POA or HOA Fees: These fees cover owning a property within a private community. They usually go toward the community’s annual operating budget. Here, you may notice a difference in cost dependent upon whether a property is improved or unimproved. In general, an improved property has a home while an unimproved property is a parcel of land, or a lot, with no building(s).
Enhancement Fees, Capital Improvement Fees and Special Assessments: Of course, some additional fees may pop up. Capital improvement fees pay for community projects and enhancements such as a new club house or renovation. Enhancement fees or special assessments, once approved by the board, linger only for a defined period of time.
Initiation/ Processing/ Administrative Fees: An initiation fee debits the buyer of a property to cover administrative costs.
Transfer Fees: Many communities, developers, and towns have a transfer fee. This fee applies to the seller of a property. You can also refer to this fee as a re-conveyance fee, recovery fee, capital recovery fees, or resale fee. Similarly, the developer, town, or POA must be paid a private transfer fee. This fee becomes payable at closing.
Membership Fees: Many communities have club, golf, tennis or social memberships. The fees to join pay for the amenities offered specifically by the club. Memberships maybe optional.
POA/ HOA fees are estimates only and subject to change with or without notice. Please contact the POA/ HOA association for a full schedule of all fees and costs.