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A note: check the CCRs for allowable number of rentals, that is very common in townhouse HOAS and I'll get flamed for this but in my experience rentals tend to make property appreciation less and resale more difficult.
Condo/townhome associations that prohibit or limit the number of rentals tend to hold their value better than those that allow unlimited rentals.
Resale of such are not necessarily easier because investors are precluded from purchasing which is why they often hold their value better.
I do not understand this. A home of any sort, almost anywhere, imposes financial and behaviorial obligations on the occupants.
Aside from imposed limitations associated with an HOA, that's true. But utilities and the like are usually enough for anyone, without incurring further expense to be a part of an HOA. Most people would love to cut housing costs. This would be a topic of further debate, but property tax is just wrong.
Quote:
Originally Posted by middle-aged mom
The potential consequences associated with failure to pay HOA assessments should not come as a surprise to anyone, in an HOA. I am at a loss when those who choose to buy into an HOA and live by HOA rules become out of sorts, when consequences are imposed when they choose to not live within those rules and/or pay their assessments. Not all HOAs are alike. They tend to be a reflection of the majority of people who call it home.
This I would agree with. Anyone who buys into such an arrangement should know what they are in for, and what end of the bargain they're expected to uphold. Especially if neglect of such responsibilities includes home seizure. Yeah, that's a big one.
I have a love/hate relationship with my HOA. I agree with what they do, but I don't agree with how much they charge. $139/mo. for a TEENY 828 sq. ft. condo??? There are at least 200 condos in my complex, but there is no way everything costs as much as they say it does. They spend like $10,000/mo. on landscaping! And it's not even that nice!
My biggest beef is what happened to me when I closed on my condo. I was told my closing costs would be $2,000, but the day before I was to sign, I was told they were now $3,000. Come to find out, my HOA was charging me $1,000 for a "special roof assessment" for a roof that was replaced A YEAR PRIOR! Why I had to pay for a roof that had already been done is beyond me. I tried to fight it, but I didn't get anywhere.
I've had a few problems with my neighbor, and I've had to get the HOA involved. They did a good job of taking care of things. Also, I complained about the state of our pool once, and they had it fixed the next day. They're sometimes a good service to have, but I just don't agree with how much they charge.
I agree with what they do, but I don't agree with how much they charge. $139/mo. for a TEENY 828 sq. ft. condo??? There are at least 200 condos in my complex, but there is no way everything costs as much as they say it does. They spend like $10,000/mo. on landscaping!
Could you consider replacing "they" with "we" ? It makes a huge difference in perception. Know what I mean?
As for the landscaping...are you sure your HOA is incurring a $10,000 monthly expense? Sounds like there must be a tremendeous amount of common grounds. Why not ask for a breakdown as to how this money is spent? Does your HOA put contracts like this out for bid, each year or is it a part of an overall management agreement?
I used to complain about my HOA often, that was until I started to get involved.
You have to do that.
I seriously considered doing this when our newsletter said they were considering putting in a dog run. None of us have yards, but every other unit has dogs (including me), so this would be a GREAT thing to have.
My biggest beef is what happened to me when I closed on my condo. I was told my closing costs would be $2,000, but the day before I was to sign, I was told they were now $3,000. Come to find out, my HOA was charging me $1,000 for a "special roof assessment" for a roof that was replaced A YEAR PRIOR! Why I had to pay for a roof that had already been done is beyond me. I tried to fight it, but I didn't get anywhere.
Special assessments of this sort are required to be disclosed by the seller prior to contract acceptance, in my area. Sounds like this may not have been done in your situation. Off the cuff, sounds like the seller may have misled you.
I am surprised that there was no recource for something like this, unless the devil was in the details of your contract.
I am not sure how the HOA figures into all of this, unless the HOA was the seller.
I seriously considered doing this when our newsletter said they were considering putting in a dog run. None of us have yards, but every other unit has dogs (including me), so this would be a GREAT thing to have.
It seems to me a lot of the benefits of HOA could be had, without actually having one. In the case of a residential neighborhood, common ground rules would suffice, without the facilitation of a communal dictatorship.
Saying you can't have those red flower pots, as is the case of some HOA's, not all, and paying dues is a little extreme.
Special assessments of this sort are required to be disclosed by the seller prior to contract acceptance, in my area. Sounds like this may not have been done in your situation. Off the cuff, sounds like the seller may have misled you.
I am surprised that there was no recource for something like this, unless the devil was in the details of your contract.
I am not sure how the HOA figures into all of this, unless the HOA was the seller.
The seller was a bank (condo was a foreclosure) so I think things just weren't orderly to begin with. The bank ended up paying all the back HOA dues and fees, which I think amounted to several thousand dollars.
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