When you finally by your own house
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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.
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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.
No I don't. I hope you're right, cause mine feels forever away at this point.
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Unless I move out to the middle of nowhere, there's not many options for me that don't have an HOA of some kind. Wish I could avoid them, but unfortunately too ubiquitous in the states.
freedom
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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.
The really shit part about HOAs is that most of the US NEEDS them. Most of the US has little to no zoning laws, and most of the suburbs are in unincorporated areas outside of the cities.
This means that without an HOA, there's nothing stopping someone from buying the house next door and turning it into a business, methadone clinic, a literal salvage yard, crawfish farm, or gator zoo. -
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.
Yep, factor in that most of your mortgage is in actuality payed to yourself. You actually pay a couple hundred dollars per month to your bank instead of over a thousand to your landlord.
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Unless I move out to the middle of nowhere, there's not many options for me that don't have an HOA of some kind. Wish I could avoid them, but unfortunately too ubiquitous in the states.
Unless I move out to the middle of nowhere,
City folks sure say "the middle of nowhere" when they mean anything other the overpriced suburbs, and stupid cities like New York.
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Youre luckier than you know.
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Yep, factor in that most of your mortgage is in actuality payed to yourself. You actually pay a couple hundred dollars per month to your bank instead of over a thousand to your landlord.
wrote last edited by [email protected]most of your mortgage is in actuality payed to yourself.
This is financial double speak.
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The really shit part about HOAs is that most of the US NEEDS them. Most of the US has little to no zoning laws, and most of the suburbs are in unincorporated areas outside of the cities.
This means that without an HOA, there's nothing stopping someone from buying the house next door and turning it into a business, methadone clinic, a literal salvage yard, crawfish farm, or gator zoo.WTF is wrong with that? My neighbors have 0 rights to do what happens on my property.
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It's cool right up to the day something breaks and you realize that you are the landlord now.
And every day, something new breaks.
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Yep, factor in that most of your mortgage is in actuality payed to yourself. You actually pay a couple hundred dollars per month to your bank instead of over a thousand to your landlord.
most of your mortgage is in actuality payed to yourself.
That's one way of looking at it, not usually the accurate way, but it is a way.
