Can You Negotiate for Lower HOA Fees?

by Chris Bohr 02/09/2020

Image by Brady Pevehouse from Pixabay

When purchasing a home, there are many issues to keep in mind. These often include items such as the interest rate on the mortgage, real estate taxes, and homeowner's insurance. If you've purchased a home governed by a Homeowner's Association and have not lived within a similar community before you may find some challenges adjusting more specifically, HOA fees. Changes to rules and regulations within HOA communities usually require an official voting process before they are implemented. However, if you consider your community fees to be too high, there are a few negotiation tips that might get the process started.

Join the Board of the HOA

One of the first steps to consider is joining the governing board of the HOA. The best way to search for ways to lower HOA fees or impact other types of change within your community is to participate in meetings and to get to know the history of your community and the other members. These relationships and experiences provide a view of the current issues and goals of the governing group.

Review the Books

The breakdown of how the HOA is allocating fees is information that should be readily available to the community. If you're interested in exactly where these fees are going, request to review the books. You'll gain insight into the contractors that help serve the community whether it be landscaping, pool maintenance or any other amenities. If you have suggestions for adjustments the community may implement to save money, it is worthwhile to present those options to the board for consideration. When the HOA saves money, the HOA members save money as well.

Reduce Costs

One of the most common areas where an HOA allocates considerable funds is on landscaping. It is important to have well-kept property to benefit property values; however, it doesn't have to be expensive. If the books show high landscaping or maintenance fees, request that the board negotiates with the current provider for a reduced rate or interview other providers who may be a better value. If the current contracts are reasonable, the board may be able to defer non-essential maintenance.

Consider the Costs of Property Management

Finally, consider the costs associated with the current property management company. Those who live in a condo building, townhome, or other collective living association often have a property management company that handles the high-level issues. While they perform an important function, they can also be expensive. It can be helpful to negotiate a reduced rate with the property management company or consider other management companies that might come at a cost-saving to the community. This can help the HOA members save money on their periodic fees.

About the Author
Author

Chris Bohr

Hello, My name is Chris Bohr, I’m a lifelong resident of the Tampa Bay Area, married to a wonderful woman, Michelle “Missy” Bohr and we have a two year old son who is the apple of my eye. I’m a graduate of Countryside High School in Clearwater, Florida, a Graduate of the University of Central Florida, and an active Realtor and Auctioneer. You are looking for someone to help you to either buy or sell a home, liquidate the contents of a home, or perhaps do it all. I can help! …and I want too. As a member of this great community I’ve seen quite a few changes around these parts and can help guide you through the mazes of the Real Estate World. In addition to the various licenses I’m also a proud member of the Upper Tampa Bay Chamber of Commerce, the Pinellas Realtor Organization, Florida Association of Realtors, National Association of Realtors, won several business awards and was even named the honorary Mayor of Palm Harbor many years ago. Our approach to helping you sell your home starts with a global reach to find those buyers who may be sitting in a cold basement somewhere just looking for a reason to come down to the beautiful sunshine state and stop shoveling snow. In addition to the global reach, I also include the local, “Hey look at me” method of marketing by making your home visible to more potential buyers than most properties on the market today. If you are looking to buy a home, I understand it can be very intimidating, I take the pains away and remind you that buying a home should be fun and if you put the right person on the job I can promise to do my best to walk you through the hurdles of home buying. My approach is founded on experience, of course the experience of buying and selling houses, but also going through the processes myself and recalling the times when it was the most nerve racking. I keep you informed, I answer my phone, and I actually check emails and respond in a professional and courteous manner…I guess you could call that the Golden Rule. What sets me apart from other Realtors is the ability to handle not only your purchase or sale, but also having the ability to liquidate the contents, or lighten your load in regards to contents through our licensed and reputable Estate Sale and Auction Company. I love it here in the Tampa Bay area, and you will too. Drop me a line or give me a call, and let’s get the ball rolling toward your next move! Remember, Bohr Sells Homes, in fact that’s my website. www.BohrSellsHomes.com Thank you, Chris