Hoa Budget Over Condos 2016
8 Jul 2016
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HOA dues can blow your budget . One of my awesome clients came to me a while ago to get pre-approved to buy a home. She qualifies for a sizable loan amount, but she had a set budget that was well under what she actually could get approved for HOA Budget Over Condos 2016. She’s playing it smart.I always tell people, “I’ll tell you what the bank says you can afford. You tell me what you know you can afford.”She didn’t have a Realtor, so I referred her to Mr. Mike Rohrig (@MikeCanDoIt on Twitter). They started house hunting. She was primarily focused on areas just outside of Portland,Beaverton, Forest Grove, etc. A lot of the properties they found inside of the budget she set for herself were condos. She was OK with the idea of buying a condo. The problem was finding one she liked. She did find one property, but it was in litigation; something the bank doesn’t like very much.Feeling a little discouraged, she called me up to discuss an idea that Mike had, and that is what I want to share with you.Even though her principal & Home Loan Interest Rate payment was going to be below what she had determined she was comfortable with, the issue that kept coming up was the H.O.A. dues. An H.O.A., or Homeowner’s Association, is an entity that is usually instituted by the developer of a neighborhood. When a predetermined number of units within the development have been sold, the developer will transfer responsibility to the property owners. From that point on, the H.O.A. ensures compliance with what might be considered “neighborhood values”. Things such as immobile vehicles, unsightly California Best Home Loan Improvement Plan 2016, and even the height of fences may fall under the purview of the HOA. In essence, the HOA is there to protect the value of the development as a whole.
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In the case of condominiums, the HOA frequently takes care of yard maintenance, as well as care for any common areas, such as clubhouses or pools. For this reason, the HOA dues for a condo can frequently exceed the HOA dues for a house.In this case, the condos my client had seen were carrying HOA dues ranging between $150-$200 a month.Mike told her that she could increase her purchase USDA Home Loan Prices 2016, look at primarily houses instead, and possibly spend less per month. Indeed, a home that she expressed interest in (located in Beaverton), has HOA dues of only $50 a month. More importantly, the total payment still falls within her budget, even though the home price is about $30,000 more than she was initially considering.The important thing to remember is that there are monthly costs over and above the principal and Home Loan Interest Payment on your mortgage. The property taxes, homeowner’s insurance, mortgage insurance if applicable,and Homeowner’s Association dues are important to consider when determining what you know you can afford. It’s important to keep an open mind, and consult the right people to advise you in your decisions. Mike RohrigIf you are looking for a home in Portland, Beaverton, or surrounding areas, I highly recommend Mike Rohrig.
He has consistently shown his passion for 100% client satisfaction. Having worked with many Realtors over the years, I can tell you that is a quality not to be taken for granted.Mike has a great website, I encourage you to go check it out.
8 Jul 2016