Homeowners in a quiet lakeside subdivision outside Charlotte, North Carolina, are bracing for a housing cost jolt that could push some longtime residents right out of their neighborhood. Families in Magnolia Cove, an 80-home community in Sherrills Ford, are grappling with word that their monthly homeowners association dues are set to rocket from $350 to $1,250, with a $10,000 special assessment tacked on for good measure.
This is just one story of many that are out there each and every day. HOA's, over which you have zero control, will rape and plunder you out of your house and home, nickel and diming you to death.
Those of you who might follow the Stalone series 'Tulsa King' might remember that one episode where the tight-ass HOA dweeb fines him for having his garage door open too long. Well. that kinda shit ain't fantasy. Happens all the time. When the dweeb found out Dwight was a convicted killer he changed his tune.
So, if you are not a convicted killer, don't buy in to any development that has an HOA. End of lesson...
where's the link
ReplyDeletecheck the bank accounts of the folks who run the hoa
ReplyDeleteI can tell you exactly what happened. The builder sets up the HOA during construction and maintains control and responsibility for five years. Now during that period everything is new and incurs no maintenance costs so the builder sets HOA dues ridiculously low - makes the houses much easier to sell and (see above) costs the builder almost nothing. Five years go by and the builder is out and off the hook. A new board takes over and perhaps tries to raise dues but fails or doesn't even bother to try since the HOA has a surplus in the bank; not much but some. Another five years go by and suddenly the wall surrounding the development is failing and there are potholes in the neighborhood streets. However since this is a gated community the city doesn't maintain the roads. Alternately, the common roof on the condos needs repair, or whatever or all of the above. Because the HOA dues were kept absurdly low no (financially significant) money has accrued for the HOA maintenance fund. Had the dues been set at (say) $750 from the beginning 15 years ago there would be plenty of accrued funding and no increase would be necessary (or no more than a modest inflation driven one). So yeah, don't buy into an HOA if you can avoid it, or at least check to see how their maintenance fund looks especially if the HOA dues are low.
ReplyDelete