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The associations dues should include Reserve Funds that can pay for needed repairs when they occur without a Special Assessment.
Well she pays condo fees and it seems she has to dish out a ton of money for repairs like a new roof and new windows.maybe they are corrupt . That's why I would never trust the board of trustees .
One thing to be prepared for is the higher crime rates down south in general. This probably doesn't apply to areas like where Casey is, I'm more talking the cities. A higher proportion of "no good" areas and the crime tends to spill out to the suburbs more. A lot more "random" stuff going on, although it's unfortunately getting worse in MA as well and probably most other places. If you do move to let's say SC, it's vital that you do stick with the "nicer" areas ie. Mt. Pleasant or Summerville if you're in the Charleston area for example.
That's similar to feedback I've gotten from friends who have relocated from MA to cheaper COL areas where they were able to buy a home outright with the equity in their MA home. Definitely more crime in your face.
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I owned a condo previously, and not sure I would want to downsize to one again. I'm sure they are all different but mine was full of retired busybodies who spent a lot of time looking for things to other folks about if they weren't part of the "cool kids" club it seems. Very political.
I'd probably consider a townhouse, but all depends on how able I am as I'd like to still stay with a SFH, but just smaller in size. I don't want to share walls, and I like being able to work in the yard, landscape it how I like and enjoy my own space without others nearby.
We are retired, kids are in different states. We live in a 5 bed rm house, and like it - the space, the location, the town. I think off and on about moving to a condo or apartment as we age. The latter seems best, most maintenance free, if it is well managed place, with nice amenities and - no HMO to deal with, and any maintenances the management takes care. A condo often means HMO, not sure if we would like it.
If you are in a similar situation, are you considering these options?
Would you relocate? If so where and why?
All HOAs are different - different people, different types of homes, different rules. It's harder to get a bead on the people before you move so that's always a gamble (it is everywhere); but you should be able get a copy of the HOA rules to review before you put an offer on a condo/townhome. You can see what the restrictions are, what the HOA fee goes to, etc. In my experience, they can run the gambit from extremely involved to a bare minimum of oversight.
I downsized to a condo 3 years ago and love it. It’s 47 years old and decently maintained. We have a large reserve for issues that arise. Our dues go up between 4-5% a year to keep up with inflation. I can sit on my balcony and look at the beautiful courtyard without doing any of the work.,
Well she pays condo fees and it seems she has to dish out a ton of money for repairs like a new roof and new windows.maybe they are corrupt . That's why I would never trust the board of trustees .
In many associations, members cry to keep the dues low thus ignoring Reserve funding. This cry is common with owners who do not intend to stay but a few years and older folks crying I am on a fixed income.
If Reserves are not properly funded, it will come back and bite your butt.
We will downsize to some larger townhouse in MA or NH in 7-8 years... After that in 10-15 years we will downsize into some smaller condo. 1 or 2 level, but smaller.
We will do this if condo fees will stop raising chaotically as we do not want to be hostages to that. It is easier to handle house spendings in own house.
We will downsize to some larger townhouse in MA or NH in 7-8 years... After that in 10-15 years we will downsize into some smaller condo. 1 or 2 level, but smaller.
We will do this if condo fees will stop raising chaotically as we do not want to be hostages to that. It is easier to handle house spendings in own house.
The townhouse idea is quite appealing. By townhouse do you mean individual SFH, not in a development but independent off a street on a lane? No HOA?
All HOAs are different - different people, different types of homes, different rules. It's harder to get a bead on the people before you move so that's always a gamble (it is everywhere); but you should be able get a copy of the HOA rules to review before you put an offer on a condo/townhome. You can see what the restrictions are, what the HOA fee goes to, etc. In my experience, they can run the gambit from extremely involved to a bare minimum of oversight.
Yep - one should ask for a copy of the rules and a copy of the financial records of the association.
In many associations, members cry to keep the dues low thus ignoring Reserve funding. This cry is common with owners who do not intend to stay but a few years and older folks crying I am on a fixed income.
If Reserves are not properly funded, it will come back and bite your butt.
My parents moved into a new over 55 townhouse development. The dues were kept very low as people always said "fixed income" which I like to reply "but is it meager?" In any case, the condo dues were pretty low. The roofs of the 9 buildings needed to be replaced within 12 years of construction due to shoddy workmanship. Rather than an special assessment for that work, the board opted to take a 20 year loan to pay for the work because "most of us will be dead or gone by the time it's paid off." The monthly dues stayed low and if they ever have another major issue, it's gonna hurt.
The townhouse idea is quite appealing. By townhouse do you mean individual SFH, not in a development but independent off a street on a lane? No HOA?
IMHO, a townhouse refers to a unit in a rowhouse.
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