Don’t Let Major Home Repairs Put You in the Hole: Tips to Cover the Cost on a BudgetOwning your own home is exciting. It takes some budgeting, especially when you factor in the cost of the
HOA Yay Or Nay
HOA: Yay or Nay?
Our new condo listings at The Surftides Plaza and Searidge have really got me thinking about HOAs, and if they are beneficial or not.
Ocean Terrace - $85,500
Surftides Plaza - $199k
Surftides Plaza - $209k
Searidge - $524k
How much are the HOAs? Team Home Oregon Coast hears this question on a daily basis. How could we not when Ocean or Bayfront Condos are hitting the market at under $100k? At that price, they are typically cash only deals and also have HOAs upward to $1000/month. Right away some people become disinterested. However, those with the cash reserves and openness to have a vacation rental management company market their unit- these properties can still be profitable. On the other hand, for some- the perception of value is gone, and buyers start looking elsewhere. This does not have to be the case! There are some condos that are in fact financeable, and even have lower HOAs. All you have to do is inquire, and we will let you know all the details.
So what are the values in HOAs? What do they include? Can I live there? Can I rent it? Are pets allowed?
Everyone one on the Central Oregon Coast is different in how they manage their HOA. This is where the HOA fees and rules become interesting. Some associations have limits of annual or even consecutive nights the owner may occupy (much of this has to do with zoning for the property). Some complexes regulations may even prohibit vacation rentals. Some have monthly fees that are over $1000, while some are just $300. We do know most of the local rules, so make sure to call us if you have questions on a particular complex. Even if we don't have the answer, we are happy to call the HOA for you and get your questions answered!
Typically, the units with $300-$500 monthly HOAs are more expensive then the units with high monthly dues. Thinking about how much it costs just to own and maintain a home, especially in close proximity to the ocean and the upkeep that goes along with it- I am starting to really believe these $500 and under HOAs are a great deal. All your utilities (gas, electric, water, sewer), cable (internet) are included, and some even offer the use of a pool/hot tub or clubhouse/recreation area. The real value comes when you consider how much time and money it costs to maintain landscaping and the exterior of a home. I bet most ocean view and especially ocean front homes spend at least $4000 a year just on basic maintenance. It is also constant upkeep, and if you plan to come for an occasional weekend- you most likely will spend a majority of it doing projects. It does not take long for a home with maintenance neglect to show, and it will really cost you to get it back into decent shape. If there is a pin hole, water will find its way in during a storm. Also homes that sit vacant for too long in this environment tend to have their problems. Even if your condo sits vacant for a while, other units are not- and they don't get as cold and damp. HOAs also have managers and grounds keepers to keep an eye on things, check after storms, and can schedule a contractor if needed. So many things are taken care of for you with the HOA fees you pay.
HOAs on the Oregon Coast widely range in rules and costs. As far as Yay or Nay I really think it is up to the intent of the condo. I have my list of places I think are an obvious Yay, some I am still on the fence on, and some that are a Nay. Give me a call if you would like more information or details. We're happy to help you explore the option of low-maintenance condo living on the Oregon Coast!
Check out Team Home Oregon Coast's current condo listings below, which has a wide range of prices and options.
Don't see something you like? Check out our Team Home Oregon Coast website to search the entire local FlexMLS system and see what else is active on the market!
Ross and Rachelle Rehberg|Oregon Brokers
Team Home Oregon Coast
TAP HERE to Search Properties from Your Phone
Powered by: Kelly Right Real Estate
Meet Ross Rehberg: I have lived in the area since 2005 and have had lots of success with my personal real estate ventures. I bought my first house in 2006, and was able to built my next house in 2008....