Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Peace of mind to keep out the condescending "rif-raf" does seem to come at a hefty price.
Unless you have strict rules about not renting out units in your condo complex, it's impossible to keep out the undesirables.
In my 433 unit townhouse complex, the number of investor-owned units has now risen to 55%, and now, not uncommon, to have the police helicopters flying over the complex late at night.
I was talking to someone at a similar 425 unit townhouse complex up the street from me, and he told me in his complex they have a cap of 25% rentals. Well, well! Even with 25% that can attract any number of undesirables.
I've been here 20 years and I've only gotten one $1800 special assessment for roof repair, monthly HOA fees of $135.
After going through this thread, and planning on retiring in Tucson, I will not be living in any HOA community during my retirement years.
If you can't keep the rif-raff out anymore, then just live with the rif-raff!
I did 5 years in a condo. Never got an assessment. I can't remember what our reserves were, but they were pretty healthy. We did get yearly increases in condo fees. $10 this year, $20 the next.
The part that irked me was the $400 move-out fee to reserve a time, only to show up and find out a board member was moving a few things from their bedroom condo so they could list it for sale and got a waiver from the fee. Their moving truck full of "a few things" was bigger than the truck I rented to empty out my complete unit. I was pissed!
Ha, they must have been some pricey condos to begin with. I can't imagine.
Actually was a $150,000 assesment that was paid in lumps over a few years and then they raised common charges on top of that a few hundred a month for a few years. it is called Lido Towers
BTW units are only around $400,000. Common charges are around $1,100 a month.
Unless you have strict rules about not renting out units in your condo complex, it's impossible to keep out the undesirables.
In my 433 unit townhouse complex, the number of investor-owned units has now risen to 55%, and now, not uncommon, to have the police helicopters flying over the complex late at night.
I was talking to someone at a similar 425 unit townhouse complex up the street from me, and he told me in his complex they have a cap of 25% rentals. Well, well! Even with 25% that can attract any number of undesirables.
I've been here 20 years and I've only gotten one $1800 special assessment for roof repair, monthly HOA fees of $135.
After going through this thread, and planning on retiring in Tucson, I will not be living in any HOA community during my retirement years.
If you can't keep the rif-raff out anymore, then just live with the rif-raff!
High common charges also keeps rift raft out as no investor wants it and owners sell it when they move as cant make money.
High common charges also keeps rift raft out as no investor wants it and owners sell it when they move as cant make money.
While high common charges (granted, while arguably "high" at $734 per month, my common charges aren't unreasonably high) at my building dont keep investers away, they do help to ensure that investers and locals alike are not riff raft and do not rent to riff raft.
Our Covenants say no one may rent/lease their home during the 1st year of ownership. This seems to have worked for us as we have very few rentals.
That sounds harsh, but I'm glad its working out! Does that include not being able to, say, rent out a second bedroom in a 2-bedroom home? I'd think that an issue with trouble tenants would be lessened in such a situation where they are living with the homeowner.
Our Covenants say no one may rent/lease their home during the 1st year of ownership. This seems to have worked for us as we have very few rentals.
My former condo, very small- only 17 units, does not have a restriction against rentals, but to my knowledge, we did not even have even one rental unit in the 30 years that I lived there.
That sounds harsh, but I'm glad its working out! Does that include not being able to, say, rent out a second bedroom in a 2-bedroom home? I'd think that an issue with trouble tenants would be lessened in such a situation where they are living with the homeowner.
We do "overlook" things if they do not create problems.
We have several parents who bought and their adult children moved in as in the children only. We have one who bought and her father alone moved into the unit. Are some renting out a room? We do not know.
Until there is a problem (knock on wood, none so far), we keep a blind eye out.
We bought a condo three years ago on the Main Line in Philadelphia for: 1 . Investment since CDs and stock market was not making much of anything 2. Daughter was finishing up grad school at Villanova and going to be working in the area. The rent on her apartments kept rising and she will be the sole heir when we pass. It seemed like a smart idea. So far, HOA has not gone up too much in that time , now is $299. Their was a new roof put on a year before we bought. The HOA board seems to be on top on things and, while I don't like the fee going up ( daughter pays that), I do not want years of no increase and then a "surprise" big assessment to come up. Building is about 40 years old and has close to 100 units . Investor units are not that many, at least according to figures three years ago. But I am glad to hear of others and their experiences.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
