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Can HOA fees go up?
I’m trying to decide between two condos before making an offer. They’re both great, but one has an HOA fee that’s significantly higher because the community has a clubhouse with a pool. I can afford the higher HOA fee now, but not if it continues to increase. Can HOA fees go up?
Rachel Rigolino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
In a word—yes. HOA fees can go up for a variety of reasons. If prices for contractors and lawn care companies increase, you’ll see this reflected in your HOA bill. Sometimes, HOA boards will need to charge a special assessment fee as when shared roofs need to be replaced or the clubhouse pool needs repair.
How much HOA fees will increase depends on the situation.Some HOAs are restricted by their bylaws (or even by state law) from raising fees more than a certain percentage. Ask to see a copy of an HOA’s bylaws to see if there are any annual limits.
So, if you’re considering a property with HOA fees that already are stretching your budget, keep in mind that the fee is likely to increase over time. You may decide that the pool is nice, but not worth the cost—or the associated worry that comes with higher fees.
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