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Hello. I'm from Illinois looking at a possible relocation to the area. As I am looking at homes online I have noticed many appear to be in planned communities. However, I am not seeing HOA fees stated in any of the MLS listings. Are they not required to be disclosed in SC? I'm just trying to calculate what our real COL is going to be in MB as compared to where we are now. Thank you.
In addition, I see they tax on cars and such yearly. We pay all of our taxes upfront here. Are there any other taxes, fees, or out of the ordinary expenses I should be aware of? Thank you again.
Another tax fact to keep in mind if you're not going to live here full time at first is that the real estate tax for non-residents is about 3x the tax for a resident.
Regarding the HOA fees, be sure and find out up front what the fee includes. For example, some include trash pickup, basic cable, etc...some do not. Additionally, keep in mind that if the community is new and the HOA has not been transferred from the developer to the community, the developer will many times set the HOA fees artificially low to attract buyers. Once the community takes over, they find that the numbers don't add up and have to raise the fee...sometimes significantly. Also, make sure that the HOA has sufficient reserves to cover long term capital improvements such as a pond fountain breaking, pool pump replacement, etc. Find out if there are any upcoming projects for which there might be a special assessment not covered by the reserves. Finally, make sure to get a copy of the Covenants and Rules/Regulations and read them to make sure that you can live within the rules of the community. HOA boards are charged with enforcing the rules for the good of the community so it's important that you are comfortable with the rules.
Retire in MB is spot on regarding Home Insurance and checking the flood map. You should also talk with neighbors in a community that you are interested in to see if they have observed any water issues. Also, we found that our auto insurance went up slightly when we moved here which we found surprising.
Another tax fact to keep in mind if you're not going to live here full time at first is that the real estate tax for non-residents is about 3x the tax for a resident.
Regarding the HOA fees, be sure and find out up front what the fee includes. For example, some include trash pickup, basic cable, etc...some do not. Additionally, keep in mind that if the community is new and the HOA has not been transferred from the developer to the community, the developer will many times set the HOA fees artificially low to attract buyers. Once the community takes over, they find that the numbers don't add up and have to raise the fee...sometimes significantly. Also, make sure that the HOA has sufficient reserves to cover long term capital improvements such as a pond fountain breaking, pool pump replacement, etc. Find out if there are any upcoming projects for which there might be a special assessment not covered by the reserves. Finally, make sure to get a copy of the Covenants and Rules/Regulations and read them to make sure that you can live within the rules of the community. HOA boards are charged with enforcing the rules for the good of the community so it's important that you are comfortable with the rules.
Retire in MB is spot on regarding Home Insurance and checking the flood map. You should also talk with neighbors in a community that you are interested in to see if they have observed any water issues. Also, we found that our auto insurance went up slightly when we moved here which we found surprising.
Thank you very much! Very helpful info. I wouldn't have thought about some of this. It will be our primary residence. I prefer HOA's with tight regulations. Especially in a tourist area such as MB I think it would be very important.
Zillow seems to do a good job on listing HOA fees. I typically go to the 'Mortgage' Section of the listing and it will have it listed there in the Mortgage Calculator. Another thing to keep in mind when looking at home here. The SF is typically the amount of SF under roof, not heated. Meaning the SF here includes garages and covered porches as well. Very different from anywhere else I have ever lived.
I would get the HOA fee from the HOA itself. I just checked the HOA fee on Zillow of Southgate and it says 28.00 and 30.00 at two different places. It is around 60.00 from friends I know who live there. Just a thought. It was new to me also.
I agree with firehaz1. Do not use Zillow for the HOA fees. I don't know where they get them but on one community they listed the fee as $7/month when, in fact, it's $80/month. Always ask the agent or contact the HOA directly.
We have owned two homes here, both in HOA communities. One was $ 92, one was $ 95 per month. The more things in a community , pools, clubhouses etc, the higher the HOA.
As to strict, again the higher the HOA typically means more restrictions. For example, queens harbor has no onsite amenities and is like $ 30 a month. Same with the Lakes community. You can put up solid fences, plastic fences, etc. In my community , neither of those are acceptable.
Don't buy any house without reviewing documents on the HOA.
There may also be a transfer fee. In Surfside Beach Club, every time a house is sold, the new buyer has to pay a one time $ 750 buy in fee.
This was not disclosed to us and I was mad.
Get a realtor once you are serious about the buying process. They should be able to guide you
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