to as maintenance costs.
Other amenities that you get include:
- Building utilities
- Curb appeal of the building
- Desk staff salaries
- Amenities such as
- Tennis courts
- Laundry area
- Parking area, etc.
- Building insurance, and more
You will have to pay for these amenities even if you don’t use them.
On the other hand, if you’re living in a house, the HOA fees will be much more widespread. You’ll still be paying for shared spaces, but not those confined within the boundary of your home. These include:
- A public park
- Community hall
- Security charges
- Road maintenance
- Street light repair and maintenance, and more.
HOA fees also include the overall cost incurred by (or charged on) the builder when constructing the community/building. Keep in mind that HOA and building fees don’t cover property taxes.
Are HOA and Building Fees Worth Paying?
The worth of HOA and building fees depends on how much you’re paying and what you’re getting in return. In Las Vegas, these fees are a fair representation of the costs incurred by the management committee.
These committees are non-profit and therefore any and all extra amount is stored for later use; mostly for maintenance and improvement.
We recommend you always do your research and ask your real estate agent for a breakdown that explains what your HOA and building fees are being used for. For good measure, it is wise to ask around as well, instead of finding out later on that people across the street are paying half as much as you are.
Disclaimer: There are numerous factors to consider in every investment, including real estate. The information provided above is just a matter of opinion and can change with time. It shouldn’t be construed as legal or tax advice; neither does the report constitute a financial promotion or investment advice. It is general information and before making any such decision, you should seek out licensed professionals and see all ends clearly.