how do hoas work, can you pay monthly or yearly?
If you live in a planned community, such as a condo or townhome, you may have to pay special HOA assessments in addition to monthly HOA fees. Understanding How HOAs Work. An HOA has a board of directors. Each year, the board will come up with a budget for the community that includes how much each unit or household will be charged as a monthly HOA fee during the year.