Looking to reduce your monthly HOA fees?
Homeowner Association (HOA) fees can vary widely, typically ranging from $100 to $1,000 per month.
While many people accept these fees without question, there are ways to potentially lower your monthly payments.
How can you do it?
Here are our suggestions:
Request the Budget — As a homeowner, you have the right to review the HOA budget. Ask for a copy and take a close look. Don’t hesitate to ask questions if something seems unclear.
Examine HOA Contracts — Many HOAs have outdated or overpriced contracts for services they hire on behalf of homeowners. If you’re able, review these contracts and consider renegotiating them (being on the HOA board can make this easier!).
Join the HOA Board — Getting on the HOA board might take some effort, but it gives you greater insight and control over the budget, including where cuts can be made.
Seek New Contractors — If you believe a contractor is charging too much, it’s worth finding a new one to help reduce costs.
Renegotiate Insurance — Insurance often makes up a significant portion of HOA fees. When your policy is up for renewal, be ready to renegotiate terms with your carrier or shop around for better rates with other providers.
Review Property Management Fees — Property management typically represents a large portion of HOA fees. Check how much your HOA is paying and whether it’s reasonable. It might be worth a review and possibly renegotiation.
We hope these tips help you lower your monthly HOA payments.
And if you’re thinking about selling your property as-is for cash, give us a call at 941-300-6090. We can close in as little as two weeks and cover all closing costs!