As a Wellington Florida REALTOR one of the most common questions I receive from potential home buyers is "How much are HOA fees in Wellington Florida?" While Wellington is a Village and does not have any HOA fees (Homeowners Association Fees) many communities within Wellington do.
Homeowners Association Defined:
A Homeowners Association is a non-profit organization usually established by the developer of a community and they are responsible for enforcing rules, regulations and the restrictions set in place. They are also responsible for collecting funds from homeowners within a community, commonly referred to as HOA fees or Homeowners Association fees.
Wellington home buyers interested in purchasing a home within a community that has a Homeowners Association in place can expect to pay a monthly, quarterly, bi-annual or annual HOA fee. These fees will vary greatly, some HOA fees in Wellington will be under $100 a month while others will be well over $900 a month. Not only do HOA fees vary by community, but sometimes the amount can vary within the community itself. Communities like Olympia, Isles at Wellington and Grand Isles have a master association, which every resident is obligated to pay their HOA fee, but residents are also responsible for paying an additional HOA fee to the specific village/sub-development they reside in.
So what do community HOA fees in Wellington cover? Just like HOA fees the items covered vary. In my experience HOA fees will always cover management fees, reserve funds and common area maintenance. Although some HOA fees also include items like basic cable, lawn care, pest control, alarm monitoring and security.
Wellington home buyers should not take HOA fees lightly especially if they are searching Wellington homes for sale on a budget. My recommendation for home buyers is to contact a local lender and discuss how HOA fees will affect their mortgage approval. I'm currently working with a Wellington home buyer who can get approved for a $300,000 home loan with no HOA fees or a $240,000 home loan with a $300 monthly HOA fees. If they had not discussed HOA fees and the impact they have on their mortgage approval they might have wanted to look at $300,000 homes with a $300 monthly HOA fee and in the end they would not have been able to purchase the property.
Below are a few of the communities in Wellington that have a homeowners association in place:
- Aero Club | Estate Home Community
- Buena Vida | Single Family Home 55+ Community
- Equestrian Club | Estate Home Community
- Georgian Courts | Townhome Community
- Grand Isles | Single Family Home Community
- Isles at Wellington | Single Family & Estate Home Community
- Olympia | Single Family & Estate Home Community
- Towne Place | Townhome Community
- Versailles | Estate Home Community
- VillageWalk | Single Family & Patio Home Community
- Wellington Lakes | Single Family Home Community
- Wellington Place | Townhome Community
- Wellington Shores | Single Family Home Community
If you are looking to purchase a home in Wellington Florida within a Homeowners Association contact us today! You can also receive a list of homes for sale in Wellington Florida that belong to a HOA by filling out our Online Buyer Questionnaire.
Originally posted at http://wellingtonhometeam.com/how-much-are-hoa-fees-in-wellington-florida/