All You Need To Know About Homeowners Associations Fees

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All You Need To Know About Homeowners
Associations Fees
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• HOA fees, or Home Owners Association Fees are
  commonly required for properties purchased in
  some of Calgarys newer communities, such as
  Auburn Bay, Mahogany or West Springs, in which
  residents are required to pay an annual fee to
  community associations. This typically goes
  towards the maintenance of amenities for the
  entire community to use, such as tennis courts
  and lakes.
• Read on for more detailed guidance on HOA fees

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• What do HOA fees cover?
• What HOA fees cover will depend upon the specific
  community youre moving to, and you can inquire
  with the community association as to exactly what
  they cover. In many cases, particularly lake
  communities, the fees residents are required to
  pay will go towards maintenance of the lake water
  and ensuring that the surrounding grounds are
  kept clean, tidy and attractive.
• For communities without lakes, the fees will be
  used to help pay for the maintenance of parks and
  greenways or outdoor skating rinks, for example.

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• Who can tell you whether your community has HOA
  fees?
• When the community is in its planning stages, the
  land developer will determine the HOA fees, and
  all properties subject to them, have an item
  registered on their land title. To find out if
  the community you want to move to has HOA fees,
  you can check their website.
• Its important to note that not all properties in
  the same community, will be expected to pay the
  same HOA fees. Do you still have to pay the fees
  if you dont use the facilities?

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• In short, yes. HOA fees are mandatory for
  everyone living there, and must be paid by
  everyone, every year, even for those who dont
  make use of the facilities.
• How much are HOA fees?
• With no standard for communities to follow, HOA
  fees vary from community to community.

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• How are the fees determined?
• Fees are often set based upon statistical data,
  the costs associated with equipment and the
  operating of it, or on consultations from service
  providers who forecast the expenses for the
  coming years. To decide upon the final fees for
  residents, the communities Board of Directors may
  be enlisted to determine whether the fees will be
  enough to cover the appropriate community costs.
• What do you get from paying HOA fees?
• In some cases, residents of certain communities
  in Calgary who pay HOA fees will be able to avail
  discounts on classes and services being run from
  within the community facilities. In other
  instances, residents paying the fees will benefit
  from an attractive and well-maintained community,
  all year round.

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• What happens if you dont pay them?
• Because HOA fees are mandatory, not paying them
  on time and in full, may result in you being
  denied access to certain community facilities.
• If youre searching for a property in Calgary and
  would like help with the mortgage process, reach
  out to a local mortgage broker at the earliest.
  Able to give you the most up-to-date advice and
  with access to many lenders, they can simplify
  and expedite the entire mortgage process.

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• Mortgage-broker-Calgary is your best resource for
  finding a mortgage for your property. Luke Wile,
  is the best Calgary mortgage agent and is proud
  to serve clients from across Canada, while being
  centered in Calgary, Alberta. Luke is proud to
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