Understanding GBV HOA Fees

The term “HOA fee” refers to an amount of money that must be paid by certain types of residential property owners every quarter to their Home Owners Associations (HOAs). These fees are collected to assist the association with maintaining and improving properties.

HOA fees are almost always levied on condominium owners, but they may also apply in some neighborhoods of single-family homes. HOA fees may also go by the term “common charges” or “maintenance charges.”

Home Owners Associations are organizations that are designed to set up and enforce rules for certain properties and the residents who live in them.

These groups are typically created in planned communities, subdivisions, or condo buildings. People who purchase these properties automatically become members of the association. As such, they are required to pay their dues through quarterly fees, which are called Home Owners Association fees.

Our annual fee of $6,391 is distributed as follows:

1. Insurance - $2,210 (35%)**
2. Utilities - $1,424 (22%)
3. Reserves - $868 (14 %)
4. Grounds Maintenance - $862 (14%)
5. Buildings Maintenance - $671 (10%)
6. Admin Expenses - $251 (4%)
7. Pool Amenities - $85 (1%)
8. Totals - $6,391 (100%)

**Our insurance policy was drastically increased after catastrophic Hurricane Ian.

Based on our typical condo of 3 bedroom, 2 bath, 1,744 sq ft, the average cost of our annual HOA Fees, is $3.67 per sq ft.