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What are the expected Home Owner Association (HOA) fees and when will the fees be due?

April 26, 2017Association fees hoa Home owner

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What are the expected Home Owner Association (HOA) fees and when will the fees be due?

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Initially, all HOA fees will be limited to $50.00 per month per Lot or Chalet Site. The fees will be collected semi-annually to pay for insurance and maintenance for the Project common areas, snow removal and other miscellaneous charges for which the developer is not fully responsible. Fees will be increased after infrastructure for Phase I is completed. Ultimately, there will be three specific Home Owner Associations within Lookout Ridge. There will be one HOA for Single-Family Lots, one for Chalet Lots and one for Chalet Sites. Each will have its own set of bylaws and fee structure because of the different services provided to each by the developer. All Purchase Agreements will allow the necessary time for a buyer to investigate and become satisfied with the HOA dues and structure.