Buying a home in a community with a homeowners association (HOA) means more than simply purchasing the property. Buyers should understand the HOA fees, rules, services, and financial condition of the association before moving forward.

For Colorado Springs homebuyers, reviewing the HOA information early can help you understand the ongoing costs and responsibilities associated with the property.

What Is an HOA?

A homeowners association is an organization that manages and maintains certain aspects of a community. Depending on the community, an HOA may maintain common areas, landscaping, amenities, roads, or other shared features.

HOAs can also establish rules and architectural guidelines that apply to properties within the community.

Why this matters:

The services, fees, and rules can vary significantly from one HOA to another, so buyers should review the specific association rather than making assumptions.

Understand the HOA Fees

HOA dues are an ongoing cost of homeownership. The amount can vary depending on the community and the services provided.

Before buying, find out the current monthly or annual dues and what they cover.

What to do:

• Confirm the current HOA fee

• Ask what services are included

• Check whether fees have changed recently

• Ask about any planned increases

• Find out whether special assessments are currently pending

Review the HOA Rules and Regulations

HOA rules can address areas such as exterior modifications, landscaping, parking, pets, maintenance responsibilities, and other property-related matters.

Review the association's governing documents before purchasing so you understand what is and isn't permitted.

Why this matters:

A property may appear to meet your needs, but an HOA rule could affect how you want to use or modify the home.

Look at the HOA's Financial Health

An HOA's financial condition is another important part of your due diligence.

Ask to review available financial statements, budgets, reserve information, and other relevant documents. You should also find out whether the association has outstanding obligations or anticipated major expenses.

What to do:

Pay particular attention to reserve funding and any known upcoming projects that could result in additional costs.

Ask About Special Assessments

A special assessment is an additional charge that an HOA may impose to help pay for expenses that aren't covered by regular dues.

These costs can sometimes be associated with major repairs, maintenance projects, or unexpected expenses.

Why this matters:

Knowing whether a special assessment has been approved, proposed, or recently completed can help you better understand your potential financial obligations.

Understand What the HOA Maintains

Don't assume the HOA maintains everything outside your home.

Depending on the community, homeowners may still be responsible for certain portions of landscaping, roofs, fences, exterior surfaces, utilities, or other features.

Ask exactly what the HOA maintains and what remains the homeowner's responsibility.

Consider the Community Amenities

Some Colorado Springs communities offer amenities such as pools, parks, trails, clubhouses, fitness facilities, or other shared spaces.

If amenities are included with your HOA dues, consider whether you'll actually use them when comparing the overall cost of the property.

Review HOA Documents Before Closing

HOA documents can contain important information about fees, rules, maintenance responsibilities, insurance, financial obligations, and community restrictions.

Don't wait until the last minute to review them.

Why this matters:

Reviewing the documents early gives you more time to ask questions and discuss concerns with your real estate professional and other appropriate advisors.

Common Mistakes Buyers Make

• Looking only at the monthly HOA fee

• Not reading the HOA rules

• Assuming the HOA maintains everything

• Ignoring reserve funding

• Not asking about special assessments

• Overlooking planned fee increases

• Waiting too long to review HOA documents

Frequently Asked Questions

Are HOA fees included in the mortgage payment?

Generally, HOA dues are separate from your mortgage payment. Ask your lender about how HOA fees factor into your overall housing budget.

What do HOA fees typically cover?

It depends on the association. Fees may cover common-area maintenance, landscaping, amenities, or other shared community expenses.

Can HOA fees increase?

Yes. HOA dues can change depending on the association's budget, expenses, and governing documents.

What is a special assessment?

A special assessment is an additional charge collected by an HOA for certain expenses that aren't covered by regular dues.

Can an HOA restrict what I do with my property?

Potentially. HOA governing documents may establish rules regarding exterior changes, landscaping, parking, and other aspects of the property. Review the specific documents before purchasing.

Key Takeaways

• Understand the HOA fee and exactly what it covers.

• Review the association's rules and governing documents.

• Check available financial and reserve information.

• Ask about current or potential special assessments.

• Understand which maintenance responsibilities belong to you.

• Review HOA documents early in the buying process.

• Include HOA costs in your overall homeownership budget.

Ready to Buy a Home With an HOA in Colorado Springs?

An HOA can be an important part of the homeownership experience. Understanding its fees, rules, maintenance responsibilities, and financial condition can help you evaluate whether a particular property fits your needs and budget.

Nora Pajian, a Colorado Springs real estate agent with Engel & Völkers, can help you navigate the home-buying process and identify important questions to ask when evaluating an HOA property.

👉 Reach out today to start your Colorado Springs home search.