HOA Fee Question
2 years ago
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- 2 years agolast modified: 2 years ago
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A Question about HOAs and Contract Contingencies
Comments (17)I just sold in Maryland and it is 10 days for condo resale documents/HOA rules. I had to buy the book from the HOA which was $75.00. The buyer had 10 days to back out of the deal after the date of receiving the book. I am in the market for a townhouse now, so I was told it is 5 days for the HOA documents and I can reject the offer if I do not agree with the HOA. Also you can use that time to back out of the contract. But you should always read quickly the documents. A very large HOA in our area does not allow pickup trucks....so how would you like to go there, buy a home and know you have to sell your truck....See MoreSeveral Title Fee Questions
Comments (1)As I understand it, the lender's title insurance generally only protects the amount of the loan, or the lender's interest in the property. If you want to protect your interest in the house, should a title problem arise, you will need an owner's title policy. The owner's policy is in effect for as long as you have an interest in the house. Remember, as you pay off a home's loan, your interest amount increases and the lender's interest decreases....See MoreWhat are your HOA fees?
Comments (2)Correct - Homeowners Association. Our HOA charges for a resale certificate and then a transfer of membership fee. Apparently, this is pretty common in my area (TX), so I'm just curious about what others may have been charged....See MoreQuestion on assisted living costs/fees
Comments (8)This is a wild and tumultuous free market. Many factors come into the building/offering of CCRCs. You MUST do a lot of research because if you make a mistake with your $$$$, nobody is going to come to your rescue and get it back. There are no real guarantees in the eldercare facility. First: Is the facility non-profit or for-profit? Non-profits rate better for care and lower staff turnover. But be aware that at any time, a non-profit can be bought by a for-profit corporation - in fact, many already have and this trend is increasing. This is not, repeat, not, to say that for-profits are always bad. Many are quite nice. Where we found the biggest difference was not at the Asst Living level, but at the Memory Care/skilled nursing (e.g., 24/7 care commonly called "nursing home" level care). At that level, the cost between non- and for-profits was noticeable. We're talking a $2-3K/monthly difference. Also, when staff turnover is high, care suffers at all levels. We've visited places where the daytime staff that one saw in the public areas were all smiles and welcoming, but at night the staff was indifferent and brusque - not just to visitors, but to residents! Cost is not as important as the type of social environment. "Like to like" should be the motto of these facilities. We investigated eight nearby full-service facilities for my MIL, and every one of them had a different social atmosphere. We did very intensive research and multiple visits, to ensure the one we picked would be the best for her while being a place she would enjoy the most. As most know from my other posts, we were successful. But it took months to achieve it. You can check a facility's inspection record through the appropriate state regulators. Ours are on-line and although it took a lot of time, it MUST be done. When I finished I had confidence the facility we chose was ranked third in the state and had only extremely minor issues, which were promptly corrected. So what is the cost? There are two big issues: one is the upfront buy-in cost; the other is the cost of 24/7 care. Due to state licensing requirements, most senior facilities find it easier to apply for an AL license for all their living units, rather than designating some as 'independent' and some as 'assisted'. For Asst. Living, we found little difference between the various facilities we saw. In our high labor cost state, "rent" ranged from $2800-$4000/mo., for smaller units that were either studios, junior studios, or 1 bdrm. Some had 1/2 baths, some had full baths. Not all had kitchens (we didn't want one; MIL had dementia so not safe for her to cook). Within Asst Living there were three levels of care, as determined by MIL's facility. The family can negotiate but it's the facility that decides what to charge extra for. Every facility is different but most have a similar type process. It can be expensive: MIL needed nothing more than daily medication help and weekly bathing assistance. That cost $900/mo. and was rated Level 1, the cheapest extra assistance pkg. Buy-ins vary enormously. With a larger buy-in you are paying for your monthly costs to never increase even if you need 24/7 care eventually. With a smaller buy-in if you need to move, your costs will be charged market rate. This may sound great but every facility we met with told us they raise rates 3-5% annually, every July, without fail. So if you go in at age 60, and need 24/7 care at age 85, what the facility is charging today will be more than double when you finally do go in. Will you have enough $$$$? And please, do not fall in with the common idea of "Well, at 85 I won't care, and I'll probably be dead anyway." My MIL was 84 when she went in. Imagine her shock to discover that among her three other tablemates at meals, she was considered "the baby"! People are living longer, and you might well be one of them. We're very happy we found a place that worked out so well for her, but it took effort on our part. I urge you not to short doing your research. Find a place that suits you, even if it is a little further from family. This is one of the most expensive decisions you will ever make, and you should never have to regret it....See More- 2 years ago
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