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Near me the few HOAs and Condos unless they are new are the shabbiest places. And have low resale value.
Even newer ones go downhill quick. My aunt bought in a huge complex. Clubhouse, Golf Course, Tennis courts. All buildings that cheesy horrible 1980s look. Popcorn ceilings, Mica, weird high ceilings and bheesy clubhouse with ornate gold knobs and black mica and loud ugly marble tiles everywhere and tons and tons of Brown and Black paint with fake Stucco.
The HOA enforces the 1980s look. Even worse there is on complex built in 1970s with screaming loud Orange roofs matched to Black trim and Stucco. They are nick named the Taco Bell complex. Yes HOA says you need an orange roof to match the other orange roofs.
Near me the few HOAs and Condos unless they are new are the shabbiest places. And have low resale value.
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The HOA enforces the 1980s look. Even worse there is on complex built in 1970s with screaming loud Orange roofs matched to Black trim and Stucco. They are nick named the Taco Bell complex. Yes HOA says you need an orange roof to match the other orange roofs.
HOAs don't seem to realize that they need to update their look every couple decades.
The old-timers homestead the board and committee positions and make decisions that leave the community looking like your Grandma's trailer park.
Location: Stuck on the East Coast, hoping to head West
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I bought into an hoa b/c I wanted to live in a community with pools, tennis, walking trails, and common areas. I was okay paying for that.
The problem with HOAs is that there is a lack of transparency, selective enforcement of rules and CCrs, abuse of power, and lack of oversight. Priority of payments is a huge problem, too. i.e. they fine you and then apply assessments to the fine instead of the assessment and then move to foreclose.
FWIW, I have sat on the Board. This was actually worse for me b/c I found out how awful they really are. I believed that if I got involved and try to get my other neighbors involved we could at least make the Board adhere to the bylaws and CCrs. I was wrong.
Incidentally, if you walk thru my neighborhood, you can instantly tell who the Board members are b/c their houses look the worst.
In my area, homes without an HOA are worth more than those in an HOA. I will never buy into another.
I am stunned by the cavalier attitude some HOA Boards take to following the governing documents or even the law.
It's as if they think it is club and not a corporation.
The very fact that they are a corporation is what's WRONG with them!!! Why would a private honeowner need to be policed by a "corporation"?! Don't employees have enough of these greedy corporations at work? They need them to manage their private lives too? WOW!
The very fact that they are a corporation is what's WRONG with them!!! Why would a private honeowner need to be policed by a "corporation"?! Don't employees have enough of these greedy corporations at work? They need them to manage their private lives too? WOW!
Society = #FAIL
Wrong or not, HOAs are corporations and there are laws they are supposed to follow. Not all do.
Wrong or not, HOAs are corporations and there are laws they are supposed to follow. Not all do.
In many states incorporation rules/regulations/laws are filled with this is the so and so way to do something then ended with the statement....unless the corporation Bylaws say otherwise...in which case the Bylaws prevail. Very prevalent in states that take a hands off approach to businesses such as here in SC.
HOAs don't seem to realize that they need to update their look every couple decades.
The old-timers homestead the board and committee positions and make decisions that leave the community looking like your Grandma's trailer park.
My HOA problem is folks get poorer not richer over time. The other issue is we piece meal repairs.
For instance we have stucco, brown doors, brown windows, brown metal railings and a brown roof very 1980s looking.
But we have a 50 year roof put on in 2008, the Stucco is not that new BS stucco used on houses in the late 1990s but type ment to last 100 years and the metal rails outside are not PVC fancy but are also ment to last forever if painted.
Hence we steam clean stucco every 20 years, have handiman repaint rails every 15 years, redo whole roof every 30 years, and re-black top parking lot every ten years.
New complexes are like night and day to our complex. But trouble is by 2026 folks will be saying UGGG that is soooooo 2006
HOAs don't seem to realize that they need to update their look every couple decades.
The old-timers homestead the board and committee positions and make decisions that leave the community looking like your Grandma's trailer park.
Updating being needed is true. What generally stops such is they do not have the money to do such. Typically it will take an assessment to do so and owners will get to vote on such.
One townhouse development I lived in needed $25,000.00 per unit (over $4Million) to do what was needed. Average sale price of a unit was $400K. The BOD took over a year to get its arms around it, finance it, and present it. They needed 2/3rds of the owners to approve. The owners passed it 86% to 14%. A local bank financed it. An owner could pay it off over 5 years or sooner.
The place ended up looking awesome. Some say values rose 10-15% based on the remodel.
People forget that such expenditures are often needed to remodel/update older homes and I am talking external changes, not internal updates.
Updating being needed is true. What generally stops such is they do not have the money to do such. Typically it will take an assessment to do so and owners will get to vote on such.
One townhouse development I lived in needed $25,000.00 per unit (over $4Million) to do what was needed. Average sale price of a unit was $400K. The BOD took over a year to get its arms around it, finance it, and present it. They needed 2/3rds of the owners to approve. The owners passed it 86% to 14%. A local bank financed it. An owner could pay it off over 5 years or sooner.
The place ended up looking awesome. Some say values rose 10-15% based on the remodel.
People forget that such expenditures are often needed to remodel/update older homes and I am talking external changes, not internal updates.
Johngolf, I'm curious. Were the monthly fees not high enough, the reserves not high enough?
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