HOA Fee Clarification Question (home, buying, housing)

[sunshine809]

OMG...the more I read these forums, the more I think it is just better to rent. 😥

[BucFan]

Originally Posted by sunshine809

OMG...the more I read these forums, the more I think it is just better to rent. 😥

or don't move into an HOA unless you can afford the monthly fees...along w/ your other bills....but as far as buying a home, I think way too many buy homes when they should be renting.....real estate agents can tell you, but there's a rule of thumb about not buying unless you plan on living in the home for a number of years - also would recommend you have a very secure line of work as to be able to pay the bills/mortgage.

[bentlebee]

We hear tenants all the time saying that they are planning to buy within or the next year and always wonder on what planet most of them seem to live, since the ones who usually mention it have such a bad credit so they are clueless.

Then we have the ones who need 6% towards closing costs since they have not much money for closing costs and we always tell them they need money for unexpected items that can break down and if they have thought about that but many don't seem to care or seem to have some money for these items that are not in a bank account or just never think that anything can break down.

Renting can be great for people who prefer to rent or for the smart ones who need to save first and then are ready to buy.

[minister]

OP'er here. I would really love to NOT live in an HOA...but it seems as if there are very few homes in good areas without being in one.

We are looking to live in the Westchase area, or in the area just north of Racetrack Road, whatever that area is called.

Is it just me, or are there only HOA homes there? Any advice?

[bentlebee]

Most communities have HOA's or you get to live out in rural areas which can be great or a disaster. You can live amongst nice pride home owners or a junk yard or cars, etc. since it is not overseen by anyone other than the County since the County does have certain code enforcement rules that can be implemented, but otherwise home owners are pretty free to do whatever.

Where I lived for most of my life we didn't have HOA's and people kept their properties up but we hardly had any rural areas due to the dense population and governments who love to get additional money in so instead of a HOA the government is more strict.

[PhotoProIP]

Originally Posted by minister

OP'er here. I would really love to NOT live in an HOA...but it seems as if there are very few homes in good areas without being in one.

We are looking to live in the Westchase area, or in the area just north of Racetrack Road, whatever that area is called.

Is it just me, or are there only HOA homes there? Any advice?

Most of those are planned sub divisions, so yes, most have HOA's. If you drive up towards Odessa on Race Track rd you'll see the rural-ish areas that Bentlbee was talking about...some have really nice homes and acreage, but I haven't seen any for sale/rent, and I just drive through there last week 4 times!

[bentlebee]

There are a lot of for sale signs out there in Odessa but most of them are selling off a piece of land and keep the remainder so a buyer needs to see if they are able to get it zoned to build and find a builder.

Most of these for sale signs don't have riders showing that it just land for sale.

[EngGirl]

Something I noticed and wanted to point out - if you see many houses for sale in one HOA community, it possible something is going on there... One of New Tampa communities have so many houses for sale, but I am not sure what's going on there. I kind of recall someone talking about that community here on forum not too long ago (something related to HOA). Another community I can think of is in Land O Lakes - with formal golf course. I noticed many houses went for sale and was question different realtors (and I think I even asked people on this board) - it turned out golf course was closed and there are some financial difficulties which is enough for some people try to get out from there.

Unfortunately it's hard to predict what's going to happen to community in the future. Even good one can go downhill with bad management company or costly repairs what will drain HOA reserve funds...

[bentlebee]

Originally Posted by EngGirl

Something I noticed and wanted to point out - if you see many houses for sale in one HOA community, it possible something is going on there... One of New Tampa communities have so many houses for sale, but I am not sure what's going on there. I kind of recall someone talking about that community here on forum not too long ago (something related to HOA). Another community I can think of is in Land O Lakes - with formal golf course. I noticed many houses went for sale and was question different realtors (and I think I even asked people on this board) - it turned out golf course was closed and there are some financial difficulties which is enough for some people try to get out from there.

Unfortunately it's hard to predict what's going to happen to community in the future. Even good one can go downhill with bad management company or costly repairs what will drain HOA reserve funds...

The other way around is also possible when new management steps in which has happened at some communities.

Most issues came up when home owners failed to pay their dues and some claimed not knowing they had to pay and others are just dead beats and in a few cases home owners fell on hard times.

Most home owners however rather stop paying the mortgage and HOA fee but driving the expensive cars and using cable boxes and faster internet and Netflix is not something that is on most of their lists to quit using to pay for the other things.

Right now the amount of short sales is much lower and more owners get denied for a short sale then before. That is why the inventory is still low.

Aside from this some communities dealt with Chinese drywall, sink holes or other issues and that makes a community less desirable. A closed golf course isn't helpful either. I read recently that a home owner bought a house with golf course view and the golf course was going to be closed and homes being build. That was the first time I ever heard of something like that in this area and very sad for home owners living with a nice view and paying for a more expensive lot to find out years later their lot value is down the drain as well as their future view.

[SandyJet]

Originally Posted by bentlebee

The other way around is also possible when new management steps in which has happened at some communities.

Most issues came up when home owners failed to pay their dues and some claimed not knowing they had to pay and others are just dead beats and in a few cases home owners fell on hard times.

Most home owners however rather stop paying the mortgage and HOA fee but driving the expensive cars and using cable boxes and faster internet and Netflix is not something that is on most of their lists to quit using to pay for the other things.

Right now the amount of short sales is much lower and more owners get denied for a short sale then before. That is why the inventory is still low.

Aside from this some communities dealt with Chinese drywall, sink holes or other issues and that makes a community less desirable. A closed golf course isn't helpful either. I read recently that a home owner bought a house with golf course view and the golf course was going to be closed and homes being build. That was the first time I ever heard of something like that in this area and very sad for home owners living with a nice view and paying for a more expensive lot to find out years later their lot value is down the drain as well as their future view.

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