When you buy a townhouse, condominium, or single-family home in Denver, you may be obligated to join the homeowners’ association (HOA). You’ll also need to pay them monthly or annual fees. These fees help protect property values and maintain the quality of life for all residents.
Whether you’ll be paying these fees directly or indirectly, it’s wise to research how much potential HOA payments cost.
What Are Normal HOA Fees?
A general rule is that the more luxurious the building is and the more amenities it has, the higher the homeowners’ association fees will be. This is especially true of condos and townhouses. Your new home’s zip code can also influence how much you pay in fees.
- $200-$400 per month is the average for Denver.
- $700 or more per month is considered high-end.
- Condos and town homes can cost $160-$330 per month more than single-family homes.
- An extra bedroom in a house or unit can raise the fee by roughly $30 per month.
What HOA Fees Pay For
HOA fees may seem like a pain, but they pay for the maintenance of common areas and shared amenities. The price itself is often based on your home’s value, meaning that it changes with the market.
In communities where the HOA pays for some exterior maintenance, fees can rise along with the cost of maintaining older buildings.
- Elevators
- Fitness Rooms
- Building Exterior
- Swimming Pools
- Roofing
- Parking Garages
- Security Gates
- Sidewalks
- Landscaping
- Clubhouses
Fees For Single Family Homes
People don’t often think about common areas when imagining a neighborhood of single-family homes. But, many Denver area subdivisions have a clubhouse with a pool, basketball court, and tennis courts. Bear in mind that you will have to pay for these facilities regardless of whether you use them or not.
Condominium Management Fees
In a condominium, everyone lives in the same building. That means everyone must share responsibility for maintaining the structure and common areas. What surprises people is the price tag. A condo with a high HOA fee could end up costing the same as that house you didn’t think you could afford.
A condominium with fewer units tends to have smaller HOA fees. Likewise, the smaller your unit, the smaller your HOA fee. A family of four in a three-bedroom condo is more likely to use the common areas than a single resident living in a studio unit.
Townhouse Fees & Responsibilities
Homeowners associations often expect townhouse residents to perform some exterior maintenance themselves. Yet, that’s subject to a strict set of rules. The rules can be very similar to regulations set by an apartment property management company.
Talk To A Denver Property Manager Today
Cobalt Creek Property Management is a full-service Colorado property management company. We assist owners by handling a wide range of rental property management tasks including paying HOA fees. We also help renters find the perfect Denver home and provide them with convenient tools that make renting simple.
If you’re considering a move to Denver or buying an investment property here, contact us today.
