Some people question why they have to pay assessments when they move into a condominium, town home, or homeowner association. While assessments may be a technically correct term, the fact is that they are actually property maintenance fees.

When the collective buying power of the entire association is factored in, they prove to be a real bargain for individual homeowners. These fees can cover exterior maintenance, snow removal, landscaping, trash removal, common area up-keep, and sometimes utilities, security, recreation facilities, and more. They also include savings for future big-ticket items like roofs, hot water heaters, and repaving—which means homeowners will not be hit unexpectedly with a special assessment or loan payback when the roof needs to be replaced in a few years.

While the value or need for HOA assessments may not be initially visible, over time they save all neighbors money and lesson the impact of major expenses.

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