Most American homeowners are members of a Homeowners Association (HOA) in their respective communities.
A homeowner’s association (HOA) can provide many advantages to its members, but it also requires its members to pay dues and abide by specific rules and regulations. There are HOA fees even in Northern Virginia, but there’s nothing to get worked up for since HOA fees depend on your community and the services or amenities they offer.
In this article, we will answer your queries about the average HOA fee in Northern Virginia.
What Is HOA?
A Homeowners Association or HOA is privately managed by a board of volunteer residents. They are a type of community association. HOAs draft and enforce the community’s regulations, handle administrative tasks, collect dues, implement penalties, and oversee service providers’ activities. An HOA may contract with a third-party management firm to perform these services.
What Is HOA Fee?
An HOA fee is the monthly payment made by homeowners of residential properties in a neighborhood to their respective homeowners’ associations, or HOA. The funds from the dues go toward the upkeep, repairs, maintenance, amenities, and improvement of the homes in the organization.
Typically, HOA fees are paid by condo owners, but they can also be required in some single-family areas. Costs usually range from $100 to $300 per month, depending on the location and amenities offered by the neighborhood.
HOA Fees in Northern Virginia
If you buy a house in Virginia and the community already has an HOA, you must join the association and comply with its rules and bylaws. Your real estate agent should provide you with HOA documentation detailing the laws and regulations upon closing.
The average HOA fee in Northern Virginia is mid $100 to $200. In the areas of Manassas and Leesburg, there are homes with HOA fees under $100 and a little over $100. However, in the southern area like Alexandria, the HOA fee could reach as high as $400. A $1.5M home in Leesburg only has a $100 HOA fee, while a $400,000 home in Alexandria has monthly HOA dues amounting to $425.
Are HOA Fees Included in Mortgage?
No, the HOA fee is different and apart from the mortgage fee. The HOA’s primary goal is to safeguard all residents’ property values. Homeowners who voluntarily serve on their HOA boards are responsible for handling things like repairs and budgeting.
In contrast, mortgages are loans taken out to finance the purchase of a real estate property. Mortgage lenders will want to know how much you’ll pay each month in homeowners association dues before they give you a loan.
Are There Any Areas in Northern Virginia with Lower or Higher HOA Fees?
The HOA dues in the northern area of North Virginia cost significantly lower than in the homes located in the middle and southern regions of North Virginia. Thus, if you are looking for a property in a neighborhood where the HOA fee is reasonable, Loudoun County is an excellent option because the HOA costs around $70 to $100 monthly, regardless of the value of your property.
If you plan to move into a new home, HOA fees are part of the costs you should consider and include in your budget. It is essential that you know how much you will be paying monthly for HOA dues.
HOA fees are beneficial for homeowners. These fees ensure that the residents stay comfortable and safe in the community where they reside. You will feel at ease if you know that your community is well-protected and cared for by your local homeowner’s association.
For complete information about the HOA fees in Northern Virginia or if you have any queries about the average HOA fee in Northern Virginia, please do not hesitate to contact me anytime. I’m here to help you have a stress-free and easy home-buying journey in the beautiful area of Northern Virginia.
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Frequently Asked Questions
How do HOA fees in Northern Virginia vary from one neighborhood to another?
Association dues for homeowners differ widely from one neighborhood to the next. Your fees may be affected by factors such as your community’s location, property features, and amenities. When comparing HOAs, the more the amenities, the higher the dues.
Do all neighborhoods have HOAs?
Although HOAs govern the much newer residential areas, this is not the case for all neighborhoods. There are also neighborhoods in different states with no HOA fees or HOA itself.
Are there any benefits to living in a neighborhood with an HOA?
The main perks of settling down in a community with an HOA include but are not limited to the following:
- HOAs raise a property’s value.
- You will get access to great community amenities.
- Neighborhood interactions promote close-knit.
- The rules keep neighborhood problems from happening, such as neighbor feuds.
How can someone find out how much their monthly HOA fees will be?
You can get an assessment statement from the HOA if you want to know the current cost of your monthly HOA fees. You can obtain this declaration by contacting the HOA directly or requesting this from the home seller or your real estate agent.
Is it difficult to estimate how much you will pay in HOA fees before moving into a community?
HOA rates vary, but estimates range from $100 to $1,000 per month, with the average being $200 to $300. HOA costs are higher for properties with more facilities and amenities. You can ask your realtor for assistance to know about the HOA fees of a community.
How do HOAs impact the resale value of a property?
Some HOAs have design guidelines. Having a unified-looking neighborhood raises property value. HOA restrictions and guidelines also boost house sales due to the added protection they provide to every homeowner.
HOAs can also enforce community-approved property care, grounds maintenance, and other features that make homes more appealing to buyers.
New homebuyers prefer homes in homeowner’s associations, all else being equal. Lastly, HOAs increase home values with better property maintenance, aesthetics, etc. HOA-serviced homes cost 5% to 6% more than homes without HOA.