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Old 12-12-2019, 12:40 PM   #1
uhftx
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in Retirement HOA Fees VS private Maintanance fees

My Wife and I have been taking a lot into consideration approaching retirement.




We have looked into condo's and developments with monthly fees. Taxes are generally separate fees.


I'm trying to gather thoughts from those who have already done this and have experience with the same questioning I'm having. What am I missing and looking for the benefits of private property vs association property or condo property.



So I'm on the mind set that a 400 to 600 or more HOA fee or any other fee what ever they are calling it is just another lifetime expense.



Sort of like renting an apartment vs owning a home back when we were in our 20's, except we didn't own anything and it was just rent which went from 800 to 1200/ month in a matter of a few years during the housing boom.
Yes we end up building equity in the property itself. However if the HOA fees become close to the mortgage then what is the benefit.


I'm of the mindset I don't like to pay anyone to do anything I'm capable of doing myself. I like mowing the lawn. It is somewhat good for me mentally and physically. We are in the north east and I dislike snowblowing and cleaning off the cars and then moving them and cleaning up the snow after that operation. IT can be endless and daunting task for those 4 or 5 months out of the years.


I honestly would like to look into a campground setup like those in Myrtle Beach or something similar. Purchase a few or a home there and rent out a couple of units for income. NO Snow. Maybe have a park model here in the North East for the summer months campground for 3 to 5K a year in Maine or NH, near the Ocean for June thru September.


I have a whole other bunch of questions also. IT is a big step and trying to pre plan is the most difficult.
Thanks for taking the time to read this and any dialog you can provide would be helpful.

Maybe at a later date. We can discuss residency laws and rules. I love New Hampshire but she wants to go south. She wants FL, I'm thinking Carolina's.
 
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Old 12-12-2019, 01:04 PM   #2
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Where we live in the Roanoke valley in SW Va. you can buy a nice home for $800 a month. We might, probably will get some snow this winter. We gave 3 large hospitals. One employees 14,000 people a VA hospital that sets on over 100 acres of land, and a doctor college. We set right in the Blueridge Mountains with the Blueridge Parkway running right through the valley. We have everything you are probably looking for except high prices or high taxes so why rent.
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Old 12-12-2019, 01:42 PM   #3
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We have two RV home bases. One we own a corner lot in a small town and another is part of a coop and we pay a maintenace fee. There are good and bad points to both and you have to do some serious research to be sure. Many places won't let you, or someone else, live in an RV on your property. In addition, property taxes and specials aren't split muliple ways. We did our research and are very happy with both places.
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Old 12-12-2019, 01:46 PM   #4
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Oh I'm sorry IF I confused you with the rent option. That is definately out of the question. Direct purchase with the sale of the stick house here.


My wife needs to be somewhere warmer. Everywhere I have looked if it is a community or condo has HOA fees and covenents. NO RV's on the property or such.

My main question is if it is more reasonable to hire a landscaper weekly to do the needed tasks vs paying the HOA fees. I think it is highway robbery for what you get out of it other than headaches, terms and conditions of what you can do and what you can't do with what you own. Just another lifetime expense. Maybe if I were 80 or so. Just not yet. Looking to retire, Enjoy some retirement years and travel but have a park model here in the north east. And somewhere to call a second home in a warmer climate.
She wants OCEAN views. That is why I was considering a stick house in a campground setting with the normal fees. VS private property with no HOA or a development with HOA fees. I can't justify in my head paying those HOA fees for what I would receive in the long run. Even if I outright had no mortgage. It is just another fee for life.
What am I missing. I"m obviously overlooking something and I may be unaware of my rational.
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Old 12-12-2019, 01:57 PM   #5
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DQ Dick,


Thank you for your input, I was looking at purchasing maybe 2 or 3 of these for 100K or so after I sell our current stick house here in NH. One good one for more money to live in. And a couple to rent for additional income. Not like I need the money now. I am all set financially going into retirement. I could buy a couple now. But I'm just looking at options.
Yes there are campground fees and rent. But considering the HOA fees of other stick house developments.

https://oceanlakesproperties.com/status/for-sale/
Either way there are rules and regulations which go along with the fees you pay which are just another headache.
Private property not in an association would be less headaches and IN my Mind I could hire people to do something when I get older and cant or don't feel comfortable doing myself for less money than an 400 or 800 association fee.


And have storage for my Montana with no complaints from a membership board of a HOA or other disagreements.
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Old 12-12-2019, 07:54 PM   #6
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Not every HOA is structured the same. If their covenants are written and enforced properly they can go a long way in protecting the value of your real estate investment. You have to look at each one individually and see what their mission is then make your decision. You may miss a great opportunity by automatically excluding a property because they have an HOA.
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Old 12-12-2019, 08:10 PM   #7
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The wife and I are going a different route and BUYING land in Florida. We will select an area where they don't restrict RV parking. I may be wrong but I think most RURAL areas don't have any restrictions or at least very few. Seems like that would be a better way to go than a community with an HOA and all the disadvantages that brings??
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Old 12-13-2019, 06:58 AM   #8
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we are in a condo and the primary draw for me is the pool. we live there about 6 months a year in michigan.


if it wasn't for the pool I'd be looking for a home where we could drain the pipes and turn the heat down low.... the condo association requires the heat to remain at 60+ degrees.


as for where to live that is just too huge of a discussion...every state has its pluses and minuses.


good luck...and remember do what the wife tells you...it is easier in your life.....enjoy Florida:-)
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Old 12-13-2019, 08:13 AM   #9
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We own property in a HOA In central Florida near Disneyworld. The only disadvantage is one can not do whatever they want to do like running a business on your property with out approval. junk cars or trucks visible. There are rules and regulations but they are reasonable. The HOA fees take care of lot maint like grass cutting, etc. Our association fees are 138.00 per month. We previously lived in a non HOA RV resort . When you allow folks to do whatever they want it does not turn out well.
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Old 12-13-2019, 01:12 PM   #10
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We tried to move to the Rocky Mount/Bedford/Smith Mountain Lake Virginia area about 6-8 years ago. One home that we really liked had an HOA. After talking to the 'hypocrite association president, still live in Upstate NY. The cost and restrictions made us pull our offer. When you can't park your RV on a 5 acre plot, 2 acres of which were unuseable but still in the fee structure, there is something wrong with their plan. And worse when you see a large box trailer parked in front of his house and had and was there months before and after our visit. Another home, on 3 acres was also in an HOA. Because of that homes siting, again no RV parking though the home down the same street allowed it since any RV could be parked virtually out of site in the back yard.


The medical center Lynwood described above is the only one in the Roanoke area and at that time, only a single health plan supplier was available.


VA has generally low property taxes but other taxes may nickle and dime you.


I still wish we could have found a home there but the restrictive HOAs killed 2 of the 3 homes we liked with the third killed due to the coal trains running 24/7 less then a hundred yards away.


We are looking to downsize still. Our home is on about an acre and at 2 stories, and over 4000 sq ft finished, too much for just 2 two of us along with 2 small dogs - kids and GCs all live hundreds of miles away and seldom make the trip back home.


Good luck. It takes lots of planning to uproot and move somewhere else. We still haven't made the move after a bunch of years - and may not.
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Old 12-13-2019, 04:10 PM   #11
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Quote:
Originally Posted by richfaa View Post
We own property in a HOA In central Florida near Disneyworld. The only disadvantage is one can not do whatever they want to do like running a business on your property with out approval. junk cars or trucks visible. There are rules and regulations but they are reasonable. The HOA fees take care of lot maint like grass cutting, etc. Our association fees are 138.00 per month. We previously lived in a non HOA RV resort . When you allow folks to do whatever they want it does not turn out well.
Rich,
My comment was oriented towards RURAL vs URBAN living as much as HOA problems. I absolutely hate anyone telling me how to take care of my property. I am only doing so in New Mexico because I am forced too due to work and very limited real estate market.

Our idea is to buy RURAL property in Florida with no other close neighbors and have only a few close friends we can trust share it with us.

We already own a country estate in North Central Arkansas. Our nearest neighbor is about a mile away there but it is only 15 minute drive to nearest WalMart. We can be in a large town in 30minutes. To be honest I really don't understand why anyone would chose to live in an urban setting......
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Old 12-13-2019, 04:16 PM   #12
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Smith Mountain Lake is in Franklin Country not Roanoke County. A lot of the people who live down there are from big cities in colder climates who wonted to get away from the big city. When they get down there they try to bring the big city experience with them. What Dave describes is just what you get.

We have 3 hospitals Carlion Roanoke memorial 14000 employees. They are planning a $300 million expansion and a $100 million cancer center to go with their medical college.
Lewis Gale hospital and clinic. I don’t know how many employees the hospital has but the clinic has 110 doctors and 600 employees. The Roanoke valley serves western Virginia’s medical needs.
Like I stated before we also have a large VA medical center. I don’t know how many doctors or people they employ.
Roanoke is a railroad town. We have a Transportation Museum with the fastest steam passenger engine ever built, 110 MPH. In a lot of the valley you can’t even hear a train and when you can or live close to the tracks the trains aren’t the dusty mess they once were. All the coal is coated to control the dust. Most of the trains don’t carry coal now.
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Old 12-18-2019, 01:19 PM   #13
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We bought one in Florida because it is tough to get a spot here in the winter. We travel the other months. It’s done as condos, $210 per mo gets you lawn service, water, cable, sewer and internet. They maintain the golf course, clubhouse, pool etc from this too.
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Old 12-18-2019, 02:08 PM   #14
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We live in a Villa (Double House) in Sarasota County Fl. Our HOA fees are $240.00 a month. Maintenance of all common grounds Pool,Club House,Gates,Lake and Fountains.
Villa Painting every 7 years roof replacement every 20 Years, Grass,Sprinkler,tree shrub care and replacement and cable TV.When we travel we know every thing is being maintained you may be OK cutting your grass in the summer time when you are 65 I do not what to do that at 75. I like the rules buying a single lot somewhere you never no who your neighbor will be I have a friend living a nightmare.So in short I am a fan of an HOA. Our Villa has increased in value by $110,000 over 9 Years You should know what happens to the Value of an RV! just another note to dam cold in the winter in Carolina's and just as hot as Florida in the summer Florida gets my vote
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Old 12-18-2019, 02:13 PM   #15
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Retirement property

My wife and I live in a 55+ Del Web community near Fredericksburg VA, approximately50 miles South of Washington, DC). We love this community and the extremely friendly residents. We have a wonderful, stunning clubhouse with every activity you can imagine with pools and impressive exercise equipment and an indoor walking track. The association fees are approximately $296 per month and include snow removal (happens infrequently), total lawn care (mow yourself if you wish).

I park our RV in a storage facility nearby. When we want to travel, we lock the doors and leave. Single family detached houses. Check out Del Webb active adult communities. I know there's one in SC because a neighbor moved there to be near children.

Great hospitals as well.
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Old 12-18-2019, 02:20 PM   #16
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We own a home in WI and travel to FL in winter with our 5th. We purchased a lot in a newer owner occupied RV resort in Ft. Myers back in 2013. This is a classy RV resort where owners are prideful and keep their lots clean and well maintained. There is an HOA that helps as a "watchdog" in keeping minimum standards set which, in turn, helps maintain the property values. HOA dues are $210/month, and include the community center, recreational facilities, pool, 50 cable channels, all in HD quality and also high speed wired internet to each lot, plus water, sewer and lawn care. We love it here in the winter, because it's in the sub-tropical part of FL where temps are normally in the 70's and 80's, therefore; you can always be outdoors. We originally had resisted the idea of purchasing, but decided in ownership as security (to guarantee a place) and an investment with some direct control. When we looked at purchasing a lot, we considered location as an integral part of our investment. There's a major interstate corridor within a mile, and international airport within 20 min, there are culinary restaurants, entertainment, and shopping, all nearby. We don't feel isolated, yet the resort is quiet and very friendly. We may well continue to keep our RV lot in Ft. Myers long term and then look for a home or condo in an tax friendly state and sell our home in WI. Once you reach the age where RMD's kick in, you begin to value the taxation threshold much more. If you don't want to travel to SW Florida, I know there's a very nice marina/RV resort just on the outskirts of Hilton Head Island, SC. Lots there are also for purchase and lease out. We looked at it, but think we made a better decision to come to FL.
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Old 12-18-2019, 04:58 PM   #17
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Old 12-18-2019, 09:20 PM   #18
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HOA's have rules lots of them. They can take you to court for the smallest thing. You have to ask permission to do anything to YOUR property. You pay all this money for what? If it snows you can pay a kid to shovel you out. I'm 67 and I do as much for myself as I can. It's not as easy to get off the floor as when I was 20 but don't kid yourself I don't need a hand just a minute LOL. Being retired shouldn't mean you shouldn't be active. When you retire you don't have to go anywhere just wait for the snow to melt.

I am not sure about the rest of those fees you speak of but they are not tax deductions. When someone tells you we have rules and hand you a 100 page book describing them run.
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Old 12-19-2019, 07:26 AM   #19
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HOA's have rules lots of them. They can take you to court for the smallest thing. You have to ask permission to do anything to YOUR property. You pay all this money for what? If it snows you can pay a kid to shovel you out. I'm 67 and I do as much for myself as I can. It's not as easy to get off the floor as when I was 20 but don't kid yourself I don't need a hand just a minute LOL. Being retired shouldn't mean you shouldn't be active. When you retire you don't have to go anywhere just wait for the snow to melt.

I am not sure about the rest of those fees you speak of but they are not tax deductions. When someone tells you we have rules and hand you a 100 page book describing them run.
Are these things tax deductions in a S&B you own.
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Old 12-19-2019, 06:04 PM   #20
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Never had an HOA and don't plan to EVER have one. No way will I let someone else tell me what I can and can not do with my own property.

Our plan is to sell the S&B here in the high tax state of MD and move to somewhere like Tennessee/Alabama ? and buy for cash where Property taxes are ridiculously low ($500 a year) compared to here at 4k per year.

The problem we are having is we don't want to be too hot or too cold.

Cost of living in many other states is MUCH lower than where we live now.
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