The problem is there are areas of our Country where they are mandatory. For example; I’m 65 and have wanted to retire in South Beach, Miami for the past 30 years. Watching everything triple in price, as well as HOA’s is making the dream all but impossible.
If the HOA is architectural controls... fine. Worth it to pay $30 to $60/month to control the appearance of the development. However some full landscaping and rec center HOAs can run $200 to $400/month
nope. on a property i just got a letter from the county.. it declined by 500$ yoy. annual tax decreased by 50 cents. it literally cost them more to mail the letter telling me that than ill save in taxes. go figure now, you are confusing property values, county valuation and sale price. the 3 are not always related. property value is what you and others think its worth, assessed value is what your tax office says its worth and sales price is what you can actually sell it for. its very common there will be a 20% mismatch between these 3 values. its perfectly normal.
Any Realtor worth their salt should be EXPLAINING all this to 1st time Homeowners. Unfortunately there are far too many in the Industry who just care about making a commission. And YES, I’m a Licensed Realtor in PA and I’m saying this!!
I called five realtors to list my home. People said I should and I thought it sounded like a waste of time. But boy were my eyes opened when I started to see the diverse spectrums of motivations and ethical frameworks that realtors can have! One of them brought her best friend, a flipper who'd previously owned six homes on my block!
It's a pleasure to find a genuinely honest reputable Realtor! The kind of person you're happy to give out their cards, tell others about and definitely post a positive review!
Maybe new homeowners should do their homework. Every one wants to blame someone else for their ignorance. You are the only one to blame.. if you are not smart enough to realize the cost of owning a home… I suggest you keep renting. And let the grownups buy homes
The lot my home is on is worth more than my house I know investors would want it just to bulldoze it and put a new build so I'm not fixing anything and will be selling as is
i disagree with the concept. there are NO HIDDEN FEES. all the fees are upfront and known. people just refuse to account for them! you are made aware of everything before you close... you sign 150 pages of "this fee and this is mandatory and this is due"... there are no hidden fees. there are hidden issues with properties, but the fees are anything but hidden.
More states need to enact something like California's Prop 13. That limits the amount at which the property tax bill can increase to about 2% per year. This means you know the worst-case scenario for your property tax bill when you buy the home. And this is for all homeowners, regardless of age.
You know in States like California and Arizona, your tax assessment value can only increase 2% per year. Very unfortunate states like Florida can take advantage of citizens.
Everybody always talks about how much insurance companies had to pay out in any given year, those poor insurance companies!..., but NOBODY ever talks about how much they actually TAKE IN every year, not only from premium payments, but from every other investment they make using customers dollars! After all, it's all profit to the bottom line for these companies. Now that would be a good piece of information to know. I'm betting that even in the very worst years, they are still making a ton of money due to mandatory homeowners insurance requirements for every mortgaged home. If you are going to be giving out the facts, please, do us all a favor, include all of the facts! I think you may be surprised what you learn if you do a little research.
I just want to move out of America. Its not what its cracked up to be anymore. So many places you money can go a long way outside of America it is something we should seriously start Considering.
HOA fees, increase of property taxes upon purchase, deferred maintenance if “hidden” from any buyers here in California would be a direct violation of the disclosure laws and would subject the broker/agents to disciplinary action by the licensing board. Here, buyers get home inspection reports during escrow to determine home conditions so buyers know what to expect financially ahead of the purchase. Does your state allow the “hiding” of these expenses?
If you're in Tampa Bay, DON'T USE Pest Bear!! Go with a family owned and operated company. Before I had to move to my mom's house, I didn't use pest control at all! If you don't want roaches don't feed them! Many do it yourself and homemade things that work very well!
Note to first time homebuyers: if you can't budget for a contra reserve fund for your house - then you can't afford to buy. Too many people spend all of their budget on buying their first house - leaving nothing for repairs and and maintenance. This is why there are dilapidated houses; a person was able to just barely buy a house - but then it falls into disrepair when they can't take care of it. When it gets resold just about the only buyers will be flippers, because when the house is in too much disrepair a bank will not finance a regular homeowner. This can be a costly mistake because you will lose out on equity appreciation.
Oh my gosh -it is NOT THE JOB OF REALTORS TO EDUCATE BUYERS on the fundamentals of homeownership! The ONUS IS ON HOMEBUYERS to do THEIR RESEARCH and become financially savvy before they ‘take the plunge!’ With any luck, educated buyers will realize they’ll pay through the nose whenever they buy into an HOA, will have to sacrifice their first child to insure what will only belong to the bank at first, and will have to surrender a 4% transfer tax if and when they decide to resell (in some states). Homeownership is NOT FOR THE FAINTHEARTED, let alone naïve.
basing property taxes on sales price of a home is ridiculous. All property taxes should be assessed by comparison to like homes, sizes and neighborhoods. You cant have a recently purchased house next door to the same exact house paying double the taxes. why should one home pay more school taxes than their neighbor by double? What does the house size or property have to do with school taxes? Florida does this and its outrageous! If they keep this trend up they are asking for appeals to skyrocket and maybe even suits.
The feeling is that if you buy a home for X amount of money and five years later it has appreciated 3x, that you should not be taxed out of your home by having your taxes tripled during those years. Because if property taxes revalued every year according to property values, you'd have years when rising taxes forced people to sell, and other years when property values plummet and the tax revenue would fall precipitously, bankrupting the local governments. It's more stable for the homeowner and taxing authority to revalue the home when a new owner acquires it, then limit the property tax increase to 2% after that until the property changes hands again.
@@alansewell7810 its about fairness of the taxes. In Fl they dont give you the new assessment till the 2nd year. so you get hit hard not realizing that is going to happen. Also i was in a county in PA early 2000s where the did tax at the sale price and it went on for years especially with new construction and the taxeswere triple the older homes. the county was eeventually sued and had to invest tons $$$ to re-assess to whole county and it evened things up. its an unfair system...
@@JK-ld8cdFlorida taxes are not hitting in the second year. Florida property taxes are RETROACTIVE therefore paid for the year before, so while it may seem like the second year, you are really paying last years taxes,
@@alansewell7810, why should taxes be married to the sale price of a house, at all? There's no reason the state would need the increase in tax on that scale.
WRONG! Assuming home values increase proportionally across all properties in an area, higher home values DO NOT increase property tax!!! What drives increased property taxes are exploding MUNICIPAL BUDGETS!!! Municipalities take the voter-approved budget and assessed home values, then set the Mil Rate (cost per thousand of value) to make the budget happen. In other words, your positive vote on the budget will CAUSE your property taxes to go up!
I think people allow themselves to be fee’d to death, then cry and complain. It’s not just fees either. I’ve watch TV shows on home reno and saw one, where the woman was in tears, because hiring a contractor, so they could have their dream kitchen, with the other liens they’re probably already had against the home, meant they had no equity, were under water and didn’t really “own” the home - pretty much where they want you.
It's weird that the bank was not included in the section about insurance. Many banks require that you have insurance for the duration of the loan. Many banks don't build in the mechanism like vehicle loans, were when policy is cancelled or has a lapse for some reason they send notice to everyone who has a lien. If you don't pay your homeowners insurance and the bank requires it as a loan condition, you could be called to pay the balance of the loan or comply. So if you owe half a million or a million they can ask for all of it from not complying with terms of the loan. Getting a feel from some of these videos that people can feel like winging it and going without or some version of self insured, if you have a loan, good luck
None of this is actually hidden if one does their research. In addition, why take on the responsibilities that come with home ownership without a sufficient cushion for expenses/increases? We bought a home that was approximately 70% of what we could have spent. Now we have funds for eventual costs.
Anywhere where there is water the cost of home maintenance is higher. This isn't just property insurance, Repair is come because water means rot. So expect to replace items frequently and replace roofs frequently.
@@JBoy340a noticed I said does not need to run. Just acid wash and paint the bottom every 3 years and remove the prop and shaft. Stay away from marine fridges and other appliances. The slip fee is around 600 to 800 plus what ever adders they come up with.
@@watomb I missed the point about does not need to run. But, most marinas by me require your boat to run, be seaworthy and pass Coast Guard inspections.
@@JBoy340a what they say vs what they enforce are two different things. As long as your boat looks great on outside and your not a jackaxx they leave you alone.
I will tell you what is increasing homeowner insurance costs by me in central NC: roof replacements. Something very strange is going on with roofs. These people go door-to-door telling homeowners that due to a recent hail storm it might be possible to replace the roof if its damaged. 99.9% of the time, it is deemed damaged EVEN IF it was pea or smaller sized hail. We do get hail but its rarely ever larger than the size of a pea. Mind you, there are no leaks. If there is a leak then I could see a REPAIR. But they go for full replacement. Here is what they do: After you say OK they get up on the roof and will always come down telling you they see signs of damage. They mark various locations with chalk, photograph it, then tell you to call the insurance company to have an adjuster come out. The insurance guy comes out a few days later and does their own inspection. SOMETIMES the roofer arrives at the same time or during the ins. co. inspection. Like I said, 99.9% of the time they're going to OK a roof replacement. Some of my neighbors are on their 2nd roof in the past 5, 6 years. Its insane. NONE of them had leaks, just a previous hail or wind storm, severe thunderstorm of a certain intensity - then these people start canvassing the streets. IF you say "I cant afford my deductible" like we did, adding "it will cost us less to repair whatever damages there are by patching the roof than us paying our deductible". They get visibly perturbed. SOME will tell us that they can "bury the deductible" which doesnt sound very honest IMO. They're very pushy about these roof repairs. In the summer the sound of roofs being put on is more prevalent than bird or other summer insects. LOL Meanwhile, my insurance premium increases and when we ask why because we havent filed a claim they tell us its because of having to replace so many roofs in this area. Something isnt right, something smells.
CFD "community facilities district tax. Talk about that. The HOA addendum says "this is generally considered an assessment lien on the premises". What does this mean in practical terms? Do you not get the title? Please talk about this.
Community Facilities Districts (CFDs), more commonly known as Mello-Roos, are special districts established by local governments in California as a means of obtaining additional public funding. Counties, cities, special districts, joint powers authority, and school districts in California use these financing districts to pay for public works and some public services.
Hey Jerry, I agree with raising costs. Live in the Myrtle Beach area. Seen my monthly expenses track up, especially since the pandemic. From taxes, insurance, and even Terminix services 😒
