If you are looking to buy a home, you may find that some residences come with a homeowner's association. These entities are commonly found in developments such as condominiums, townhouses, subdivisions, and gated communities as a way to manage common spaces.

Some people may not enjoy the idea of living in a place with a homeowner's association, since there will be certain restrictions on what you can do with your property. Others will likely enjoy that a homeowner's association will make your daily tasks a little easier by taking responsibility for things such as lawn care or keeping the swimming pool in good shape.

This work comes with a price, of course. If you buy a residence which is part of a homeowner's association, you'll need to be prepared to pay a monthly fee. A.J. Smith, writing for the National Association of Realtors, says these fees are meant to have each resident pay equally for the costs of shared amenities and upgrades.

Homeowner's fees are largely responsible for maintenance of the neighborhood. A community is likely to have a property manager to take care of matters such as lawn care, trash removal, snow plowing, and other tasks you would otherwise have to pay for on your own. Steve Lander, writing for SFGate, says that if the homeowner's association oversees a single building such as a high-rise condominium, the fees will be used for things such as replacing carpet and maintaining the heating and air conditioning systems.

Residences in a homeowner's association typically have a number of amenities as well, and the fees will also be used for the upkeep of these features. These tasks include chemical treatments for a swimming pool, keeping a walking path in good condition, or maintaining tennis courts.

Smith says the fees will usually cover insurance for the common areas in the community. This includes liability coverage as well as insurance to protect from certain hazards.

In some areas, homeowner's association fees may cover a number of individual perks as well. Lander says if a home is on a shared mechanical system, the fees can be used to pay for heat, air conditioning, or water and sewer systems. You may even get Internet or cable television service as part of your monthly payments.

A portion of your homeowner's fees will go toward a reserve fund to plan for any major repairs or upgrades that will be necessary in the future. Amy Fontinelle, writing for the financial site Investopedia, says these expenses include issues such as elevator repair or roof replacement. If there isn't enough in the reserve fund to cover the work, however, you might be assessed a hefty amount on top of your fees to help pay for the improvements.

Lander says the governing homeowner's association board will usually estimate what it will spend on the required work in the neighborhood and set fees accordingly. If it costs more to complete these tasks than what is collected, they'll have to dip into the reserve fund and adjust the fees to collect more money each month.

Before purchasing a home which will be subject to homeowner's fees, you should inquire about how much these fees will cost you and how likely it is that they will change. In addition to finding out the monthly charge and what it covers, Fontinelle recommends asking how fees are set, how much money is in the reserve fund, whether any new assessments are expected in the near future, and how the fees have changed in the past several years.

You'll also want to consider how likely you are to use the amenities offered in the community. If you don't think you'll ever use the swimming pool or fitness room, you may not want to pay the higher fees to maintain them.

Crunch the numbers to see how the homeowner's association fees compare to the amount you would have to pay each month for lawn care, trash removal, and other services. This will help you determine if the fees offer a fair or bargain price for these services or if you would be better off paying for them individually.