# Homeowners Association (HOA)

*Real Estate — Finicade finance glossary*

An HOA governs a shared community, collecting dues for common areas and enforcing rules on what owners may do with their property. Two financial questions matter before buying: whether the reserve fund is adequate, and whether a special assessment is looming. An underfunded association can levy tens of thousands per unit for a roof or a facade, and its dues are as unavoidable as a mortgage payment.

**Also known as:** HOA, condo association, service charge

**Related terms:** [Property Tax](https://finicade.com/glossary/property-tax), [Homeowners Insurance](https://finicade.com/glossary/homeowners-insurance), [Assessed Value](https://finicade.com/glossary/assessed-value), [Real Estate](https://finicade.com/glossary/real-estate), [Closing Costs](https://finicade.com/glossary/closing-costs)

Source: https://finicade.com/glossary/homeowners-association