We Feel Forced Out of Our House Because of Our HOA
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We bought a house with an HOA. There was no common property, and all single family homes. We voted to disband the HOA and have had no problems.
brilliant! congrats :)
Awesome
Great idea!
The documents from the developer that built my neighborhood called for forming an HOA. That was almost 20 years ago and we have no HOA lol. I can’t imagine the folks in this neighborhood having an HOA - we’re all perfectly happy to leave each other alone! That’s why we moved to the woods in Maine!
This is why telling young people to buy a townhome or condo for their first home is a horrible idea. We just moved out of a townhome community to an old house that will be a money pit...but I prefer that over living in an HOA that constantly threatens you that the dues will be doubling and neighbors right next to you who are horrible. I will always tell people who are trying to buy a house to just keep saving until they can get a small single-family home.
Buy a home with a foundation and roof problem and same end result.
Under no circumstances EVER buy anywhere with an HOA unless you love having people you hate dictate everything about your home/property.
I love my HOA.
The minute the realtor mentioned HOA when atempting to show us a house, we opened both doors and jumped out. What I'm learning at my age is that I'm really getting too old to be jumping out of a moving automobile. HOA is a Non Starter. I've lived in my house for 37 years and I still haven't met most of my neighbors. I like it like that.
It is not necssiary to jump out of your realtor's car. If they are worth anything just tell them Do not show us anything in an HOA. Worked for my realtor.
Agreed, please do not jump out of moving vehicles.
Cool, things that never happened...
No HOAs was the very first thing I told my realtor before she even showed me any houses.
@@MJKeenan30 I had the benefit of renting first in the same community where I bought, so I was able to find out those details.
It is apparently possible to have an HOA run by competent,reasonable, well intentioned people. The trouble is, there's no way to make sure it stays that way, and there's no recourse when it doesn't.
Yes there is. You can run for a seat on the board yourself. Pull other like-minded people into your process and have a bunch of you run for seats on the board. The reality though is, that most people would rather complain than attempt to be on the board, as being a board member is all thankless volunteer work. Been there done it.
That’s like saying it’s possible to have a competent, reasonable, and well intentioned people run the government. Maybe possible, but extremely unlikely.
My HOA is run by competent people now. However, up until two years ago it hadn’t been for over 20 years. Now the current Board has been stuck cleaning up the mess left by previous board members.
I tried nothing changed because our bylaws prevented it
One way to ensure the Board is being run by competent people is to ask for financial reports and bank statements. You have a legal right to look at the books even before you buy the property.
The very instant someone says "Oh,BTW,there's an HOA that goes with the property", RUN....Run fast and far away. Those things are an abomination that should be outlawed in all respects.
How would you expect to live in a condo without an HOA? Who pays for roof repairs when 4 different families live with the same roof?
Lol. And it’s no secret that Municipalities push new Development towards HOAs because it relieves them of financial responsibilities for Infrastructure.
@@TonyCox1351 I sure hear you,but,there's HOA's that are an uncontrolled, totally corrupt entitiy unto themselves ,usually full of control freaks that do stuff because they can, not because they should.and then there's condo boards of directors who are elected by owners, are fully accoutable to the membership and can be removed by a full vote if they screw up. When buying any property,it's incumbent on the buyer to exercise due dilligence to determine whic kind you may need to deal with. All I'm saying is if it's the former and not the latter,don't get involved. Buy elsewhere.
@@TonyCox1351 then change it to a condo fee these make sense in a condo you are owning an apartment so you paying mantience fee monthly verse owning a home that is not attached. now in unattached places I would say no to an hoa in a condo I would expect it change it to a condo fee for name sake and people would be less applaud if you ask me.
@@TonyCox1351 You don’t buy a condo or townhome. All the bullshit of renting PLUS additional liability.
I live in Toronto and so many 1 bedroom condos are $700k-1,000,000 and they all have $1000 a month HOA. It is insane
😳
😮
What in the world?!?
Wth?
Almost speechless
I've lived in a condo for more than 20 years and I've come to hate the whole HOA thing.
And I say that as someone who is on the board and was on the executive board for several years. The problem is when you have people in charge of something like that, they feel as though they need to "do something" at all times. What tends to happen is that the real problems of infrastructure like roads and water mains and sidewalks tend to get ignored while they focus on petty sh*t.
I came up with a 10 year plan to bring ALL of the roads, sub-base and water mains completely up to par with a way to fund it all, but they aren't interested in that.
What they've done instead is to form an "enforcement committee" to go around and bust people for having five flowerpots instead of the maximum of four on balconies. Stupid, meaningless bullsh*t.
Then they banned all grills. Again I looked deeply into the fire codes and laws and found out that we didn't need to ban grills. We just had to use them at least 10 feet away from the building or use the little tailgate grills with the 1-pound cylinders. We have probably 50,000 square feet of courtyards that could easily accommodate the grills. Nope. Had to ban them.
And they've also hired a towing company to patrol the lots at all times to grab up cars which don't have the current parking stickers. In 25 years living here, I never once had the slightest problem with parking. Ever. They basically come up with ways to make life more difficult and less pleasant for owners.
I got yelled at for having my trashcan in front of my garage ONE time instead of 10 feet back from the front of the house. It was muddy from rain and I didn't want to put it back in the mud so it sat out front for a couple of days. It happened once and I got in trouble.
My HOA has elderly brittle Board Members that have been on the Board 30+ years and they’ve got nothing to do all day but watch condo owners and not fix our roads that have valleys and are in terrible shape!
@@MsShyla222 Yes that's definitely a thing.
There's a couple reasons for that though. You get power hungry people who never want to relinquish a board position for new blood.
Oftentimes though it's also a side effect of the fact that many if not most people try to move on from condo living. Maybe they start there and move on to buy a house in their later 30s or 40s. So the only people who stick around long enough to get to know the place on a deep level are old.
It's also true that fairly few people want to take on the leadership jobs. For years I was the secretary of our building board, which meant I took minutes once a year for our budget meeting. The lady who was board president held onto the job forever until she moved to an old folks home and I became president and then a member of the big HOA board and part of that executive committee. Not because I was eager to do it or even particularly skilled, but because I was the only one willing who could speak enough English to pull it off.
In a couple years on the top committee, I did my best to try to steer things away from petty rule enforcement to substantial infrastructure issues, but I was sort of a voice in the wilderness and ultimately got burned out doing that job.
First rule is never to have a HOA or condo association. Second rule is never to live in city limits. Third rule is never buy a house or property next to property that is undeveloped.
I would NEVER EVER live in a community or home with an HOA. It's a scam and even John Oliver did an entire episode about his on HBO. She lives in a condo. All condos have an HOA. You should know this going in though.
in some places all neighborhoods or even acre plus developments must have a HOA. its been that way since the 80's in Colorado.
@@MrBertstare True, but that's why you really have to pay attention to where you are buying. These communist organizations are trying to take over everything, and eventually every where you live will have one.
Agreed. And there are ALWAYS options outside HOA
@@djanderson8953 Sadly that's not completely true. Some states only approve new developments with HOA structures. In many cities anything with no HOA is going to be old and expensive.
@@MrBertstare Florida is also very bad about only approving new developments with HOAs.
I own my townhome and have an HOA. I prefer a HOA to take care of the outside maintenance. I can’t do the mowing, snow shoveling, painting, outside repairs, etc. It has its plus and minus, just like other things in life.
I purchased a townhouse in Irvine, Calif., in 1984. I lived in it for several years and have rented it out ever since. I'm very happy with our HOA. The community is beautifully maintained and has undergone a major upgrade (requiring the only special assessment in 40 years). The monthly HOA fee is a very reasonable $380.00. For what that covers and how nicely maintained the property (including two pools, pool house, and sport courts) is, I'm very pleased.
My friend bought a condo, and the HOA is telling her what kind of garbage bags to use! LOL
Omg. I was a security guard for an HOA community that thrived during summer rentals. What a pain in the ass. How people live in a place where you have to pay to be told how to live in your home?
John is gonna ask if the HOA is Safe
Nope. He knows it's not.
Daloney: Take a deep breath. Hold it. Exhale. You feel that? No HOA feels wonderful doesn't it? Say no to HOA.
😂😂😂😂
@@LittleMopeHead 😂
Poor John; leave the man alone 😃😁🤪
This is why I’d never buy a condo. You’re only buying the space inside the walls. and you have a zillion fees and you hardly get any equity. Stay away from them.
Why'd does Dave constantly claim you can "just go buy a little $100k condo?" 🤔🤔🤔🤔
All about choices. Do what works for you.
I’m completely debt free.
The combined fees of my two condos are about $900/mo.
Paid off 15 years ago.
Equity is 1.2 million.
Total monthly primary home household living expenses are around $1200/mo.
100% of beach condo total living expenses paid with investment dividends.
I found that out the hard way. Never again lol. Now happily in an apartment community lol
@@raymond_rnt Not sure because condos are one of the most overpriced places to live. But even if you found a 100K condo, which is probably one that is 300 square feet, the HOA fees are the ones that really kill you.
Untrue. I guess this is why you don't have a financial advice show
When we were looking for our current home the first thing that we told our Realtor is that we would look at ABSOLUTELY NO home with an HOA or a list of restrictive covenants. We temporarily lived in an HOA community once for 6 years and it worked out well for us financially, but we would NEVER live in an HOA community again.
That much for an HOA is insane!
For condos many are $600+ its crazy in Florida.
Paid just a few bucks shy of $900/mo in Chicago.
$800-$2000 a month here in Massachusetts plus another 1500 in taxes per month. It's insanity. But hey the crazy people need a place to go
Right!? Ours is $450 for the year! And we have two well maintained parks, and tennis courts and a bathroom. Lots of HOA haters here, but we love ours. Been in our home 17 years, rates have only gone up one time by $5/mo.
@kristenrafferty5520 the money isn’t the main reason I’m against HOA’s. It’s because I’ll be damned if some busybody gets any authority to tell me what I can and can’t do with MY property that I paid for with MY hard earned money. If anyone claims it’s to keep property values up, then they bought for the wrong reasons. If my property value doesn’t drastically increase, then my property taxes don’t either
That’s why I live in the country. I want more than financial peace. I want true peace
HOAs are a great example of redundancy. You are outsourcing a role the local government is meant to be playing anyway. You're supposed to have things like noise ordinance and forced anyway, and you're supposed to make a decision at the local government level about whether or not to allow things like short term rentals, how to handle people living out of their car And so forth. You pay more for less with an HOA while letting your local government be derelict
This.
@undlectedleader6494 how would this work for a condo? Their has to be a board of some sort to control communal funds.
Depends on the HOA. Ours covers exterior painting, lawn maintenance and mulching, snow removal and landscaping of community entrance all for a very reasonable fee. They do not micromanage the neighborhood or implement restrictive rules
No way in hell I would buy property in an HOA.
This is a real problem for people wanting to get into a house.
It's easy to say "never buy a house in a HOA area," but we also have a shortage of housing.
In some areas, most of your options are going to be in HOA areas...
I'm so glad I've never been in one, and don't ever plan on being in one... But I feel sorry for people wanting to buy nowadays because there are so many of them...
Some cities are requiring an HOA to give the builder a building permit. The voting populace won't let then raise taxes (I wouldn't either I pay enough in taxes)
The old interest rate matters because the difference between the old and new rates translates to how much more their mortgage payment is going to be per month if they buy a home of similar value.
For a condo, why didn’t the HOA go through their insurance to have it fight. It sounds like incompetence of the attorney
If the poor installation of the foundation and roof was caused by a crummy contractor, insurance wouldn't cover it and isn't a free legal service for the policyholder. Your only hope is suing the contractor which isn't cheap or quick.
@@Sizukun1yup insurance policy is only going to cover covered perils that were sudden and accidental.
Sounds like the president of the HOA just had a son/daughter graduate from law school and thought it would it be a GREAT idea to take on this case😂😂
Something similar happend locally. HOA builder, and insurer all ended up pointing fingers at each other after a problem caused damage in the walls and all the exterior walls needed to be worked on. The HOA had to eat the extra costs and pass it along as a special assessment because owners were told they needed condo insurance ( inside only ) and the master plan only covered up to the foundations because they saw them as townhomes. Millions in losses passed along to the residents.
A pipe burst in the clubhouse in my old neighborhood and flooded the whole thing. Since the bathrooms designed for the pool were in the closed clubhouse, the pool was closed until the clubhouse was reopened.
You would have thought that insurance would cover rehabbing the clubhouse but apparently the HOS was paying for rebuilding with HOA dues.
It was going on 4 years being closed when we sold and moved away. 3 years of paying HOA dues with no clubhouse or pool to use.
I was going to rent a huge mobile home until I found out that you have to pay an HOA fee if 400.00 a month. The fee is for management and not for any kind of upkeep. Renters should not have to pay an HOA fee. They are not the owners of the property.
That’s not how rent works. The landlord offsets the cost of the property to the tenant and ads a little on top to put into an account for repairs etc. why the hell would an owner eat the HOA fees when that’s part of the cost of running that property?
@@austyn5004 Then, he needs to increase the rent. He needs to deal with the HOA, not the tenant. That is ridiculous.
When the first homeowner association was created, the Devil smiled. You get to pay all this money for a home and fees to the homeowner association so they can tell you what to do with home.
HOA's exist because people have low standards (read: you're a slob). And I have the right to live in a community without slobs if I choose to pay a premium to do so.
The pool, tennis courts, soccer fields, ballroom, clubhouse, laundry facilities, in-house shuttle services, security.
Ok karen
@@rabidgoonKaren’s make the world be nice. How is the lack of Karen’s going in the west coast. Childish.
Something I learned during the last housing crash: There were some neighborhoods where 33% of the homes went delinquent on paying their dues and the remaining owners had to absorb the cost just to perform the basic functions.
they call that a PONZI scheme basically......
Happened to me, sold that townhouse after only 8 months. Never again.
Some very good advice stop worrying about your problem and make a decision.
I was in this situation last year about when to retire.
I watched youtube videos, talked with people and kept worrying.
Finally I just decided I would retire on May 31 2024 when my wife turns 65 and we can both sign up for Medicare.
I told my boss and VP right away this way they could build it into their business plan.
PS Some have advised not to tell your boss early but both my boss and our VP are good guys that I have known for 15 years.
They have always treated me right and I felt I owned them.
I did get my typical bonus and pay increase last month.
Congrats! Yes, easy to get stuck in analysis paralysis. I am basing my upcoming retirement date on my social security full retirement age.
Had no idea what an HOA was when I went in the market. But Thank God I steered clear, seems like you don't even rlly own your house.
Newer home construction is the worst!
You don't need an HOA for good amenities. I got a hiking trail controlled by the DNR nearby.
Yes, an HOA loving clown might argue the guy next door to me has a lots of cars outside his home & is devaluing my home value but to me he is actually one of my homes best hidden asset.
My neighbor has them cars because he runs a mechanic & plowing business out of his garage. When my car brakes down, its very convenient having an affordable mechanic next door. Also, since I'm first in line when he plows during the winter, I'm generally his first customer who gets there driveway plowed. $25 a shot during the winter mounths I imagine is drastically less $ then most HOA fees. I also don't have to worry about my neighbor telling me what I can & can't do on my land.
It’s a special assessment for hoa repairs. The hoa takes a loan to make repairs then adds it to monthly fees. Pretty common unfortunately and the risk you take in an hoa that is responsible for common-area maintenance whether that be roofs, swimming pool, siding, clubhouse, etc. Amenities are nice until they need repair
Anyone moving into a community with an HOA that is told to them before they ever buy. If you don't want an HOA, then look elsewhere.
agree, we have to know that HOA owns our house(not us0, they have right the sell our house if you break any rule as well.
@@eile4219break any rule, what do you mean by that exactly?
@kbanghart many HOA communities have set of the rules that you have to follow or they have the right to sell you house.
We live in an HOA for 25 years , no they can’t sell your house if you break a rule, they have a board that makes sure eveytthing is maintained. You have a chance to fix whatever wasn’t followed in the by laws. The appreance of our homes are maintained and the neighborhood always looks good Our home valves have continued to increase over the years. Just know what you’re getting into before you buy !
@donnaruswinkle4396 i live in one, yes some can if I refused to do what they wanted. Not worth it work when you don't need to do anything to get much better value for your home in none HOA area. a house with HOA worth less than a house with HOA assume they are in the same area of the town. You can find video on people didn't know they HOA sold their house in youtube as well.
I live in said HOA, and am also facing a similar decision. To provide a bit of context, the HOA is a townhome HOA, so structural repairs not caused by personal damage are either covered by HOA insurance or the HOA itself. Because it's long term defects that were originally missed in original building instead of new damages, the insurance doesn't cover it.
So the HOA is responsible for the costs of the repair. Due to poor management(both by previous volunteer board and management company) our reserves are depleted, and we are running in deficit. (This was not specifically hidden by the previous board, but they also weren't transparent). According to bylaws, means it's split up evenly by all homeowners.
The estimated cost per unit will be about $25,000 to get out of our deficit and fund the repairs. If the HOA pulls out a 15 year loan, that will come out to about 250 to 300 per unit per month.
The HOA is waiting until a new management company takes over later this summer before starting the project, so there is time to sell before fees go up. But rumor is already out. People are already losing their equity.
That being said, the HOA is hoping to give options for payment. The monthly payment plan added to the HOA fees would include interest on the loan. They are hoping to give individual homeowners the option to pay off their portion right from the get-go, or pay off the remainder of their portion when selling the house. (To allow the new homeowner to have a lower HOA fee, and hopefully save some of the equity in the home.)
@the Ramsey show highlights. If selling, would it be better to use our equity to pay off the remaining portion of our cost for the loan, or let the house sell at a lower cost?
I'm pretty sure we are in the same HOA and it sounds like the caller is as well.
How old is the building? Is the developer not responsible anymore?
@@genxx2724 They are 12-18 years old. Here there is a 6 year limit on construction defects being discovered.
Doesn’t sound like fun. Good luck all navigating this predicament. Could be worse, look at that seaside condo collapse.
HOA's make no sense. Its no different than renting & sometimes even more restrictive. You buy an house, so its yours, not yours and some HOA's. Not to mention in some HOA's in today's world, the HOA board gets a stipend. So for all intents you are still paying a landlord.
It makes sense for condos to have an HOA. Board members volunteer and are voted in by homeowners.
Condo board members don't get paid unless its in the bylaws.
Never seen or heard of a condo with paid board members yet..
It's really no big deal since you are supposed to read the rules/bylaws and know what you're buying beforehand like anything else in life..
I know nothing about these housing communities and subdivision with HOAs.
Just know they look nice.
@@blackworldtraveler3711 The board members don't get paid, but if you have a lot of units they usually hire professional management who certainly do get paid and who tend to hijack the board to get control of the money.
Your whole way of looking at this falls apart when you have to start dealing with shared infrastructure like roads, sewerlines, water, gas, power.
HOAs are textbook small-scale Kafkaesque authoritarianism. They are quick to enforce absurd rules, slow to enforce reasonable rules, and quickest to charge fees for anything they deem necessary.
@@alanj9978
Of coarse we have a professional property manager. We have an nice office on the gated property for this.
The voluntary board members are mostly retired and have a life too you know.
Property manager is not part of the board. She works for us and we pay her a salary.
We also have security at the gates and 4k cameras everywhere with maintenance workers as well among other things.
This is all in the rules,bylaws, and financials to read before buying a condo.
All these people saying Never buy in an HOA are ridiculous. Most nice neighborhoods in the suburbs have HOA’s in some states. Many situations the HOA is because there is also a pool, or other amenities like tennis courts. I live in a country club, it’s an HOA that isn’t attached to the club, the golf, social, tennis, pool memberships are separate, but being in this HOA/neighborhood has greatly benefited me over the last several years in home appreciations my house has gone up at a far greater rate then the avg and many other neighborhoods. Depends what you want in your neighborhood.
There are also older people who want to downsize and don't want the hassle of doing yard work or aren't able to.
That’s why there’s a huge inventory of condos for sale in Florida right now due to the new condo law that’s going to take place January 1, 2025. HOA’s condo associations must have enough money in their reserves to fund all repairs necessary to maintain the structural integrity and to make up that difference, that’s why the monthly HOA fees are going through the roof. Sadly, it’s forcing a lot of people out of their homes.
NEVER get into an HOA. Period. I never have and never will.
The former owner put $40K down, $180K mortgage
3 years later
Attempted to short sell for $135K, after 5 months
the deal fell through, went to the courthouse steps, $36K Cash
Rents for $2300/mo, almost $550K.
Our first condo and last was such a mistake. They didn't keep it up, tennis court/pool was not kept up, this happened over 5 years. Wasn't educated enough, was too young but you live and learn.
What is an HOA?
@@ruthirwin8222 An HOA is a Home Owners Association. You pay fees, and they do things like maintenance, keep the pool going, fix the streets, stuff like that. But they are also the ones who tell you that you can't paint your house a different color, you can't park in your driveway, you can't have a flag, your grass can't be over 2", etc. I refuse to pay some morons to tell me what I can't do with my own house.
No way.
$750 monthly HOA fees is highway robbery.
I live in an HOA, mostly because we couldn’t find anything in our price range without one. It’s mostly harmless (unlike some neighboring HOAs). Sadly though, we still get nothing back from them, it is just money we pay for those who live on the boundaries of the development to have a nice fence. We have no common areas or amenities, but we still pay $400 a year over basically nothing.
Also selling a home/condo and moving is going to cost them $$. I wish them luck. What a hard situation to navigate.
As a condo owner who keeps it as a rental property, it makes me happy to hear everyone trashing HOAs and saying they would rather rent. It means I’ll always have tenants willing to pay off my mortgage and the monthly HOA fees 🙌
I too own a condo and keep it as a rental. The condo is in Southern Cali and is paid off so it's all equity. However, I have started to wonder if the monthly HOA fee of $500 a month plus the higher property taxes are worth to keep this investment or if I should sell it and buy a house in another state without an HOA. I don't know the answer yet.
So ban the HOA
Have fun with the moratoriums.
I'd never buy a home with an HOA and I'd definitely never buy a condo or townhome.
So what happens to the folks who decide to live there and not move? This makes no sense.
Thank god I never had to deal with anything like this. Heck, my monthly house payment was only $479. Paid it off years ago.
Ok boomer
That didn’t include taxes and insurance
Who wants to pay a mortgage, taxes AND an additional 9 grand a year to live some place? There is no upside to an HOA. You can pay someone to mow you lawn, paint your house, and plow your driveway. You pay way more when the HOA does it, than it's worth. Plus you don't have to deal with all the other HOA b.s. I agree with the overwhelming majority of the comments. You hear HOA, run away.
Our neighbourhood that we rent in has HOA fees. It includes a pool and gym and cafe. Then one day they decided to sell the pool and gym to a school so we no longer have access. And the fees haven’t changed. So yeah we will never buy in an HOA neighborhood
wasn't there a vote? Sounds shady and illegal!
Same thing happened in our townhouse community. The HOA is suing the builder and lost now our HOA costs have tripled
It should be illegal to raise HOA rates!the increase is almost 100% from previous too! Thats ridiculous!
Did you listen to the call?
They live in a condo which means the STRUCTURE is everyone's responsibility equally. There are construction issues with it and the condo association tried to sue the contractor but the suit failed. Now ALL condo owners must pay thru their fees to address the issues.
What's the problem with that, other than the fact that you just don't like it, lol.
This is obviously a special assessment. It's not just the regular fee. There are laws that restrict how much those can be raised.
I consider the existence of an HOA to be a deal-breaker. I would NEVER buy a house in a community with an HOA
As buyers catch on to the abuses of HOAs, the value of these properties will decline
See how triggered they get when interest rate is mentioned. Because they’re wrong about the interest rates. If interest rates matter on a car or credit card, how the flip do they not matter on a home purchase?!
@richthepup By paying off the debt they remove the interest that was on it, which transfers over to the new house they will buy (since the interest rate will be larger on the new house than the interest they are paying on their house now). So not much difference as far as paying interest if they were to stay where they are and continue making the debt payments. The only difference is that the interest will be going towards the new house instead of going towards debt if they pay the debt off.
To add to your comment, I'd be more worried about property taxes
I will rent for the rest of my life before I EVER own property with an HOA.
I find it morally reprehensible that I'd be required to pay a fee for someone to tell me what to do and how to do it on property that I own and pay taxes on.
I own a condo as an investment property and it makes me happy to hear people say they will be lifelong renters. It means they will be paying the HOA fee for me 😉
@@krogdog Lol they won't be renting a condo. They will be renting an apartment. So no mortgage payments for you.
Amen! Well said!
@@krogdogHe didn’t say he will be a lifelong renter, he said he would rather be one then…
Never, ever buy a house a in HOA - period!💀💀💀
This is why I made sure there was no HOA when I bought my home. That and it's my house & my land, I dont want some HOA telling me what to do with it.
Sounds good until your neighbors do something that brings down the value of your home or harms the peace and tranquility that you may want at your home.
I'm all about freedom, but freedom must be balanced with responsibility and respect for others. Since few people have responsibility and respect for others, we have rules and regs, including what you may not be allowed to do with your property!!
@@GAFB1122no one else is obliged to maintain the value of your property.
Condo living isn't for everyone. Mine has doubled in value so if I move im not sweating it. It's one level so it's perfect for aging into. Just do your due diligence with who is running things, the financials, etc. Where I live it's run better than local government😮
Pretty most if not all of the new developments have HOA's and special assessments which over the roof in monthly costs and increases, as if Homeowners insurance these days. Buy older existing home to negate that.
I used to live in a Townhouse, the attractiveness location with low up keep. The big negative are the HOA fees as those would go up every year. For perspective, I'm saving more than half on annual HOAs in a big swim / tennis community with a house
Recommend you buy an older home with no HOA and low special assessments on your property tax bill. Know that you will have upkeep on any house so put $100+ a month away for unknows on your purchase.
Never buy in a house in a HOA
its brings up the value in most instanced and the NICE neighbhoods all have HOA.
@@teebone2157 As long as you realize that your home is really never yours in an HOA, then it's fine. I live in an HOA and even though my fees are very low, I still feel like they own part of my home. I'm planning on getting out of here before some idiots take over and decide to raise the fees through the roof. Hasn't happened yet, but we all know that it will sooner or later because it happens everyday in these HOA parks.
@vickieclark5931 Same! Our rates aren't bad, but what would we do if we paid off the house and retired here and then the rates went astronomical? You never just own your house if your in an HOA. They can levy fines and take your house from you because someone got sick and didn't pay the fee or mow the lawn or something. Noooo thanks. We are waiting until our kids are out of school and then we are getting the F out.
That's not as easy to do in locations where there are mostly communities. Where I live, it's almost impossible to find a home not in a community with an HOA. even standalone homes are in "Communities" and they all have an HOA. It's so terrible.
@@teebone2157my house doesn’t have HOA and it’s in a REALLY nice neighborhood at a great location. The agent was shocked when we first visited and found out there was no HOA.
She wants to sell but who in their right mind will buy a condo with $750 HOA fee? I understand inventory is tight but she might have a hard time selling this condo.
When I bought back in the mid 80's,
$450/mo OR ~$50K (ten years) one time.
I sold with full paid HOA.
I have 2 friends that talk smack about HOA neighborhoods… one has dead chickens in his coop that he’s to lazy to remove, the other has 15 boats in his front yard that he works on as a side hustle…
Not for nothing, but I would still rather live next to your 2 friends than deal with an HOA. They are THAT ridiculous
@@tryingtowalkthepath683To each his own. I always scoffed at the idea of residing in an HOA community.. But after doing it for 14 years… I now view it as a necessary evil. You can’t choose your neighbors..
@@ALL-AMERICANA This is very true. I myself have been blessed to have great neighbors for the last 13years.
God Bless!
@@tryingtowalkthepath683Agreed live and let live and mind your own damn business. People are so judgmental. Freedom is way more important to me. Variety is the spice of life. Many people are OCD on grooming their stupid yards and control freaks on other people’s shit.
What are you doing in that man's chicken coop???
Not sure I agree with Dave. The higher interest payment on the new place needs to be taken into account
.... but they will be paying off credit cards that are probably over 25% interest.... for me id be worrying more about the property taxes
I’m selling my house due to HOA. I have to ask permission for everything
My HOA fees are $300 a month. They don’t do anything except take the money and give out fines for the dummest things! I got behind on my payments in 2004 because my daughter was in college. I’m currently in litigation over late payments since 2004. A lien has been filed against my property , I haven’t had a parking space and I can’t use any of the amenities we have. These HOA’s must be addressed!
The savings in interest on the mortgage they would qualify for with a bigger down payment is on the whole mortgage so that could be substantial. Even though the interest rate on the loans is higher it is only on $50 000.
Those HOA fees are a steal in CA. My mother moved out of her trailer park in the '90s when her space rent went up to $1000.00/mo.
Space rent and HOA fees are not the same. Space rent means someone wons the property any you rent a space on it. HOA is homeowners association, meaning residents own their property and collectively any other amenities in the community.
I've lived in two non-HOA neighborhoods. They were fine, no problems at all. OK, in one neighborhood there was a pink house. But I liked it lol (and it was down the street anyways). No crazy stuff. Almost like people can handle their own business without being fined to death.
HOA. Leave me alone.
After what happened in Florida over the bad Foundation of the condo building I will be surprised if you can sell it at all, good luck
Well, I think Utah probably has more firm land than FL does.
I think they can probably sell it to some company that will end up renting it out.
@@vickieclark5931 it wasn't the land that caused the problem it was poorly built foundation
is that cost a month or a year ? B/c that's a big difference.
Dont buy condos, dont buy anywhere with a HOA and certainly dont buy on the realtors word, hire your own independent inspector
Sure.
Inspector of what?
Lol no. An inspector isn't going to find a structurally unsound building. Saying don't buy condos is really short sighted. Yes HOA adds some risk but there are lots of applications where people can't buy a SFH. As a simple example, living in an major urban downtown city.
GREAT TOPIC...SO MANY COMMENTERS
My parents have lived through the nightmare that is HOA. The stories they could tell...
HOA is worse than paying a mortgage with a high interest rate..a scam..!
Make sure you tell who will buy the condo the new HOA fee.
There are some good with HOA, i dont want to be in a neighborhood where people dont keep their yards and house up to par. Im in a single family home community and love the fact that everyone has to keep their yards etc in place.
gross
Yep! Otherwise you gotta deal with 20 junk cars up on blocks at the neighbors
@@aorg9793 because that's your local government at work. Backlogs, not enough manpower, not enough resources, people lying who are causing the problems so it drags everything out. Get one little old lady who is retired and she takes care of it in a day lol.
@@aorg9793 because that's your local government at work. A little old lady who is retired can get something done in 1 day that takes local government a minimum of 5 months to do. Lol
It really depends on where you live. Some people won’t keep their yards neat without an HOA, but other people will. I’ve been in 2 neighborhoods without HOAs and both have been very nice. Even now, without an HOA, I don’t have trouble with neighbors not keeping up with their yards. It just depends on the type of people in the neighborhood.
I've spent much time since the catastrophe of Surfside here in south Florida with studying Condos and our new world order of chaos. Many structures here in south Florida have considerable damages but somehow few people moving from other states are remaining ignorant of what they are buying along with their new homes. Different condos have different rules and obligations,,,, still the owners are going to fork out the $$$ even if they knew nothing about the bad buildings, bad roofs, etc., etc.. I could go on for hours but potential condo/home buyers need to get super serious about numerous issues before they sell their homes elsewhere. Our condo/hoa situations here in south Florida are on the leading edge of a poo-poo storm that makes Andrew and Katrina look like gentle breezes.
Paying off high-interest debt should always be your top priority before considering any other investments, including buying a house. So i'll pay off the debt first for sure.
(I've never had an HOA). I came here to find out if that HOA fee was monthly or yearly. I see it's monthly.😮
Do not let them force you out we were In a situation where we felt forced out of our home because of our hoa the hoa was found illegal but we sold and now we have no where to live
This is exactly why I prefer to rent. Am I losing money to someone else? Sure but I also have the option to move any time I want if things get unaffordable.
Lol I own my home and I'm not chained to it. I can sell at any time and for the right price ANYTHING will sell. And I like knowing I'm NOT making a landlord richer!
@@GAFB1122 The market doesn't always allow you to sell your house right away. Sometimes it can take 6 months or more before you can see a sale. Also tell that to yourself when you're 70 and can no longer look after the home like you're used to. I had this discussion with my parents because they were selling. They are tired of home ownership because of all of the crap that comes with it. Now they're renting an apartment and are much happier.
@@ryanj357 Enjoy renting for the rest of your life. I'll keep my paid off home till I feel like selling and moving on. I could also give my home (or equity) to my daughter if I pass on, etc.
You will not get me to reject home ownership for renting. There is a reason someone rents to you and trust me, it's not because they like you, lol.
@@ryanj357if it takes six months it's either not priced correctly according to market conditions or it needs cosmetic help. Most of the time anyway
Haha! Some landlords can be worse than HOA's!
Its already too late to "hide" the new HOA fee. It is disclosed to potential buyers.
What about the taxes taken on the appreciation and paying off debt vs rolling all into the new home?
Other than HOA Facebook group, Nextdoor is even worse!
Omg, yes! I was suspended so many times for my comments, I canceled it. That is a cess pool of whiny butt libs.
@@DavidCYT99Jeez, where do YOU live?? I live in a conservative area but I’ve never seen a post about a black or hispanic person walking. That’s not a conservative thing, you just have racist neighbors.
@@DavidCYT99 Lol I live in rural NC and it's conservative. Also about an 80% black population. Huh.
@@alinatamashevich3354 Yeah I got terminated too (during COVID). I live in a liberal area and I wasn't buying all the nonsense about "I was out walking today and somebody didnt' have a mask on..."
@@DavidCYT99 I live in the deep south. A few loud mouth libs.
I disagree with how dave handled this. Maybe i missed what she said about her debt but her debt numbers absolutely do matter in this situation. Every 100k difference is about a 1k difference in payments for a 15 year. What dave told her to do is debt consolidate. And unless they pay off the house early; they could pay way more on that debt. You need to look at total payoff time in these senarios with realistic payoff plans they can stick to. Debt consolidation can be helpful. But generally it usually is worse. There are situations where dave is right but we need the numbers.
And... on a side note all hoas are bad. Every single one. There are no good ones.
This happens more then people know, I knew a woman they lived alone and made great income. Her HOA fee was $300. They sky rocketed $900 for the next 6 months so they could do repairs around the community. Makes you never want to live somewhere where there is a HOA.
$750/mo for an HOA due is quite a lot, but that's not too abnormal for Chapel Hill where I live. I live in a single family home, but there are townhouses in my neighborhood paying $600/mo right now with no major repairs they're doing. Our HOA squanders the money on landscaping and management fees but the builder put in a clause that prevents the neighborhood from controlling the HOA, we have to by law have a management company. We noticed a trend when my wife and I considered moving a few years ago (wound up refi'ing down our mortgage instead to have a very comfortable housing payment) where HOA fees on single family are getting totally out of hand in central NC. Not uncommon to see $300/mo for single family homes in new developments around RTP.
There should be something in the original documents where any changes can be made with a majority homeowner vote ie get rid of the management company.
There was a condo in my town people are paying $700 a month for the condo fee then they had to redo the elevators so they put a $15,000 assessment on everybody which means you either just give them a check for 15,000 or you pay an extra 500 a month until it’s paid off
i think the story is missing stuff like how were the properties damaged and why-did the HOA sue the contractor and lose?
High concentration of karens in HOA. Avoid at all cost. Unless your a karen.
Not all HOA's are bad. Mine just makes sure people mow their lawns so it isn't a weedy mess. There are other rules, but they aren't enforced.
💯- currently living in an HOA community - my first and last!! It’s been an unpleasant experience. But been there 5 years now and first year I realized real quick to remove myself from the community fb groups! 😂
See if you can buy an older home without an HOA. Then you can use the 400 HOA money toward that house payment.
Buy a property in an HOA area only if you are a fan of more government. It's basically just another level of government (with less legal protection)
The HOA at my condo is a nightmare and it will only get worse
Yep..Board members with NO LIFE...like a "small man syndrome" getting a big truck
List it by Friday? And then where would they live then?
Put a contingency in place that requires closing on another before the finalization of this sale.
Put it towards the new mortgage, buy below your budget, and hammer away at the other debt .
The other debt (car and CC most likely) could be paid off in a much shorter time then a 30 year mortgage
Hey MrWick... where'd you go, it was just getting fun, LOL!!
I know my personality and I could never live in a HOA development. I’m not paying some DAzz to tell me what to do. It’s usually ridiculous people that have never had any sort of power in their life.
They are recouping the money but just pay the maintenance w/e it is and look to move elsewhere
So leave now to sell to some unsuspecting buyer whose hoa fee will double without knowledge. That doesn't sound very nice.
She specifically said she would have to disclose the increase in the fee.
It's not like she will be able to hide it. The new buyer will know what they will be paying when they buy the home. That's part of selling the home. And most that buy a condo knows that those fees are almost as high as their mortgage is. So, there won't be any surprises.
HOAs are actually very good. People who say “I’d never live in a house with a HOA” are stupid. I personally like that I live in a neighborhood that mandates you can’t paint your house pink and you can’t leave trash everywhere and you must maintain your house.
HOA neighborhood retain their value because people are forced to take care of their properties so cry me a river
Agree. I would never want to own a condo again after I sold this second home (condo fee and those special assessments). My main home is a townhome with HOA. But the owner is responsible for the up keep of their townhome and the HOA only covers care of the common area and includes trash pickup. My community does not have all those bells and whistles just two small play areas. The condo I only owned the walls. I don't want a Condo fee ever again. I know someone who lives in a Non HOA community and some homes are awful (junk in yard, cars up on blocks), and some homes maintained. But without an HOA this is what you get. I will take my chances with an HOA, but never a condo again.
Then don’t live in the ghetto and next to people who live like in the third world. HOAs are awful