22. Exorbitant HOA Fees
A Home Owners Association, or “HOA,” exists in some communities. Condominium communities, new housing projects, and luxury gated communities are the most popular places to find it. The HOA is a group of people in charge of looking after community shared facilities. Some neighborhoods, for example, have a public swimming pool, parking garage, gym, and community center that all residents are welcome to use. These benefits are not, however, “free.”
HOA payments range from $200 to $300 per month on average. In the event of an emergency, the committee is expected to save money. However, if there is a significant problem with one of the amenities that will cost thousands of dollars to fix, your HOA can request an additional payment that month to cover the cost. As a result, you never know how much money you will need to spend each month. Of course, you can altogether skip HOA fees if you purchase a home that is not part of one.
