Pros and Cons of Living in an HOA Community
There are many pros and cons of living in a homeowner and condo association community. Below is a list of some pros and cons:
Pros:
The homeowners association pays for common areas like swimming pools, spas, tennis courts, parks, private roads, sidewalks and clubhouses. That means you are able to enjoy a pool without having to maintain or clean it, or enjoy a playground or garden without the hassle of maintenance.
Some HOA's also offer services like lawn maintenance to keep the neighborhood looking good all the time. You don’t have to hire someone yourself and your property always looks pristine.
Homes within HOA communities typically maintain their values better than non HOA deed restricted communities. By regulating the appearance of common areas your curb appeal and home price tend to be higher.
Often, HOAs promote a strong sense of community. Friends can gather at the clubhouse or common areas, people get to know their neighbors, and there are usually social functions planned year round.
Issues with neighbors like unwanted cars parked in front of your house are handled by the association, taking the pressure (and responsibility) off of residents.
Cons:
The price of your perfectly manicured lawns could be losing the freedom to choose your holiday decorations or the color of your house. There are rules and restrictions and the HOA documents can dictate what you can and cannot do in common areas.
A homeowner may encounter restrictions if they want to rent out their property. The association may require potential renters to be screened and approved by the HOA board, how much you charge for rent could also be regulated along with the duration of the rental. Some HOA's ban rentals altogether.
The more amenities that are offered, the more the monthly dues can be. Sometimes the extra expense of monthly dues may more than some homeowners can afford.
Some HOAs are poorly managed by board members who don’t have enough time to devote to the community. Others too might be managed by a third party company (property manager) which can feel like giving up control of your neighborhood.
Before purchasing a property within an HOA or condo community it is very important that you find out how the association is run, how much the monthly association fees are, what the fees cover and how much money is in the reserve fund to cover any large expenses such as replacing a clubhouse roof. Always get a copy of the rules and regulations before you purchase so that you are completely aware of what you can and cannot do within the community. For example, if you purchase within a condo/townhouse community where there are zero lot lines, more than likely you won't be able to touch the landscaping outside your home. If you are an avid gardener then this is definitely something you will want to consider before purchasing.
Credit: http://www.homeowners-associations-arizona.com
"The home buying & selling process BEGINS and FINISH with ME, so that there is no interruption throughout the process.” - LONG M. NGUYEN
Zillow.com Premier Agent
Long M. Nguyen's Profile
CLICK here: http://bit.ly/1Rxw0EP
Anyone who has not owned a home for the previous 3 years is considered a 1st-time homebuyers and could be eligible for 97% of the loan.
Long M Nguyen PERSONAL Facebook
CLICK here: http://on.fb.me/1MJURY5
Gifts from immediate family members are an eligible source for a down payment and reserve requirements.
FREE ACTIVE HOMES FOR SALE SEARCH WITHOUT REGISTERING
CLICK here: http://bit.ly/1FnXQlA
Why Use a REALTOR®?
All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.
Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®.
But if you're still not convinced of the value of a REALTOR®, here are a dozen more reasons to use one:
1. Your REALTOR® can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices.
2. Your REALTOR® has many resources to assist you in your home search.Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.
3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning, schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.
5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, Title Company or attorney can help you resolve issues that might cause problems at a later date.
6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.
7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.
8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.
10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.
11. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).
Credit: https://www.aaronline.com/
RESOURCES
GOT CREDIT ISSUES?...check this out:
azclg.com – AZ Credit Law Group
CLICK here: http://bit.ly/1OXrxxx
Youtube.com – Long M. Nguyen OFFICIAL – Video Channel
CLICK here: http://bit.ly/1KEBd8h
Copyright © Long M. Nguyen. All rights reserved.