Being an HOA homeowner requires some monetary dedication, but for good reason.
If you live in Washington, there's a good chance you are part of an HOA. Over 30% of homes in the state are in homeowner associations, ranking fourth among all U.S. states.
HOA fees in Vancouver, Washington, can make your community more desirable to live in, despite causing an increase in home costs.
HOA fees are regular payments you can make to a homeowners association. They will pay for a variety of maintenance tasks and recurring services. Keep reading to learn how they work.
How Do HOA Fees Work?
Homeowners will pay their HOA dues to cover property maintenance and upgrades monthly, quarterly, or annually. The exact timeframe can vary by community.
HOA fees are membership dues, but HOAs may also require special assessments to pay for expensive repairs. These are one-time fees that could arise due to unexpected budget deficits or natural disasters.
These are a few examples of what regular HOA fees cover:
- HOA management company fees
- Cash reserves
- Utilities (electricity, water, sewage, etc.)
- Lawn care and landscaping
- Security services
- Common areas and repairs (swimming pools, tennis courts, basketball courts, clubhouses, dog parks, gyms, etc.)
Some HOA fees cover trash removal, pest control, and snow removal to directly benefit the homeowner.
Average HOA Fees in Vancouver
In Washington, the average monthly HOA fee is $388. This is slightly below the national average of $390.
In Vancouver specifically, you can expect to pay more or less of the average based on your zip code. HOA fees vary based on these factors:
- Cost of real estate in the area
- Cost of living in the area
- Included amenities and services
Vancouver has a high cost of living, compared to the national average. This could cause fees to go up in the area, especially if the association provides more services and amenities.
HOA fees tend to increase as inflation does. This is due to the rise in the costs of repairs and materials.
Can You Avoid HOA Fees?
Property value is high in HOA communities because of access to resources. To get these resources, residents living within the community must pay their membership fees and special assessments.
You cannot avoid HOA fees as it is part of the agreement you sign to live in the HOA community.
Washington state allows a private HOA organization to pursue legal action against delinquent HOA homeowners. The HOA can get a lien on your home if you don't pay your dues.
How Can HOA Management Help?
An HOA management company can help you stay up to date on your HOA fees and dues. At Invest West Management, we are celebrating 40 years of property management services for homeowners associations and beyond.
HOA fees can be a little concerning without the right management keeping track of them. With our focus on integrity and ethics, you can trust that your fees are going towards services that benefit you and your community.
Request HOA management services from us today to get started!
