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I was not able to buy anything of my own until I was past 50. Once my only child graduated from high school, I had more choice as to where to live with not worrying about a good school system or having family near by as I did when she was growing up. Just had to worry about making the commute.
So, I moved 60 miles away to a county that was more affordable for real estate, and I bought a condo. My total mortgage/taxes/insurance/HOA fee is far less than my rent was for the house I was living in.
There are always a lot of snide remarks from SFH owners re condos, but I am a single woman in my fifties who doesn't want to do yard work beyond my own small garden plot and who doesn't need a lot of space. I have good neighbors and I like the sense of community even though these people aren't my best buds or anything. I feel safe here, too, and that my pets are safe. I am gone 12 -13 a day during the week, and I think an empty SFH would be more vulnerable to break-ins during the day than my condo is with someone always home in my building (retirees on one side, a chef who works nights on the other).
Each person has to decide which is best for their own situation.
HOA dues suck...in a word. I had a condo and the HOA fees went up. They are unpredictable, so I would suggest buying something with no HOA fees, so you don't have to worry about your budget changing.
Plus, if you get behind on your HOA fees, they can foreclose on you - yes, the HOA, not the bank!
AND, HOA love to appoint yard nazis who will give you a hard time about the veggies your husband planted, which are not allowed according to the new rules, you never anticipated, blah blah. In my condo, I had put a couple of big pots outside my front door with tomatoe plants in them, and the yard nazi gave me a hard time. Condo living is not for me.
Sorry you had a bad HOA... but they are not all bad.
Our dues are $36 per year... not a budget buster.
Our HOA cannot foreclose on you.
Our HOA does not have 'yard nazis', as you called them.
Anyone should make sure of the HOA rules before they buy a property... and NOT move there if they don't like them!
Single Family Home would give you the best upside appreciation potential. But if you are frugal you want to limit your overhead costs. If you can find a condo in the same neighborhood with substantially lower cost, including HOA dues, go for it.
Sorry you had a bad HOA... but they are not all bad.
Our dues are $36 per year... not a budget buster.
Our HOA cannot foreclose on you.
Our HOA does not have 'yard nazis', as you called them.
Anyone should make sure of the HOA rules before they buy a property... and NOT move there if they don't like them!
HOAs really depend. In my neighborhood, they're about $380-400/year. They were $220 last year but went up to cover the cost of more frequent security patrols. Most of the rest of it goes for the neighborhood pool which I use about twice a year. So yeah, that's ~$150 or so is a big waste... but I think it's good to have a pool in the neighborhood. Even though I'm childless 20-something with no plans on having kids, I think the best neighborhoods to live in are family friendly ones. But then this is a SFH. The HOA fees aren't going for insurance, roofing, exterior paint, the only landscaping is on a few streets. Condo fees are much higher... but then you don't pay for all the maintenance either. If you think HOA fees are unpredictable, try home repairs.
Ours is moderately Yard Nazi. Too much for my tastes, but I'm very anti-authoritarian. One of the neighborhoods moved in and had about 50 potted plants in the front yard which didn't bug me in the least. A few months later, we have a rule about potted plants. Stupid. That's one of the few times I've gone to a board meeting, and I wasn't the only one who felt that was a dumb rule. That was right when we had a new management company come in and they were enacting a bunch of rules and making people nervous. Since then, we haven't had any new Yard Nazi rules dropped on us... point is, they do listen.
Yeah... we are a SFH neighborhood, with a neighborhood pool. It IS a great place for families!
We don't have security patrols, though (really not needed here....).
Buying a used manufactured home on its own lot (for cash if possible) is probably going to be your best bet.
If you buy one used, you have eliminated most depreciation. Taxes are going to be much less. Electric and heating costs depend on the individual home. Pay down those student loans and live cheap. A big benefit of a fully owned manufactured home is that you can "homestead" it so that nobody can kick you out on the street if times get really tough.
Sorry you had a bad HOA... but they are not all bad.
Our dues are $36 per year... not a budget buster.
Our HOA cannot foreclose on you.
Our HOA does not have 'yard nazis', as you called them.
Anyone should make sure of the HOA rules before they buy a property... and NOT move there if they don't like them!
I'd say you're very lucky! And remember, that can ALL change with the election of the next board.
I own a SFH in SC where the OP is. And our HOA was wonderful our first year. This is year 3 and the nazis have taken over. Every few weeks there's a new rule about something or other. We get letters all the time complaining about what we are or aren't doing. We get letters saying our grass is too tall....there's NOTHING
in the covenants about the height of the grass! We mow it so it's 2 inches tall. I don't know how you can mow much shorter!
Many HOA's can foreclose on your home. Be sure to read the covenants VERY carefully. Have a lawyer read it as well! Many things they try to pull are illegal in many states.
My HOA fees also have gone up every year. This year the board is looking to do some special assessment so we can put up a sign by our second entrance. Thanks, but no thanks! I already pay $150 a month in fees....there's no pool, no clubhouse, nothing but HOA land and lights. Oh and apparently we need fancy signs that are going to cost something like $10K.....are they making it out of platinum and diamonds?
Oh and forget having a garden with our HOA. You can't even have a boat or camper in your backyard behind a 6 foot fence! We used to be able to, but the new nazis took over. Your kids also can't have a tent up in your fenced in yard or a night either. They may not be allowed to hiccup or sneeze either.
Back to the OP's original post....Condo fees DO go up. Many have crazy rules and may not let you garden in your area. Some only have balconies. The rules can change frequently as well.
Purchasing a small house may be your best bet. Find something with a few acres. Look to be unincorporated as well. Fewer laws are in unincorporated areas. Chances are very high you will be looking at older homes, but that doesn't mean they will be a money pit. You can build a new house and have issues as well. Two weeks after moving in to my brand new house - built just for me - the a/c died and it was in the high 90's. Waited 2 days for it to be repaired.
One has to be careful about purchasing a mobile home. In SC, many counties and towns do not allow them to be moved especially if they are a certain age or older. The county I lived in made several changes to the laws regarding them over a 2 year period. They don't want anymore of them in the county. They're trying very hard to prevent you from putting one in now. And YES you need a permit to have one set up on your land.
Good luck!
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