When you finally by your own house
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Is it a requirement in the US to join the HOA?
In many neighborhoods; yes.
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Is it a requirement in the US to join the HOA?
If you buy a home in which an HOA is already established, then yes, it's required. And good luck finding a neighborhood where one isn't already established. If you get a small enough town or cheap enough neighborhood, maybe.
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Congratulations! You will now work off that debt for the next 40 years! 🥳
wrote last edited by [email protected]Better to work off that debt over 10-30 years (which is what mortgages usually run for, not 40) and then be able to sell the house and get your money back than paying rent for 10-30 years and have nothing.
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Better to work off that debt over 10-30 years (which is what mortgages usually run for, not 40) and then be able to sell the house and get your money back than paying rent for 10-30 years and have nothing.
True, also best to not pay off your mortgage. It is a line of credit if worth more than you owe. Once you pay it off that credit line is gone.
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The bank:
"Awe, that's cute!"
Debt pay back time.
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Nah. Pay off your house and its yours.
When do you pay off your rent? When you die.
Most people never do pay off their house.
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It's cool right up to the day something breaks and you realize that you are the landlord now.
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And my axe?
Die Axt im Haus erspart den Zimmermann. - The axe at home lets you skip the carpenter.
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much better PSA, don't buy a house that is in an HOA. HOA's are the devil, and they are a great example of why the adage that local control is best, is total bullshit.
What about like multi property buildings? Like townhomes or condos?
Don't those always come with an HOA?
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much better PSA, don't buy a house that is in an HOA. HOA's are the devil, and they are a great example of why the adage that local control is best, is total bullshit.
I get possession of my first house this Friday, very happy to say HOAs aren't really a thing in Canada
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If you buy a home in which an HOA is already established, then yes, it's required. And good luck finding a neighborhood where one isn't already established. If you get a small enough town or cheap enough neighborhood, maybe.
It’s funny that the ‘right to work’ exists to dismantle unions, but somehow no-one has thought of a ‘right to live’ to combat HOAs.
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It's cool right up to the day something breaks and you realize that you are the landlord now.
Then you pay for it and still come out ahead.
It have a home maintenance plan for more predictable cost and renting like experience, and coming less ahead than renting, but still somewhat ahead.
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Imagine buying a house with an HOA.
Imagine living in the US ... Awful
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Mortgage is just rent with another name (I know it's not quite that simple, but it feels that way sometimes)
Mortgage ends one day. Paid off my mortgage 10 years ago.
Even if you don't stay long enough to pay off, when you do sell, you get to have more proceeds from the sell than you owe.
If you only are going to stay in a place 2 or three years though, probably not worth it.
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Most people never do pay off their house.
You have a citation? At least when they sell the house they definitely pay it off and then some.
Been living without mortgage or rent for over 10 years myself.
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True, also best to not pay off your mortgage. It is a line of credit if worth more than you owe. Once you pay it off that credit line is gone.
If you have a HELOC, yeah but the rate isn't great. If you do pay off, you can always open a new HELOC.
Funny story, I had a HELOC as part of buying a house with no closing cost on it I paid the balance off but kept it open. They called me one day and asked if I would close the account. I said that I don't think I should, because I'd suddenly owe the money for closing costs for paying off early, and they confirmed I could either sit with a zero balance for two years for free our pay a few thousand dollars for the privilege of choosing the account...
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Imagine living in the US ... Awful
Thank god I don't.
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What about like multi property buildings? Like townhomes or condos?
Don't those always come with an HOA?
I've owned a townhome that didn't have an HOA. It's not super-common, but it does happen.
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It's cool right up to the day something breaks and you realize that you are the landlord now.
wrote last edited by [email protected]My landlord will fix any problem I point out to him, as long as I am willing to wait somewhere between 2 weeks and however long I hold the lease.
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If you have a HELOC, yeah but the rate isn't great. If you do pay off, you can always open a new HELOC.
Funny story, I had a HELOC as part of buying a house with no closing cost on it I paid the balance off but kept it open. They called me one day and asked if I would close the account. I said that I don't think I should, because I'd suddenly owe the money for closing costs for paying off early, and they confirmed I could either sit with a zero balance for two years for free our pay a few thousand dollars for the privilege of choosing the account...
I paid my Car note and owed like $250 more for it to be paid off. My lender sent me a bill for $250 + $50 late fee. I called them and explained I just paid $430 and was going to pay the remaining next month. They said my 72 month contract ended is why. Okay but a late fee? I told them I will never do any business with them again.
