Homeowners Association (HOA)
Real estateGlossary term
Definition
An organization in a residential community that makes and enforces rules for properties and common areas. HOA fees cover maintenance of shared amenities, landscaping, and sometimes exterior maintenance. Fees can range from $100 to over $1,000 per month.
Related terms
- Property ManagementThe operation, oversight, and maintenance of real estate by a third party on behalf of the owner. Property managers handle tenant screening, rent collection, maintenance, and legal compliance, typically charging 8-12% of monthly rental income.
- Fixed ExpensesRecurring costs that remain the same amount each month, such as rent, mortgage payments, car payments, and insurance premiums. Because they are predictable, fixed expenses are the easiest part of a budget to plan for.
- Home InspectionA professional examination of a property's condition before purchase, covering the structure, roof, plumbing, electrical, HVAC, and more. Typically costs $300-$500 and provides buyers leverage to negotiate repairs or a lower price.
Get advice that uses your real numbers
Warren reads your accounts and explains what terms like this mean for your plan. Free to start, no credit card required.