Are you a property owner in Murray, Utah?
In 2022, the state saw one of its highest population spikes. Among the state's dynamic cities, Murray stands as one of the best places to own property. Whether you want to live there or invest in real estate, you've made a wise decision with Murray!
To ensure you have the best experience with your property, you'll want to join an HOA. But you might be wondering how much you'll pay for HOA property maintenance.
Here's what you need to know:
What Are HOA Fees?
HOA fees are regular fees that members pay to the HOA for its services. This fee is usually charged each month or quarter.
You'll have to pay these fees even after you finish paying your mortgage. In some neighborhoods, joining an HOA is mandatory. Each HOA will specify what services are covered by the fees.
Generally, these community expenses are charged:
- Grounds maintenance
- Trash removal
- Providing electricity in public areas
- Pest control in public areas
These fees help make the living experience within your community much better. If you're trying to rent out your property, potential tenants will love the comfort that comes with HOA services.
How Much Will I Pay?
While average rates for HOA fees are between $100 to $200, it all depends on your neighborhood. At times, HOA fees can go upwards of $1,000.
If you're looking at properties in Murray, make sure you research HOA fees in advance. Remember, you'll have to pay these in addition to your mortgage, interest, bills, and property taxes.
Larger properties will often pay more than smaller properties. The number of amenities and services available will also increase the price. A gated community can also add to the cost of HOA amenities.
Things to Know About HOA Property Maintenance
Let's end by looking at a few more factors to be aware of with HOA property maintenance.
If your property is your primary residence, you can't deduct HOA fees from your tax obligations. If you rent out the property, you might be eligible for tax deductions.
If you're unable to pay your dues, the HOA can offer a payment plan. If you don't pay your HOA fees, you can get evicted or get issued a lien. As a result, take your time researching the HOA before buying your property.
HOA fees can also increase with inflation. You can also expect special assessment fees. These cover the costs of unexpected work or services.
For example, if there's a natural disaster, then special assessment fees will cover the costs of repair and recovery.
Prepare for HOA Fees
Now you know how HOA property maintenance works and the fees associated with it.
HOA fees are used for the various maintenance services and amenities that come with membership. These are charged on a monthly or quarterly basis.
You'll have to research HOA fee costs before buying property. Make sure you also have sufficient funds, as you'll have to pay HOA fees on top of other property fees.
Need to learn more about HOA fees? With 20 years of experience in property management, be sure to contact PMI Wasatch Front to learn more.