Re: FCC rules trump any/all HOA rules nm - Saab General Bulletin Board - Saabnet.com
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Re: FCC rules trump any/all HOA rules nm
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Posted by BrianC [Email] (more from BrianC) on Mon, 2 Dec 2013 06:36:03 Share Post by Email
In Reply to: FCC rules trump any/all HOA rules nm, Trev, Sun, 1 Dec 2013 17:54:08
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Condos are great if you're willing to fork over the common fees for a no maintenance lifestyle.

The capital reserve issue is a real one. Lots of older complexes will levy "one-time" charges in the thousands of dollars to pay for large maintenance projects. This sounds bad but is actually the better of two evils as an owner. The other option is to raise the common fee so as to build up the capital reserves. Most potential buyers will incorporate the common fee into their monthly costs but will leave out the pesky repeating "one time" charges. So the owners would rather pay the one time charges and have their unit worth more. As a buyer, you're up against the stupidity of your fellow buyer who won't amortize those one time charges into the monthly cost of ownership. Result - the informed buyer is willing to pay less.

Personally, I would never buy in a complex with large hoa fees. In fact, I would be willing to pay more towards a mortgage. With current interest rates so low, I would like to be paying off principal (ie building equity) with my monthly payments as opposed to paying for amenities I hardly use.

NIMBYism seems to also run strong in condo complexes. It only takes a couple of neighbors without much going on in their life to totally muck up things for everyone. These people are usually the condo trustee or HOA presidents. They make a hobby about being in everyone's business. This is compounded by the pressure to conform in these complexes. If your unit doesn't look exactly like the others, you're going to get a phone call.

Also, watch out for smaller complexes. Sometimes, somebody will own more than one unit in the complex and will have outsized voting rights.

Lots of people make it work. Condos are great to rent out (if covenants allow it) if you can cover all of your costs. I currently rent a condo in a 15 unit building. I would have a hard time buying though.


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