Buying a home within a homeowners association comes with its own unique set of benefits, challenges, and costs.
Here’s everything you need to know about them.
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Buyers: Why a Home Warranty? Presented by Toth Team
Why should you have a home warranty? Our go-to warranty expert is here to explain.
If you’re a seller looking at a home warranty, click here!
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I’m joined today by Stacey Kraft of Home Warranty of America, our team’s expert on home warranties. She’ll be talking with us about why it’s important for homebuyers to get a home warranty when they purchase a home.
A home warranty covers the mechanical systems of your home. To easily remember what’s covered, just think of PEACH: Plumbing, Electrical, Appliances, Cooling, and Heating.
Ideally, coverage should begin at closing—things can and do go wrong in the first week or two of owning a house. Your home is usually being used differently in the beginning, so it’s a good idea to have a warranty from the outset.
Stacey’s company offers 13 months of coverage, while most only offer 12 months. Things always seem to go wrong on day 366, so they give you an extra month as a cushion.
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Just think of PEACH:
Plumbing, Electrical, Appliances, Cooling, and Heating.
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If you’re comparing companies, look for things such as age restrictions. If you have a 30-year-old furnace, for example, you want to be able to have it replaced if it goes bad.
I’d like to thank Stacey for giving us some great insight. Feel free to reach out to her at (248) 330-1076.
If you have any questions or would like more information, contact me. I look forward to hearing from you soon.
We Want to Protect You When You’re Buying Vacant Land
Which contingencies can protect you during a vacant land purchase?
Our team has a lot of knowledge on this subject, and we’d like to share some of it with you today.
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When you buy vacant land, it’s important that you avoid vacant land traps. There are a few specific buying blunders to look out for during such a transaction, which we would like to highlight for you today.
The first step you should take in protecting yourself against any pitfalls is to partner with a professional. Otherwise, you could easily encounter expensive issues, each of which we’ll discuss in greater detail in future videos.
Some of the contingencies to consider during a vacant land purchase are:
- Septic contingencies
- Well contingencies
- Driveway permit contingencies
- Land division contingencies
- Zoning/building permit contingencies
- Survey contingencies
- Easement and building restriction contingencies
- Utilities
- Mineral rights contingencies
- Crop contingencies
- Water contingencies
- Legal contingencies
- Financing contingencies
- Planned future development contingencies
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Vacant land is the essence of real estate.
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There are a number of opportunities for protection associated with each of these, and our team has been very fortunate in helping buyers leverage them during their purchases. Would you rather have an expert or an amateur by your side as you pursue this kind of deal?
Vacant land is the essence of real estate, and our team has a strong track record of success in dealing with this type of transaction. We hope you’ll trust us to meet your goals.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
Today we are at the Jonathan Club in Los Angeles, and we will be discussing what you need to know about HOAs (homeowners associations) before you buy.
Yes, homeowners associations can be a very big deal, especially if you don’t take the time to learn the facts about your specific homeowners association.
Why?
Every one of them is different, and they each come with a specific set of rules and regulations with which you must abide. If you are going to buy that perfect house, you MUST take the time to research and investigate its homeowners association; otherwise, you could, at some point, lose your home.
But don’t worry—we’re here to help you with that. So here is a quick overview of how a homeowners association works, the do’s and don’ts, the pros and cons of a homeowners association, and the one thing you must ALWAYS do if you don’t want to risk losing your home.
First, what is a homeowners association? The purpose of an HOA is to make and enforce rules and regulations for the properties within a designated subdivision. The association’s goal is to ensure that living in the area or on the property is pleasant for all residents.
Those who purchase a home in a subdivision that has an HOA pay membership dues called HOA fees. They will also be required to follow all the existing and newly voted-in rules and regulations or face fines and penalties.
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Make sure you read the CC&Rs.
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When dealing with an HOA, you will want to read Covenants, Conditions, & Restrictions (CC&Rs). These are the rules that are placed on the properties within the HOA-governed subdivision. These rules and limits are determined by a builder, developer, or the managing members of the homeowners association for that neighborhood.
If you decide to live in an HOA neighborhood, you might have to give up some of your rights and freedoms to do so. Therefore, you have to ask yourself a few questions before making that final decision about whether or not you really want to live in that HOA neighborhood. For example:
Any given HOA will have their own individual rules and regulations, so learn what they are for each HOA subdivision you are considering. Just because you learned the HOA rules for that first house you passed on doesn’t mean all are the same. You need to research and investigate the rules and regulations for each different HOA neighborhood.
Most HOA restrictions are related to the following:
Generally, the HOA is responsible for taking care of all the common area maintenance, upkeep, and repairs. For condos, they are also generally responsible for all major exterior replacements like roofs, fencing, plumbing, etc.
If you have any additional questions for me about HOAs or anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.