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Curious About Homeowners’ Association (HOA) Fees? Here’s What You Need to Know

January 25, 2023 by Rhonda Costa

Curious About Homeowners' Association (HOA) Fees? Here's What You Need to KnowIf you are thinking of buying a condominium or a home that is part of a planned community, you have likely come across the term “homeowners’ association” or HOA. In short, the HOA is a coalition of local homeowners who have banded together to manage the needs of the local community. Let’s explore the concept of the homeowners’ association, why they charge fees and what you can expect from your HOA if you buy a home that is part of one.

HOA Fees Are Meant To Make Things Easier

HOA fees are meant to make your life easier. Common sense dictates that all homeowners won’t be able to commit to investing some of their time in community upkeep. So the HOA charges a monthly fee to everyone to cover the costs of keeping everything in order. Of course, some HOAs can make mistakes or foolish investments that don’t benefit all equally. But most are well-intended and do positive work.

What Do HOA Fees Cover?

Your HOA fees will be used to pay for needs that benefit all homeowners’ in the community. If you live in a building, this will be everything from elevator maintenance to keeping the doors in good order. If you live in a townhouse complex or planned community, this includes landscaping, gardening, road maintenance and more. As long as your HOA leaders are doing their job, they will use fees to maintain and improve the community for everyone.

Some Pros And Cons Of HOA Fees

The main benefit of paying HOA fees is that you are offloading your share of the responsibility for building or community upkeep. In essence, you are trading a monthly payment so that you don’t have to vacuum the common areas, change the light bulbs or worry about repairing the gate when it breaks. The main downside to paying HOA fees is that you only have a single vote as to how they are spent and you may disagree with other homeowners about the HOA’s priorities.

All things considered, whether or not you have a favorable view of your HOA generally comes down to you. If you are the type that likes to share their opinion and is willing to commit the time to improve your local community, you may want to join your HOA. However, if you are less interested in having someone spend your money, you might disagree with their approach. Whatever the case, when you are ready to buy or sell your next home, contact a professional to help you find the right home – HOA or not and mortgage.

Filed Under: Home Buyer Tips Tagged With: Buying A Home, Home Buyer Tips, Real Estate Tips

The Top Tips For Making A Successful Offer

December 27, 2022 by Rhonda Costa

The Top Tips For Making A Successful OfferAre you interested in purchasing a house? If so, you probably know that the market is more competitive today than it has ever been in the past. There are a lot of people who are interested in purchasing a home, and you need to take a few extra steps if you want to make your offer as competitive as possible. What do you need to do if you want to maximize the chances of having your offer accepted?

Make An Offer Early

If you want to increase your chances of getting your offer accepted, you need to make an offer as early as possible. If you know there is a property coming on the market that you are interested in, you should try to get your offer in on the first day. There is a chance that the seller is going to be drowned in offers, and they might not even accept your offer if they already have too many. Get your offer in as early as possible.

Cover Closing Costs

If you want the seller to take your offer seriously, offer to cover closing expenses. It is true that closing costs can be expensive, but it is a way for you to separate yourself from the other offers on the table. If the seller knows that they can save some money by picking your offer, you increase your chances of getting your offer accepted.

Pay With Cash 

Finally, there is a chance that the seller wants to get to the closing table as quickly as possible. Therefore, if you can do so, consider making an offer that is entirely cash. If you provide the seller with a cash offer, you can save the seller a significant amount of time and money, so they might decide to pick your offer over the others.

Get Your Offer Accepted

These are a few of the most important tips you need to follow if you would like to increase your chances of having your offer accepted. Even though the market has gotten exceedingly competitive, there are ways for you to get your offer to stand out from the crowd. Consider reaching out to an expert who can help you make a competitive offer right off the bat.

 

Filed Under: Real Estate Tagged With: Buying A Home, Making an Offer, Real Estate

Landlord Squeezing You for yet Another Rent Increase? It’s Time to Buy a Starter Home

December 16, 2022 by Rhonda Costa

Landlord Squeezing You for yet Another Rent Increase? It's Time to Buy a Starter HomeDid you recently receive your annual notice that the rent is going up? If so, you’re not alone. Millions of renters are seeing more and more of their income drained away due to higher rents. To make matters worse, every dollar in rent is one that you are not saving, investing or using to build your net worth. If you’re feeling the pinch of higher rents, it might be time to buy your first starter home.

Comparing Rent With A Mortgage

Have you ever done the math to understand how close your monthly rent might be to a mortgage payment? Here’s a quick and easy exercise. Multiply your monthly rent by twelve, and then multiply that number by 25. For example, if your rent is $1000 per month, that is $12,000 per year and $300,000 over 25 years. So if nothing changed from today, you could afford a $300,000 mortgage.

Homes Are More Affordable Than You Think

Many first-time home buyers are convinced that they can’t afford to enter the market, but that is not the case. There are homes available that fit almost every budget or price range. In fact, it is less important to worry about the total cost and more important to worry about location, size and local amenities like schools and parks.

Remember, when you buy a house you aren’t just locking yourself into a rental contract. You are investing in a home and property have the potential to gain in value over time.

A Few Other Considerations

Of course, there are some considerations that you will need to make as you start down the path to homeownership. The first is that your mortgage is unlikely to be your only monthly expense. You will also encounter property and other taxes, utility fees and if you buy a condominium or apartment, homeowners’ association fees. You will also be responsible for maintenance and upkeep since you own the home. But that also means that you are free to customize and renovate as you see fit.

Keep in mind that it is never too late to escape the rental trap. When you’re ready to start building your future by investing in your first home, contact us. Our experienced real estate team is happy to share beautiful local home options that will suit your needs and budget.

Filed Under: Home Buyer Tips Tagged With: Buying A Home, Home Buyer Tips, Real Estate Tips

3 Reasons Why Your First Home Should Be a Spacious One

November 10, 2022 by Rhonda Costa

Go Big or Go Home: 3 Reasons Why Your First Home Should Be a Spacious OneBuying a home for the first time? One of the key considerations you’ll need to make is just how much ‘house’ you want to buy. While going minimal might seem like a good idea to save on costs, having a smaller living space can end up cramping your lifestyle in many ways. Let’s take a look at three great reasons why your first home should be roomy, spacious and luxurious.

You Might End Up With More Family Than You Think

Have you considered whether or not you want to have a family? Whether you’re a single young professional or part of a newlywed couple, there’s always a chance you’ll end up with more kids than you think. If you’re buying a home for the long haul, you’ll want to ensure that you have enough bedrooms to contain a growing family. It’s much easier to make other use of a spare room than to invent an extra bedroom if you end up with one or two more children than you had planned. Even if you don’t have kids, you may end up welcoming other family members into your home for extended periods.

Small Spaces Limit You In Just About Every Way

As you might imagine, small living spaces will limit your options. Whether you want to build out a new media room or just want more luxurious furniture, much of the time living small means living without. Buying a larger home from the start will give you all of the space needed to build your dream home. And over time, you’re far more likely to enjoy living in a home that you can tweak and customize to suit your changing tastes.

You Can Always Monetize The Extra Space

Don’t forget that extra space can always be put to good use. If you have a finished basement, you can possibly rent the suite out to a tenant. Or, you can host guests in your extra bedrooms using apps like Airbnb. If you’re more of an entrepreneurial type, you can start a small business out of one of the spare rooms.

These are just a few of the many reasons why buying a larger home is an excellent idea. For more information about purchasing a luxurious home, contact your trusted real estate and mortgage professionals today.

Filed Under: Home Buyer Tips Tagged With: Buying A Home, Home Buyer Tips, Real Estate Tips

What Is a “Short Sale” And How Does It Work?

November 2, 2022 by Rhonda Costa

Real Estate 101: What Is a Are you on the hunt for great deals on a local home? If so, you have probably heard about “short sale” homes, although it can take a bit of searching to find one. Let’s take a closer look at real estate short sales to learn how they work and when you might want to take advantage.

What Is A Real Estate Short Sale?

A real estate short sale takes place when a homeowner sells their home for less than they owe on it. This tends to take place in volatile real estate markets where a substantial price increase took place with a rapid price decrease following after.

Whatever the case, the homeowner is now facing a home with less value than their mortgage. They may approach their lender about a short sale, or the lender may force it on them. A short sale can take place even if a homeowner is still making their monthly mortgage payments on time, although that is somewhat rare.

Stick With The Pros When Buying A Short Sale

Without question, if you are considering buying a short sale home you will want to work with an experienced real estate agent. Short sales take place due to a variety of circumstances, few of which are positive. You will want a real estate professional who knows the ins-and-outs of the short sale process and will protect your interests. They can also help you understand what happens with the outstanding debt on the property.

Mistakes To Avoid When Buying A Short Sale Home

Unfortunately, there is no shortage of stories about short sale buyers who made a poor decision when trying to score a great deal. First, ensure that all of the necessary research is done on the home, its title and any liens against it. A home inspection is also critical as there may be structural or other issues which led to the decline in value. Finally, be sure to leave enough time for the closing process as it can take longer than with a traditional home purchase.

As you can see, short sales have their pros and cons. If you are the one selling the home, you have likely been forced into a short sale due to your circumstances. If you are the one buying the home, you may be able to swing a great deal on it. Again, due to the circumstances. Regardless, understanding how short sales work is a good idea. To learn more about local real estate short sales, give us a call today and we’ll be happy to help.

Filed Under: Home Buyer Tips Tagged With: Buying A Home, Home Buyer Tips, Real Estate Investing

Downsizing? Here’s What You Can Expect When You Move From a House to a Condo

October 27, 2022 by Rhonda Costa

Downsizing? Here's What You Can Expect When You Move From a House to a CondoWhether the kids have moved out or you just aren’t using the extra bedrooms, having a house that feels ‘too big’ is rarely fun. In today’s post, we will share a few changes you can expect when you downsize from a large house to a smaller apartment or condo.

Why Downsize At All?

As you might imagine, having too much space is the primary reason that couples and families downsize. Larger homes cost more to maintain and can feel empty if it’s just one or two people living there. In many cases, old items and clutter tend to build up as there is so much storage space. Downsizing to a smaller home helps to maintain a lifestyle that is more efficient but no less luxurious.

Ask Yourself: Are You Ready?

Another consideration that you will need to make: are you ready to move? If you are retired from work, then you likely have enough time on your hands to manage a move. Conversely, if you and your spouse are both working full-time and live near your workplace, you may want to source a smaller home nearby.

Don’t forget that if you own the house you are living in now, this might mean having to list and sell it while buying your new home. This is a common situation and isn’t a significant problem, but it will require a bit of scheduling and financial planning.

The Hardest Part: Choosing What To Keep

Ask any couple or family that has downsized their home about the toughest part, and many will share that it was choosing what stays and what goes. When space is at a premium, everything from shoes to appliances needs to be considered.

Spend some time going through each room in your house, taking an inventory of what you have. Are there any family heirlooms or other emotional items that you can’t part ways with? After that, is there anything that will be usable in your new home? Everything else should be considered fair game. Sell it, donate it or toss it out.

Moving to a smaller home can seem challenging at first, but it is a lifestyle choice that can pay significant dividends. When you are ready to make a move, contact our professional real estate team. After discussing your wants and needs, we will be happy to recommend some perfect local listings.

Filed Under: Home Buyer Tips Tagged With: Buying A Home, Home Buyer Tips, Real Estate Tips

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