What to Know Before Buying a Home in an HOA

access_timeFebruary 21, 2023personPatricia Licata

Most condominiums and townhomes—as well as many detached homes—are located in communities governed by homeowners associations (HOAs). Often managed by a board and/or an independent property management company, HOAs collect fees from residents to provide maintenance and other services for the community. If you are thinking about purchasing a home in an HOA, here are a few important things to know about:

The HOA’s monthly fees—and what they cover. On average, HOA fees can range from $150-850 per month and cover a variety of services. For instance, most HOAs handle maintenance and landscaping of common areas, but others may include the upkeep needed for a pool, fitness center, sports courts, or walking trails, in addition to services like security or a concierge. Some HOA fees also cover month-to-month costs such as cable or trash and sewage removal. However, since these fees may constitute a significant portion of your monthly budget, it’s important to understand how much they are and what they cover before making an offer on your new home.
The financial health of the HOA. Despite collecting fees, some HOAs may still be underfunded. To get a better idea of the HOA’s financial health, request a copy of the financial records made available to homeowners, and pay particular attention to how often dues are typically increased.
The Covenants, Conditions and Restrictions (CC&Rs). Most HOAs impose rules on homeowners, commonly referred to as the CC&Rs. These can touch upon various aspects of living in your home, from the types of pets you can own to the colors you can paint your house to how many vehicles can be parked in your driveway. Researching how restrictive a community’s CC&Rs are before signing on the dotted line can help ensure that you will be happy and comfortable in your new home.

Learn about Hidden Costs of Buying and Owning a Home here.

SOURCE: rismedia.com and nar.realtor

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.

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Signs You’ve Found Your Perfect Condo

access_timeMay 11, 2022personPatricia Licata

Even if you locate a condo that precisely suits your budget and meets your requirements, there is sometimes a lingering sense of insecurity that will make you wonder if that condo is really “the one”. Believe it or not, you’re not alone as this is quite common and with good cause. After all, you don’t want to make a costly error while purchasing a condo, especially if you’re a first-time homebuyer. It’s not only your biggest financial investment, but you’ll be living in it for years. That’s why it’s important to recognize signs you’ve found your perfect condo. Further in this post, you’ll find out what you should pay attention to when shopping for your new condo.

Clear signs that say you’ve found the perfect condo

As you undoubtedly know, finding “the one” is difficult, especially when you’re in the process of buying a home. Studio or one-bedroom apartment? Modern finishes or natural light? Hardwood or tile floors?

Woman showing a condo painted in neutral colors to a man — Your real estate agent will present you with many great options, and you’ll avoid feeling overwhelmed if you know what signs to pay attention to.

Finding the condo of your dreams might be difficult with so many options available. Fortunately, there are a few telltale signals that you’ve located your perfect condo. Continue reading, and you might realize that you have already found “the one.”

It gives out a homey feel

The first thing to pay attention to when looking for a condo is the way it makes you feel. You want to find a place you feel comfortable and homey, especially if you’re moving to a new hometown and didn’t get a chance to familiarize yourself with the place. Spending time in a new condo that already feels like home will make this transition easier for you.

The proper condo will entice you in and make you feel at ease. It will instantly make you want to relax in the living room or have a conversation with your real estate agent in the dining room. Going into the bathroom is not at all weird. Indeed, you may have caught yourself opening cabinets or admiring the room. The condo simply feels comfortable and homey. Could this be the right one?

It fits your budget perfectly

No condo is right for you unless it perfectly fits your budget. So when considering which condos to take a look at in person, start by reviewing your budget and knowing how much you can afford. It doesn’t make sense to invest in an expensive home with all the latest amenities if you can’t afford it. It simply doesn’t fit your lifestyle.

Person holding a pencil and pointing at a calculator that's located on a pile of papers — To avoid disappointments, scratch off any alternatives on your list that are way out of your price range, as none of those will be the right condo for you.

Don’t be disheartened if you happen to find a gorgeous place that’s just over your budget that you simply adore. You still have a few choices. For starters, see if you can work out a better price. Or decide to decorate on a budget and invest in cheaper furniture. You might be able to cozy up the place easily while staying within your budget.

The condo sets the bar for all other condos

When you find the perfect condo, you’ll realize that you keep returning to it throughout your search. You go to one open home and admire the living room and kitchen design, but you notice that the layout isn’t as excellent as the one you saw earlier. That condo set “the standard.”

It’s in a perfect location

If you’ve found a condo in a fantastic location that perfectly suits your lifestyle, it could be that you’ve found “the one.” If you’re a homebody who enjoys peace and quiet, for example, you’ll probably prefer to look for apartments in more suburban locations.

On the other hand, if you prefer to be in the thick of things, a thriving downtown neighborhood can be right up your alley. For the added convenience of having restaurants and entertainment within walking distance, you might be ready to compromise on things like assigned parking or square footage. So if you feel like you’ve found an ideal location, perhaps you‘ll overlook minor flaws and realize that you’ve found your perfect condo.

Your perfect condo is just the right size

The most amazing condos aren’t always what you need right now in your life and don’t always fit your lifestyle. It’s easy to get caught up in the thrill of discovering the perfect apartment in the nicest neighborhood, but don’t forget about the space.

On the other hand, if you found a condo that’s just the right size and with a great layout, it might be worth sacrificing and moving to a slightly less desirable location. It can be tough to find a condo that ticks all of your boxes. So if you’ve found a place with the right size and within your budget, don’t think twice about it.

It simply feels right

Sometimes, you simply know that something is right for you. If a condo appeals to you right away, it’s an indication that it might be the right one for you. Try to imagine yourself living your daily life in that place. Is everything going to work out, or will you have to make some adjustments to your daily routine?

A couple carrying moving boxes while moving into a condo — When you find the right condo, your gut will make sure to send you a sign.

If just the thought of living there makes you happy and your life seems easier, it’s probably the one. However, don’t let love blind you to the price tag. Remember, it’s critical to ensure that your new home fits into your budget in the long run.

Pay attention to these signs, and you’ll know you’ve found your perfect condo!

And that’s it—it all comes down to listening to your gut and paying attention to those subtle signs. Of course, the safest way to go is to get in touch with an experienced Realtor® who’ll guide you on your real estate journey and make sure you’ve found your perfect condo.

Meta description:

Buying property is a significant investment, and you want to be sure you have found the right one. Read on for signs you’ve found your perfect condo.

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Buying Your First House After 60

access_timeDecember 2, 2021personPatricia Licata

House buying is always an exciting process. Stressful but still exciting. The feeling of owning a property you can call your home is indescribable. Therefore, in this article, we chose not to pay attention to numerous homebuying myths, such as that buying a house at 60 years old isn’t a good idea. Instead, let’s focus on how you can fulfill your wishes now that you are financially stable and plan out your retirement. The following article shares tips for buying your first house after 60.

Tips for buying your first house after 60

Moving homes, even if you were a renter for many years, brings significant changes. Thus, it can be difficult, no matter what your reasons are. For example, you might want to buy your first house because now is the right time or be closer to your family.

For whichever reason you are purchasing a home, you can do a couple of things to make the transition seamless. For instance, hiring a professional realtor to find the best match for you and then hiring a moving company skilled at senior relocations to assist in this process is of extreme value. Then, with the right people on your team, each home buying and relocating will be as easy as possible since they have your best interests in mind.

So, without further ado, let’s look at the tips for seniors on their first homebuying adventure.

1. Hire a realtor

First things first, you need to hire someone professional to lead you through the process. It’s worth keeping in mind that there’s a difference between a realtor and a reliable realtor. Also, you’ll want to make sure the one you end up hiring has credentials, so don’t be shy to ask them about those.

a realtor with a happy senior couple

Caption: Hiring a Senior Real Estate Specialist is beneficial when buying your first house after 60.

Alt tag: a realtor with a happy senior couple

If your agent is also a Senior Real Estate Specialist, that can only mean they undoubtedly know what they’re doing. This means they have completed training to specifically help people in the 50+ range successfully buy a home.

2. Check your mortgage options

As a senior, you might have saved up enough money and decided to buy a house and pay in cash. It is an excellent idea if you are not tying up all of your money in the home. Additionally, paying in cash will make you a competitive buyer in the market.

On the other hand, buying a debt-free home isn’t a must. Purchasing your first house after 60 with a mortgage makes your assets liquid. You can still qualify for a competitive mortgage in retirement.

Luckily, there are helpful tips for each generation in the home buying process to help you understand how mortgage approval works when you’re not working.

Finally, it would be wise to check with your bank or credit union if mortgage insurance is worth the cost of the premiums. It would be good to have this one, especially if you are risk-aware.

3. Understand your needs, don’t just go for what looks good

The houses you will consider greatly depend on your living situation, income, and plans. However, it would be wise not to be influenced by the property’s floorplan, size, convenience, or location. Instead, you will need to evaluate things differently as a senior buyer.

For instance, large houses might be appealing. However, you might quickly become overwhelmed by all the space you have to maintain after some years pass.

4. Consider the future when buying your first house after 60

As a senior home buyer, your future will be focused on taking care of yourself instead of your children and family.

Therefore, it would be a good idea to look for homes that can easily be remodeled. For example, you might want to look into houses that can be equipped with handicap-accessible features, such as ramps, lower countertops, and doorways.

At a minimum, a home appropriate for aging-in-place should have complete first-floor living with a wide doorway (wide enough for a wheelchair), ideally a step-free entrance, and be close to public transit and community resources.

5. Understand your budget

Apart from your monthly mortgage, you need to be aware of all the other costs. Some of the everyday expenses are:

property taxes
utilities
car petrol
medical bills
groceries
some other debts you might have
any potential repairs and miscellaneous expenses.

It would help if you considered all of these factors when home shopping in your sixties.

a man's hands stacking up on three piles of coins

Caption: You will need to think of all the expenses before committing to a home purchase.

Alt tag: a man’s hands stacking up on three piles of coins

6. Be realistic about your future health needs

When talking about finances, it would be good to consider what they will be like ten years from now. What type of needs will you have then? If the need arises, will you have the means to hire in-home caregivers? Will you need someone to transport you somewhere or take care of your lawn for you?

Even though we don’t think about the future in this way, it’s wise to be realistic when deciding on such a big step. The seniors who have a strong support system from their children and family don’t have much to worry about. However, sometimes the help of a loved one isn’t enough. For example, your house might need a professional repair, like converting your home to be wheelchair accessible.

Therefore, it would be good to think about your finances in the future and how you will cover some unexpected expenses.

7. Determine your relocation

Finally, once you find the right home, the work isn’t done yet. The moving still awaits. The relocation specialists from Zippy Shell Moving and Storage NV recommend looking for a reputable company with experience in senior moving. Professional movers have the tools and expertise needed for heavy lifting, maximizing packing space, and transporting the items while ensuring safety.

Additionally, you can be in charge of handling your smaller keepsake items if you wish. However, the heavy lifting is best left to a professional to reduce any injury risks to yourself or your things.

buying your first house after 60 means stability and more quality time with your spouse

Caption: Once you relocate, you can enjoy the process of giving the house your personal touch with your spouse.

Alt tag: buying your first house after 60 means stability and more quality time with your spouse

Final considerations

To summarize, buying your first house after 60 isn’t impossible or that difficult. With the right people on your team who know all the tricks on homebuying, we are sure you will find a home suitable for you, your financial situation, and your future plans.

Meta description: If you’ve rented your whole life and now want to have a secure place to grow old at, here are the tips on buying your first house after 60!

Photos used:

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