Homeowners associations can impose high fees and special assessments on homeowners, leading to significant financial burdens.
Homeowners associations are run by community residents elected to be members of the board of directors, which govern the neighborhood by a set of rules and regulations. Homeowners pay the HOA fees to have common areas such as parks, roads and community pools maintained and repaired. Mandatory membership in an HOA can cost homeowners a pretty penny, with dues as high as $1,000 a month. If the board is running low on money or didn't budget right, they can charge a special assessment.
This can lead to significant increases in monthly fees
Homeowners Associations HOA Fees Special Assessments Financial Burdens Real Estate
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