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Everything You Need to Know About HOAs
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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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:
- Do I have any amenities that aren’t allowed under this HOA?
- Am I willing to pay a higher cost to live in this HOA subdivision?
- How will I feel about being told I can’t do something I normally do or would like to do? (think paint colors, yard decor, etc.)
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:
- Landscaping and outdoor decor
- Smoking
- Parking
- Noise levels
- Fencing
- Square footage
- Pets
- Home use
- Amenities
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.
Sellers: Why a home Warranty? Presented by Toth Team
Stacey Kraft with Home Warranty of America is with me today
to answer some questions on all things seller home warranties today.
If you’re a buyer looking at a home warranty, click here!
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Today’s topic is an exploration into home warranties for sellers and Stacey Kraft from Home Warranty of America is joining us today to lend her expertise in this area. If you missed our first conversation about buyer warranties, take a look here!
Q: First, what is a home warranty?
A: Home warranties are going to cover the mechanical systems in your home, and there’s an acronym that will make it easy to remember each of them: P.E.A.C.H., which is broken down into Plumbing, Electrical, Appliances, Cooling, and Heating.
Q: If I’m a seller, why would I want all of that to be covered?
A: Protection for home sellers is necessary because hiccups can sometimes occur without warning, whether they’re mechanical or otherwise. The last thing a seller wants to worry about when their home is for sale is shelling out money for repairs.
Q: An example of that might be your hot water tank going out. What would a new hot water tank ordinarily cost?
A: I see claim notices every day, and on average, a water heater will run you about $1,000.
Q: A warranty, then, will give a seller peace of mind?
A: Yes, the security blanket that a home warranty offers gives the seller peace of mind, and not only that, it’s a good foundation for when the buyer takes over. Since we have free seller’s coverage on the home, we have a history with it.
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Protection for home sellers is necessary.
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Q. From the point of closing and beyond, how long will that coverage last for the buyer?
A: The new-buyer plans are for 13 months or you can buy a two- or three-year plan up front if you wish to.
Q. If an issue were to arise with the home, what would the seller do from there?
A: The seller will call our 800 number and file a claim. Then, our claims representative will set up a time for a contractor to come to the home and assess the situation. If it’s determined that the repair can be accomplished in a cost-effective manner, we’ll repair it. If the issue is beyond repair, we’ll replace the item.
Stacey and Home Warranty of America have always serviced our needs in a highly competent way, and have been quick to action in getting our claims addressed. Without a doubt, Home Warranty of America is a wonderful resource for you if you’re selling your home.
If you have any questions for Stacey, go ahead and give her a call at (248) 330-1076. And if you or someone you know would like help with any real estate needs, please give us a call at 866-OWN-THIS or email us at [email protected]. We look forward to hearing from you!
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.
4 Ways to Make Buyers Fawn Over Your Home
If you’re ready to sell your home, there are a few things you can do in order to make buyers fall in love with it.
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Are you ready to make a move? There are four ways to make buyers fall in love with your home.
First, make it move-in ready—think clean, organized, and clutter-free spaces. Second, bring in some plants, because greenery adds instant style. Third, up the “dream home” factor and highlight any unique features. Lastly, don’t forget to call your local Keller Williams agent!
If you have any questions or if you’d like to get started with the home selling process, don’t hesitate to give us a call. We’d love to help you.
4 Fast and Effective Home Improvement Tips
Would you like to update your home, but you’re worried about sinking a lot of time and money into it?
Here are some quick and inexpensive alternatives.
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As a homeowner, it’s important to maintain your property. However, you don’t always have the time or funds to make the improvements you may desire.
To make things easier for you, we’ve assembled a few quick and easy tips to spruce up your home:
1. Try updating your house numbers. This quick fix will really set you apart from your neighbors and makes your home easier to find. There are many options to choose from, so get creative.
2. Paint an old piece of furniture. This can turn an outdated nightstand or chair into a new stunning addition.
3. Paint your front door. Try something that compliments your house or be daring with a bold color.
4. Seal the sidewalk. Cracks and gaps in sidewalks and walkways can quickly expand throughout the year. Not only will a patch job make your pathway look nice, but it will also make it safer for visitors. Fix your sidewalk and driveway with a patching compound specifically made for cement.
We hope that these suggestions help to improve the curb appeal of your home. If you’d like more tips or any information regarding real estate, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.
Pricing Your Home Correctly in Ann Arbor
Are you ready to sell your home?
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If you would like to sell your Ann Arbor area home this spring, you are most likely already thinking about what your asking price should be. If you’ve already had your home on the market for a while with no success, perhaps you’re wondering what you might be doing wrong. There are lots of pricing misconceptions, and Toth Team Worldwide Network is here to set the record straight!
The simplest breakdown is this: Price + Exposure = Sold. The price is determined by the value of your property. The value is determined by what buyers are willing to pay and what sellers are willing to accept in today’s market. Buyers make decisions based on what other similar properties recently sold for in your area.
The value of your home is not determined by what you paid for the house when you bought it, what you feel you need to get for the house, what you want to get for the house, what your neighbors say you should get for the house, what another agent says, or what it costs to rebuild today. If you price your home based on one of these factors, it may sit on the Ann Arbor real estate market with little to no offers.
It’s important to price your home to sell right when listing because the longer the home sits on the market, the less interest it will gain from potential buyers. On average, most offers are received in the first three weeks on the market. By the fourth week, they start to fall. This is when you’ll want to reevaluate your listing price. The longer your house sits on the market, the more price reductions you may have to offer. This could result in a value loss greater than if you had priced it correctly at the beginning.
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Price + Exposure = Sold.
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On average, 60 percent of potential buyers look at properties that are priced at market value from the beginning. If you price it 10 percent above market value, 30 percent of buyers will look at it. If you price it 15 percent above, only 10 percent will look at it. Similarly, if you price it 10 percent below market value, 75 percent of buyers will look at it, and so on.
When you work with Toth Team Worldwide Network to sell your house, we’ll give you examples of the competition, both active and recently sold. We also explain the pros and cons of listing over, under and at the suggested sale price. For example, at the suggested sale price, buyers will notice your home, your home will be found easier in searches, it will bring buyers in, and you won’t have issues with an appraisal.
Whether it’s a buyer’s market, seller’s market or balanced market also makes an impact on home prices. You can find more information about all of this, along with graphs to help you understand it, in this Pricing It Right pamphlet we’ve created for you.
We’re on-site at the old Inca Ruins in Peru, so we thought we’d spice up today’s message on commissions by adding some footage of Peru’s breathtaking scenery.
To start, let’s define commissions. Commissions are a fee for service paid by the home seller and are based on a percentage of the total sale price. Different agents offer different services, which can include, but are not limited to:
If you’re curious about the range of services we offer, you’d like to see our commissions menu, or you have any other questions related to real estate, give us a call at (734) 669-0337 or send us an email at [email protected]. We look forward to helping you!