Calculate what you'll pay in HOA or condo association fees per month, based on the association's total costs and your ownership share.
In an HOA or condo association, shared expenses — such as maintenance, insurance, property charges, and any shared debt — are normally split according to each unit's ownership share. The larger the share of the association you own, the larger your share of the total costs.
Ownership share and unit percentage are often used interchangeably to describe how large a part of the association you own, expressed as a fraction or percentage. This share is typically used to allocate common fees and voting rights.
HOA fees often cover operation and maintenance of common areas, building insurance, property-related charges, any shared debt, and expenses such as a caretaker, cleaning and electricity in common areas.
No, residents usually pay different amounts based on their ownership share, which often depends on unit size. Some costs may still be split equally among everyone, depending on what's set out in the bylaws.
Yes, the terms are often used interchangeably: the monthly costs split among owners in a condo association or HOA.