Your homeowners assocaition will handle all th emaintenance for community spaces in your neighborhood - but sometimes, there’s a special fee called an assessment.
So what is an assessment from an HOA, and how much does it cost?
What is an Assessment From an HOA?
An assessment is a special fee that homeowners assocaitions sometimes have to charge residents. Here’s the deal: Your HOA will maintain a “reserve fund.” This money is the cash collected from HOA dues from all the residents in the community. Some of that money goes toward regular maintenance, like cutting the grass and planting flowers in the spring. Some of it also goes toward making major repairs, like when a tree root damages the foundation of the community center or play structures become damaged at the playground.
When the association doesn’t have enough money ot cover expenses, it can charge you and the other homeowners in the neighborhood a special assessment. The assessment is on top of your current homeowners association dues.
For example, if a huge tree gets struck by lightning and falls into your community’s pool, it’s going to take a lot of money to repair. If the HOA doesn’t have enough money in reserves, it can require you and the other owners in the neighborhood to pay a special assessment to cover the cost.
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