Nationwide, the average cost of monthly HOA assessments is $170. However, individual HOA dues can vary by hundreds of dollars per month, with some homeowners paying as little as $50 and others paying close to $1000.
When you live in an HOA community, it's inevitable that you'll face an increase in HOA assessments at some point. Most of the time, HOA fees rise at the beginning of a new year or term.
Increasing HOA fees can support an increase in HOA home value. To understand the correlation, it's important to understand why HOA fees increase in the first place. Read on to learn more.
Common Reasons for Higher HOA Dues
The fact of the matter is that HOA assessments rise in relation to a variety of HOA cost factors. For example, HOAs pay for the maintenance of community spaces like pools, gyms, and parks. In the face of inflation, the cost of raw materials and labor needed for maintenance increases.
As a result, the value of your original HOA assessment will be lower. Your HOA can't stretch it as far to provide the same level of services and community care. To continue to meet community standards, the HOA has no choice but to increase your monthly fee.
Do You Have a Say in HOA Assessment Amounts?
In the state of Texas, there are no laws limiting HOA assessment increases. Technically, your HOA can increase assessments at any time and by any amount.
The caveat is that the HOA board is obligated to abide by any bylaws written into your HOA constitution. This may include limitations that the state government does not impose.
If you want to have more of a voice in shaping bylaws or using HOA assessments, start attending your HOA meetings. When you become an active HOA member, you learn more about what your HOA board is doing and get to share your feedback, potentially influencing board decisions.
How HOA Assessments Support HOA Home Value
It's natural to feel a bit of resentment when you see that your HOA dues are rising. After all, how does that money help you as an individual? The answer is that it's supporting your home value.
Location is one of the biggest factors buyers consider when finding the perfect home. When an HOA board can stay on top of maintenance, open new amenities, and even hold community events, your neighborhood becomes more attractive. This can have a ripple effect on the property values throughout your neighborhood, including your own.
Get Better HOA Management in Katy with PMI Prestige
When HOA fees rise, homeowners in the community may express frustration. Communication about the reason for HOA assessment increases can make a huge difference, especially when homeowners understand the impact on their HOA home value.
At PMI Prestige, we can make HOA fee increases go a lot smoother. From preparing an accurate budget and building reserves to improving communication with your members, we have the skills to help. Contact us for expert HOA management in Katy, TX.
