Podcasts about some hoas

Figuring out where to live is a significant and costly decision everyone has to make at some point. If you want to purchase a property to make your home, condominiums, and houses are what you want to look at. Each has pros and cons, and depending on your lifestyle, you may lean towards one over the other. Keep listening to learn which option is right for you.   Links: Learn more about Triangle's mortgage products Check out TCU University for financial education tips and resources! Follow us on Facebook, Instagram and Twitter! Learn more about Triangle Credit Union  Transcript: Welcome to Money Tip Tuesday from the Making Money Personal podcast.      The main difference between a condominium and a house is that when you buy a house, you purchase the land and the building on it. With a condominium, or condo for short, you buy the unit and share the land with other condo owners.    Unlike apartments, you don't pay rent on houses and condos; you pay your mortgage and a condo HOA fee (more on that in a minute). However, some condos are available to rent if you prefer, but that means you won't build equity over time. When you buy a house or a condo and start paying your mortgage, you'll build up equity.    One compelling reason to consider a condo over a house is the pricing. Condos are typically more affordable, making them an attractive option for first-time buyers. A study by the National Association of Realtors found that the median price of detached single-family homes was $42,000 more than the median price of condos, a significant difference that could make homeownership more accessible.   However, condos usually have additional fees attached. Condos typically have a Homeowner Association, or HOA for short, which comes with fees. Some HOA fees include utility fees such as water, electricity, and more, which you would've had to pay anyway if you bought a house.    An advantage of condos over houses is that upkeep is a lot easier. Due to the HOA fees mentioned, someone will handle all the exterior maintenance, like lawn mowing, snow removal, and general outdoor upkeep. With a house, you'd have to do everything yourself or hire someone else.    While this has advantages, a condo may not be for you if you enjoy taking care of your lawn and garden and don't want to share it with your neighbors. Similarly, a condo is probably not the way to go if you value your space. With some condos, not only are you sharing your outdoor spaces, you might also be sharing walls. Many condos are attached so you will be very close to your neighbors. However, there are detached condos that aren't. Depending on your lifestyle, you might value this tight sense of community, or you might want your space away from others.    A downside to condos is you have less autonomy over what you can and can't do with your space. Some HOAs have stringent rules, such as how you can decorate the outside of your unit and what pets are allowed. While some neighborhoods where you buy a house might have an HOA, you typically are not restricted with what you can and can't do to your home.    Condos might also be harder to sell than houses, especially if the HOA is mismanaged. If you notice that many condos in the area are for sale, that might be a red flag that people are trying to leave this community.    There are upsides to condos in that the insurance is generally cheaper than buying a single-family home. This is because you are only responsible for the inside of your home, compared with having the land and house insured.    Which is the better choice for you, a house or a condo? The answer lies in your lifestyle and what you value most. A condo could be the perfect fit if you're looking for a more affordable option and don't want to worry about outdoor upkeep. On the other hand, if you value your personal space and prefer more autonomy, a house might be the better choice. It's all about finding the right balance that suits your needs and preferences.    Whatever you choose, if you're looking for a mortgage, Triangle Credit Union has got you covered. Triangle offers affordable mortgage solutions for whatever your situation might be. Visit trianglecu.org today so we can help you start on your housing journey.   If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.         Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast. 

Affordable housing 2/15/23 Major issue with affordability is highly complex.  Not hard to understand really, just has 1000 moving parts.As it has many causes it is likely to have many solutions.Possible approaches to poke the bear of affordable housing shortages are:a)1st is education and understanding the playing field and the breadth of the problem in your area.Lean into your local REALTOR association for data. Associations are replete with resources, knowledge, and experts.  Also they love to help solve problems for the greater good of the community.  NAR is well known to be ready with grants for housing studies which produce extremely valuable information for this and other considerationsb)Local and municipal regulations or incentives to Attract—actively seek cooperation from builders and developers and land owners Incentivize—by adding language to goals and comp plans, local supervisors can begin to discuss offering incentives to developers, remodelers, investors if they agree to other defined terms that are affordable housing friendly. regulate new construction in a way that is affordable housing friendly.  New HOAs could be asked to allow certain percentages of rental units, perhaps higher than originally intendedDefinition—affordable housing friendly could mean a lot of different things ranging from density of lot sizes, connectivity, home size.   Remember that affordability is not just for sale and often affordability of homes can be found or lacking in the rental market.   c)States can also step in and legislate from any number of directions.  California has a state code recently passed that will set a floor on the percentage of rental units.  Some HOAs might not allow rentals or have stipulations that 10% of units are able to be rented.  The CA law increases that to 25% Civil Code Section 4741https://www.condocontrol.com/blog/new-rules-about-rental-restrictions-in-california/ d)There are federal measures that could be taken as well regarding loans in communities which have ‘too many units' rented as a percentage of all of the units.e)But lastly, if you really want to impact the availability of rentals and create a stabilizing pressure or downward pressure on rents, then you should learn your own association and what it's stance is on the number of rental units.  You could become involved and suggest the owners have more rights to rent their property as is currently in the regulations and that by giving owners more flexibility, they are helping solve a major crisis of the lack of affordable housing. One steps that Virginia is taking to combat some of the problems associated with fear of rental units, specifically short term rental units, is to propose legislation that units managed by a professional licensed REALTOR be exempt from certain restrictions, which are delineated.  The reasons they are able to relax the rules for the professionally managed units is that they tend to produce fewer problems many associate with absentee landlordism, and also when a problem does arise, the professional REALTOR anager is easier to contact and more available to address the issues.

Just like most things, not every HOA can be put in a box. Some HOAs are great. Others less great. But here's why you shouldn't disqualify a house because of one.

Some HOAs are pretty good, some not so good.  Every organization -- including HOAs -- has the occasional problem.  But what are the types of problems I hear about?  I can categorize them into these areas I call "The 5 Levels of HOA Hell." One person, one issue with the HOA, board, or management company. Several people -- you and several (or many) of your neighbors -- all have one or more issues with the association. There is a consensus that the association is not being run like the neighbor-friendly business it should be. You have suspicions -- or solid evidence -- of fraud, misconduct, or serious wrong-doing by a board member, officer, management company, or vendor. Impending financial doom -- could be for you personally (the association is foreclosing on your home) or for the association (it is about to be taken into receivership due to lack of performance). Fix Your HOA will help you in each of these situations... but we'll offer more help in some situations than others.

For today’s message, I’d like to highlight three very important (but often overlooked) things buyers should consider when buying. Before that, though, I’d like to make you aware of a special Valentine’s Day gift our team is offering. If you or someone you know has recently gotten engaged or married, our team would like to offer you $1,000 toward your closing costs when you purchase a home with us during the month of February.  “It’s essential to know what you’re getting yourself into before making the decision to buy.” Now that we’ve covered that special announcement, let’s move on to the three things buyers should think about before buying:  1. The nearby neighbors. The people living in close proximity to your home can make or break the experience of living there.  2. The neighborhood demographic. A mismatched neighborhood culture can make for an uncomfortable homeownership experience. Some buyers prefer a neighborhood with plenty of families, while others would prefer to live in an area with no children at all. It’s best to scope out a neighborhood later during the afternoon to get a sense of its demographics. 3. The neighborhood’s homeowners association. If the neighborhood is within a homeowners association (or HOA), you need to be aware of what rules, regulations, and fees would come along with living there. Some HOAs will issue a citation for having a dirty garage window, while others will do virtually nothing to keep a neighborhood in good shape. It’s essential to know what you’re getting yourself into before making the decision to buy.  If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Homeowners associations can include single-family residences in a community or a townhouse or condo community. Before you purchase a property within a homeowners association, there are five things you should know. First, what is the monthly cost of the HOA? For condos and townhomes, that can range from $250 to $450 or even $500, depending on what the community offers. “What is covered by the HOA and what benefits are available?” You need to be comfortable with that monthly payment. Plus, your lender will qualify you based on your mortgage payment, taxes, and HOA fees, so it’s important to know what that amount is in order to qualify to buy the property. What is covered in the HOA? Homeowners associations may cover general upkeep of the area, landscaping, pool maintenance, tennis court upkeep, and other amenities. Some HOAs cover trash removal, water bills, and insurance for the property—which is not the same as your personal policy. Figure out what the HOA offers and what benefits are available to you. What are the rules and regulations in the HOA? Different homeowners associations will have different rules, such as where you can park, how many people you can have over, and other things like that. Are you happy with the outside of the house? The great thing about HOAs is the community will be uniform. There are specific colors for the outside of the house and the front door. There are also rules about mowing the lawn and landscaping. Some people may view these regulations as a downside because there is less freedom for what you can do with your property. Finally, how can you get involved with the HOA? You may want to get on the HOA board to make the rules and regulations and further improve the property and the community itself. If you have any other questions about homeowners associations or you would like to learn more about buying a home, just give me a call or send me an email. I would be happy to help you!

Many real estate investors here in Phoenix have turned to vacation rentals like Airbnb for cash flow. If you're considering this kind of investment, consider these four points.Want to sell your home? Get a FREE home value reportWant to buy a home? Search all homes for saleMany real estate investors here in the Phoenix area are making big returns using Airbnb and VRBO.com. If you're thinking about using an investment property to use as a vacation rental, there are four things to keep in mind:Location: Phoenix is a destination city, so you want the property to be close to destination attractions like golf tournaments and other sporting events or things that attract winter travelers. Winter is the 'hot' season for vacation rentals.Zoning and/or HOA restrictions of the property: Some HOAs don't allow vacation rentals, so check with a property's HOA and the city's zoning codes beforehand to make sure you can use it as a vacation rental.Management: You'll want to have a management company in place to take care of it for you so you don't have to deal with tenants coming and going constantly, or the cleaning and turnaround that comes along with it. A management company will handle the bookings, cleaning, and management, making your life as the investor and owner much easier. Exit strategy: Like with any investment, think about the end goal you're shooting for. Personally, I'd be focused on the cash flow and eventually liquidating the property to move the money elsewhere. Having a property in a prime location will appreciate over time, setting you up for success in the long run.Having a property in a prime location will appreciate over time.If you have any other questions about investment properties and the benefits of vacation rentals, give me a call or send me an email soon. I'd love to speak with you!

On one hand, HOAs provide their neighborhoods with a lot of amenities. On the other hand, they can cost a lot. Want to sell your home? Get a FREE home value reportWant to buy a home? Search all homes for saleWhat are some of the benefits and drawbacks of an HOA? There are two main benefits and two main drawbacks:The first benefit is the neighborhood amenities that they provide. A lot of HOA neighborhoods have pools, parks, walking trails, and barbecue areas. These are all financed and maintained by the association, which means you can enjoy them without having to maintain them. The second benefit is that they’re really good at controlling the look and feel of a neighborhood to make sure that all of the homeowners are taking good care of their homes.Some HOA's don’t provide a lot of value for the cost that they charge.The first drawback is the cost. Some HOAs don’t really provide a whole lot of value for the cost that they are charging. It would be wise to look at the restrictions that they have and how much they cost when considering an HOA. The second drawback is the restrictions they put on landscaping design and the exterior color choices for your home. These HOA rules and regulations exist to maintain the look and feel of a particular neighborhood, but some of them may have been implemented a long time ago and be outdated now. If you’re thinking about buying, selling, or investing in real estate, please give me a call or send me an email. We’ll be sure to schedule you for a free consultation. I look forward to hearing from you.