What Does Your HOA Fee Cover?
People often ask us this question.
While understanding what your fees cover here at SGM, we wanted to take a little time to provide insight about HOA Fees and principles of Assessments overall.
We hope you find this information useful.
South Gulf Manor HOA Fee
When you bought your home in South Gulf Manor you became a part of a common interest development. As a result, you’re required to share the costs associated in maintaining and operating our community’s common area, and let’s face it; smooth operations and an inviting appearance go a long way towards enhancing property value. These services are covered by your homeowners’ association fees, which each homeowner must pay. Our Current Fees are rated at $45.00 annually. This fee is due by July 1st each year.
HOA fees (also known as “assessments” or “maintenance fees”) are set by the Board of Directors, who determine each owner’s share based on projected annual expenses. Board members in no way profit from HOA fees. In fact, they are homeowners just like you and are obligated to pay fees as well.
While you know you must pay an annual association fee, do you know what this money is used for? Each association has its own very unique rules and policies, so it’s important that you read our community’s covenants and bylaws. Both of these documents are located on this website. Below is a condensed list of what the HOA fees here in SGM cover;
- Ongoing maintenance and repairs
- Utilities for the front entrance area
- Insurance policies / Non-Profit Status
- Neighborhood Events and Contests
While some people may consider HOA Fees an unnecessary expense, the are actually very necessary to enhance your lifestyle and keep our community clean, safe, beautiful and financially stable – and that is what helps protect our property values. Afterall, a home is typically the most valuable asset that individuals own.
Your $45.00 annual association fees can be paid here, given to ANY board member, paid through Facebook Messenger OR you may mail a check or money order made payable to SGMHA to the address below:
SGMHA
P.O. Box 18111
Pensacola, FL 32523
Special Considerations
If a member fails to remit payment to the HOA, it affects the other members of the community. Common areas may suffer due to lack of funds, or other members may be assessed special fees to cover maintenance costs or other expenses.
The HOA has the authority to take action against delinquent homeowners which includes but is not limited to; charging late fees to the homeowner, initiating a lawsuit, placing a lien on the property and more…
What is the average range of HOA Fees?
HOA fees vary drastically, but estimates claim these fees range from $50 to $10,000 annually! The amount of an HOA fee varies based on the type of property, the amenities it provides, the desirability of the location and so many more things. Typically, the more services and amenities, the higher the fees. In some cases, owners face higher fees when an association’s reserve fund isn’t managed correctly.