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You all's thoughts on condo/townhouse downsizing
Posted on 9/25/24 at 10:28 am
Posted on 9/25/24 at 10:28 am
- If I think the monthly HOA or POA amount actually seems reasonable, can I lock in that amount, or can the HOA Karens raise it on me willynilly?
- How does the home insurance work? What if a tree smashes the roof of me and my neighbor, both, and my insurance is good, and his is shite?
- or is the HOA a "collective" on insurance for the entire structure? (and then the Karens want State Farm)
- What if I've done my research on the neighbors, they seem like good people, and yet one of them comes home from a plane ride from Europe with bedbugs, and infests the entire damn place?
- resale scares me
- questions I've not thought of scare me
What thought do yall have?
- How does the home insurance work? What if a tree smashes the roof of me and my neighbor, both, and my insurance is good, and his is shite?
- or is the HOA a "collective" on insurance for the entire structure? (and then the Karens want State Farm)
- What if I've done my research on the neighbors, they seem like good people, and yet one of them comes home from a plane ride from Europe with bedbugs, and infests the entire damn place?
- resale scares me
- questions I've not thought of scare me
What thought do yall have?
8
Posted on 9/25/24 at 10:33 am to Harry Rex Vonner
Condo association fees are a completely different animal than HOA fees. In the condo context much of that fee goes to things you would pay to maintain a property that you owned on your own.
Ultimately it depends on the condo. They come in all shapes and sizes and present different risks.
Ultimately it depends on the condo. They come in all shapes and sizes and present different risks.
Posted on 9/25/24 at 10:39 am to Harry Rex Vonner
They can raise it when warranted, but it usually won’t be Willy Billy. Insurance jumps, utilities increase…, all of this will need to be factored in and they will adjust accordingly. When looking at a place, request details about prior special assessments as far back as they will provide. This can give you insight in the association’s ability to plan & budget, how they handle emergencies, etc.
Association would cover insurance from studs out, you need to have a policy for studs in. In this scenario, association insurance repairs exterior, your insurance interior
Association would cover insurance from studs out, you need to have a policy for studs in. In this scenario, association insurance repairs exterior, your insurance interior
Posted on 9/25/24 at 10:39 am to Harry Rex Vonner
- I love yard work, but I think I'm ready to trade it for not being eaten alive by chiggers every summer - if I'm going to be eaten alive by chiggers, I'd rather it be while I'm fishing
- I imagine condos and townhouses don't have as much of a property tax hit?
- There could be people who are challenges at the condo, but then again in the "peaceful neighborhood" where you're thinking of leaving, there could be (are) fricking Nazi's from the lower hell depths of Adolph Hitler's loins as neighbors
- ...thinking out loud here...
- I imagine condos and townhouses don't have as much of a property tax hit?
- There could be people who are challenges at the condo, but then again in the "peaceful neighborhood" where you're thinking of leaving, there could be (are) fricking Nazi's from the lower hell depths of Adolph Hitler's loins as neighbors
- ...thinking out loud here...
Posted on 9/25/24 at 10:42 am to Weekend Warrior79
SloaneRanger 
Weekend Warrior79
Weekend Warrior79
Posted on 9/25/24 at 10:45 am to SloaneRanger
quote:
Condo association fees are a completely different animal than HOA fees. In the condo context much of that fee goes to things you would pay to maintain a property that you owned on your own.
Nice. Sounds like less of an HOA Karen type person, and instead some folks who are thinking rationally about the protection of the structure.
Brother you have no idea how great of an answer that is.
Posted on 9/25/24 at 11:10 am to Harry Rex Vonner
Well bear in mind that it depends on who your fellow condo owners are. I think in general you are right, but there is still room for unpleasantness and disagreements. And a 200 unit building is a lot different than a 4 unit house.
Read the condo documents and be sure you know what you are getting into. Many people simply do not understand what they own when they buy a condo.
Read the condo documents and be sure you know what you are getting into. Many people simply do not understand what they own when they buy a condo.
Posted on 9/25/24 at 11:29 am to Harry Rex Vonner
Downsizing seems like it would be just as expensive as staying put these days. I couldn't find smaller bills if I tried.
Posted on 9/25/24 at 11:31 am to Weekend Warrior79
quote:Good advise as special assessments are what catch a lot of condo owners off guard and can ruin a budget.
They can raise it when warranted, but it usually won’t be Willy Billy. Insurance jumps, utilities increase…, all of this will need to be factored in and they will adjust accordingly. When looking at a place, request details about prior special assessments as far back as they will provide. This can give you insight in the association’s ability to plan & budget, how they handle emergencies, etc.
Posted on 9/25/24 at 11:55 am to Harry Rex Vonner
I imagine it varies state to state. HOA is pretty much guaranteed to rise with inflation and insurance costs. My old HOA covered all exterior work/repairs.
Posted on 9/25/24 at 12:03 pm to Harry Rex Vonner
When they come up with a special assessment, you have to pay it usually within 30 days. Lump sum
Buddy’s condo had a special assessment for their roof (orange beach), $2MM. He’s on the hook for $150k. He’s selling it lol
Buddy’s condo had a special assessment for their roof (orange beach), $2MM. He’s on the hook for $150k. He’s selling it lol
Posted on 9/25/24 at 12:16 pm to Harry Rex Vonner
Wherever you end up just make sure the HOA has a large reserve fund. If they dont, run.
Our HOA has been very well run the 7+ years we've lived in our townhome. The fee was $190/mo originally and went to $210 a couple years ago, so barely any increase. We've kept a sizable reserve the whole time and even paid for some very large expenses like street work throughout the neighborhood.
There's been no special assessments in the 20+ years the community has been around.
Our HOA has been very well run the 7+ years we've lived in our townhome. The fee was $190/mo originally and went to $210 a couple years ago, so barely any increase. We've kept a sizable reserve the whole time and even paid for some very large expenses like street work throughout the neighborhood.
There's been no special assessments in the 20+ years the community has been around.
This post was edited on 9/25/24 at 12:18 pm
Posted on 9/25/24 at 12:45 pm to thunderbird1100
Great point about the reserve fund. My condo did not have a reserve fund, but the only S.A. was for a railing replacement that should have been saved and paid for through the reserve fund. While the property was well run, they did not agree with the idea of establishing a reserve fund "because all major repairs would be handled through insurance"
Another comment I forgot to add was you can request a copy of the bylaws, with the finances & special assessments before putting in an offer. If they require an offer first, run. The bylaws will layout the requirements for increasing the annual dues (most dues are annual dues that they allow to be paid in monthly installments), some of the condos I looked at in the Jefferson Parish area required a majority vote to increase. This forces the board to be transparent and lay out the reasons for the increases, i.e., costs went up %% amount, x number of owners are not paying (we even named the units), want to refund, or fund, the reserves by $$$ amount in x years...
Another comment I forgot to add was you can request a copy of the bylaws, with the finances & special assessments before putting in an offer. If they require an offer first, run. The bylaws will layout the requirements for increasing the annual dues (most dues are annual dues that they allow to be paid in monthly installments), some of the condos I looked at in the Jefferson Parish area required a majority vote to increase. This forces the board to be transparent and lay out the reasons for the increases, i.e., costs went up %% amount, x number of owners are not paying (we even named the units), want to refund, or fund, the reserves by $$$ amount in x years...
Posted on 9/25/24 at 1:05 pm to Weekend Warrior79
Buy special assessment insurance. When compared to other insurance costs, it’s not very expensive. Many people don’t know that it even exists.
It covers costs that extends beyond the HOA’s insurance, when situations allow that to be applied. It does not cover assessments levied by the HOA to cover upkeep or maintenance needs. Talk to an agent to get the facts. I’m certainly no insurance expert.
Property tax is related to the assessed cost/value of the property, which is usually established at the sale. It does rise, just like the property tax on a house.
It covers costs that extends beyond the HOA’s insurance, when situations allow that to be applied. It does not cover assessments levied by the HOA to cover upkeep or maintenance needs. Talk to an agent to get the facts. I’m certainly no insurance expert.
Property tax is related to the assessed cost/value of the property, which is usually established at the sale. It does rise, just like the property tax on a house.
Posted on 9/25/24 at 2:18 pm to SloaneRanger
the things I'm looking at are probably 10-12 units max, and they're in Fayetteville, so I'd imagine it's not easy for poorer drug user types to be in the structure
I'd think it's mostly college student Dads and Moms doing a 4-5 year investment while their kid is there in school, or simply rental investment folks in general
I'd think it's mostly college student Dads and Moms doing a 4-5 year investment while their kid is there in school, or simply rental investment folks in general
This post was edited on 9/25/24 at 2:35 pm
Posted on 9/25/24 at 2:20 pm to NOSHAU
quote:
Good advise as special assessments are what catch a lot of condo owners off guard and can ruin a budget.
thank you! I'm looking into this stuff
Posted on 9/25/24 at 2:21 pm to trident
quote:
When they come up with a special assessment, you have to pay it usually within 30 days. Lump sum
Buddy’s condo had a special assessment for their roof (orange beach), $2MM. He’s on the hook for $150k. He’s selling it lol
Posted on 9/25/24 at 2:55 pm to Harry Rex Vonner
The same thing happened to a lot of places in Florida after that building collapsed. A ton of condo owners got hit with massive special assessments to fix parking garages and concrete work.
Posted on 9/25/24 at 4:15 pm to Harry Rex Vonner
I downsized to a condo on the water a decade ago. The dues seem high until yourealized what is covered. Insurance for liability, building (fire, flood, wind &hail), pool maintenance, landscaping, exterior maintenance, etc.
The dues can and will go up as the budget changes.
Most of us have an HO6 policy in addition to the Assn policies. This gives coverage on contents and your interior. The cost is about double what a renters policy costs.
Try to meet somone onthe board and decide if the place is well run. Mine wasnt, so.... I'm now the treasurer for our condo Assn.
Resale can be fine if it is well run. It does take a bit longer to close and they dont sell as quickly as a typical 3/2 in an ideal neighborhood. Mine is up about 50%, which is really just keeping pace with the market in that timeframe. Dont even care, I'll be here until I retire, or later.
The dues can and will go up as the budget changes.
Most of us have an HO6 policy in addition to the Assn policies. This gives coverage on contents and your interior. The cost is about double what a renters policy costs.
Try to meet somone onthe board and decide if the place is well run. Mine wasnt, so.... I'm now the treasurer for our condo Assn.
Resale can be fine if it is well run. It does take a bit longer to close and they dont sell as quickly as a typical 3/2 in an ideal neighborhood. Mine is up about 50%, which is really just keeping pace with the market in that timeframe. Dont even care, I'll be here until I retire, or later.
This post was edited on 9/25/24 at 4:25 pm
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