Jackson MS Real Estate Blog

High Home Owners Association fees are the most common objections that most homebuyers have when purchasing real estate in a community that requires regular Association dues and fees.  Depending on the neighborhood community, those Association fees can range from less than $100 per month on up to thousands of dollars per month for luxury living.  However, average HOA fees usually range between $200 and 800 per month. 

When these fees are taken out of context, the amount can really seem extreme for many homebuyers.  But when you consider the value of services that the HOA fees cover, you can sit back, relax and be certain that you are getting a great bargain. 

When determining how the Association came up with the HOA fees, there are a few things you should keep in mind.  What do the fees cover?  How was the number determined?  Can anything be done for less?   

The following are some examples of how the HOA fees work.

What do the HOA fees cover?

When determining what the fees are going toward, it is important to consider everything.  Amenities are a big responsibility and vary widely from property to property.  High-rise building amenities will cost more to maintain and operate than low-rise buildings. 

Another large responsibility associated with real estate ownership is maintenance and improvements.  Therefore, a large part of HOA fees will go toward these projects.  Some developments may also require landscaping maintenance, which means expensive labor. 

Common areas, such as pools, gyms, club houses, etc., also need to be maintained.  Your HOA fees will have to help cover these costs. 

Some HOAs include your utilities, but not all.  It is up to the homeowner to check with the management or President of the Association to see if utilities are included in the fees. 

How was the number determined?

Developers are well aware of the expense of HOA dues and try to keep them low through positive scenarios.  They do not want to discourage prospective buyers and know that a $400 or $500 per month Association fee will equate to an extra $100,000 that the buyer could be spending on the home.  So the higher the HOA fees, the less the buyer will be able to spend on the home. 

At the same time, the State also wants to establish a realistic budget that will allow for proper funding well into the future.  

Also, keep in mind that the develop will be paying Association fees on all the unsold properties in the community.  Therefore, the developer is not benefiting from high HOA dues and fees.

Can anything be done for less?

When you add it all up, you will see that the economies of scale allow for the high level of service that you will be receiving at a true cost of value for much less than what you could do yourself.

You also want to protect your investment and have great amenities that allow profitable reselling in the future.  If you feel that your HOA fees can be lowered, serve on the board and economize to get them lowered.  However, never lose sight of the fact that you are paying for quality services at a volume discount.  Most of the time, you just can't beat the price you pay for the great services your HOA dues and fees cover.

Our Clients Stay Our Clients Forever - Realtors® Mary & Bill Watkins

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Finding the perfect retirement community in Lake Havasu City can be as simple as 1, 2, 3.  Since Arizona is so popular for its pleasant climate, vast public land and recreational opportunities, it's just plain easy to find the perfect retirement community for any senior.

Arizona is a crossroad of heritage and culture where several diverse traditions have met and combined into the unique state that has defined Arizona today, which has helped make Lake Havasu City a popular place to retire.

Best known for the London Bridge, Lake Havasu is also known for its abundance of recreational opportunities and perfectly mild winters to enjoy them in.

Lake Havasu City's retirement communities are made up of two different types of people: permanent residents and snowbirds.  The permanent residents are those who have found that Lake Havasu's climate works for them year-round.  The snowbirds are the retirees who are looking for a warm alternative to the biting cold winters from the state they reside in the rest of the year.

When it's time to retire, be sure to research all that Lake Havasu City has to offer.  You may be surprised with what you'll find.

Keller Williams Arizona Living Realty ~ Realtor® Cheryl Westwood

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Many homebuyers can find their dream home in an REO.  However, there are some things you should know when buying a foreclosure to help you be a better prepared buyer.  Purchasing an REO can help stretch your dollars, but finding a good foreclosure can be a challenge.

For those who are considering purchasing a foreclosed property, it is important to know exactly how much work will be needed to be done to the property and how much it is going to cost you before you even consider making an offer on it.

Many foreclosures need extensive repairs, but some only need cosmetic fixes.  And a great way to find foreclosures is by going straight to the bank.  You can also find a list of bank-owned properties by searching the Internet for REO properties and name of the lender, such as "REO + Bank of America".  Each listing will usually provide all the information about the property.  You can also enlist the expertise of a real estate agent. 

When buying a foreclosure, it is crucial to have an inspection done.  One lesson that buyers have definitely learned over the past few years is "buyer beware".  You will want to make sure all the copper pipes and wiring are still there if there were any.  Copper theft has been on the rise and these are the most stolen items in foreclosed homes that have set on the market for a while.

Other issues can arise from the property being vacant over time.  However, larger banks will usually hire a service to maintain the property until it is sold to help keep issues to a minimum.

To find out if the home is an REO due to it being a drug lab, you can get a neighborhood environmental report.

Above all, follow your instincts when buying a foreclosure.  It can be the home of your dreams and save you a lot of money.  On the other hand, it can go the opposite direction and end up costing you more money than it's worth.  Therefore, it would be smart to get that inspection so you will know exactly what you are getting into.

Our Clients Stay Our Clients Forever ~ Realtors® Mary & Bill Watkins

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Good news comes just in time for many consumers who thought they had missed out on the popular tax credit for first-time homebuyers.  Last week, senators agreed to extend the tax credit and to offer a reduced credit to some repeat buyers.

While the first-time home buyers tax credit provides up to $8,000 to homebuyers who have not owned a primary residence for three years or more, the reduced tax credit gives up to $6,500 to repeat homebuyers who have owned their current homes for at least five years.

Both tax credits will be available to all homebuyers who sign sales agreements by the end of April 2010.  Each buyer will have until the end of June 2010 to close on their new home. 

This is awesome news for many more homebuyers.  Now, many more consumers can take advantage of the tax credit since it's being extended to repeat buyers too.  However, April will be here and gone before you know it.  So, don't delay!  Start your home search today.

Our Clients Stay Our Clients Forever - Realtors® Mary & Bill Watkins

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Relocating and moving to a new city can involve a lot of out-of-pocket expenses.  Many of those expenses are planned.  However, others can completely catch you by surprise.  A large part of your money will be spent on your move.  Therefore, you will want to create and plan your moving budget well ahead of time.  So, in this week's blog, we are including some of the things you should consider most when creating your moving budget.

To begin with, you must first consider the expenses of leaving your old residence, such as your closing expenses like final utility bills, lease termination and other similar expenses that have to be paid.  Also, add in the same expenses for the new location to have utilities to be turned on and similar expenses.

The next step is to look at the costs to move your goods and the available funds you will have.  If you will be paying for the move yourself, it is very important to look at all your options to help you stay within your budget.  Options could include packing and moving yourself with a moving truck, hire a professional moving company or work with a self-service moving company. 

When choosing a professional mover, there are many things you must consider.  Depending on your moving budget, you may want them to pack and unpack or you may want to do this yourself.  A professional moving company can give you several options for their services, such as full packing, partial packing, provide packing materials or just the move.  When getting your estimates, go over all your options carefully with the mover.  Communications from at least 3-4 professional moving companies would be ideal before making a final decision of who you will use.  This will help you get a feel for actual moving costs, service types, compare quotes and have more bargaining power on your side.

If your employer is going to be paying for your move, be sure you completely understand what will and will not be acceptable charges that your employer will allow.  Many companies have certain restrictions that may apply.  Sometimes there will be a fixed amount of money and you will be responsible for the remainder of the bill.  Other restrictions may include not paying for certain items to be shipped, such as motorcycles, boats and other recreational items.  You would be responsible for the extra costs.  If your employer wants receipts and other documentation for proof of moving expenses to be reimbursed, you will want to make sure you get these items from the movers and keep up with them.

Those who are diligent in creating, planning and sticking to a moving budget shouldn't have any surprises.  Be sure to communicate your moving needs accurately with the moving company you choose so that you get an accurate estimate.  Relocating can be expensive, but sticking

Our Clients Stay Our Clients Forever ~ Realtors® Mary & Bill Watkins

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Since the rules of buying a home have once again changed forever, the process of home buying can be a little fearful for many.  Therefore, we would like to share some advice on how to make a decisive, long-lasting, victorious home buying decision without fear.

When buying a home, preparation is key for any and everyone.  And, there are some things you need to do to keep your roof over your head and remain a homeowner forever.

* Start a wish list - Begin writing down what you want and need in a home.  Be sure to include the physical characteristics you may need and want.  Include the number of bedrooms, bathrooms and basic amenities that you must have.  Include the style, layout and size of the home that you want.  You may also want to consider the home's proximity to schools, services and transportation.

* Searching for a home - There are many ways to search for homes.  Online searching is the most popular way to find a home today.  Websites give you the tools to search for homes, look for neighborhood data, local markets and much more.  You can use these features to compare nearby listings, actual sales prices, the homes features, characteristics of the neighborhood and more.

* Work with a professional - Make your home search even easier by finding a real estate professional who can represent you with your best interests in mind.  You just tell them what you want in a dream home and they will find it for you.  A good real estate professional will have a website with their listings on it and will include a detailed description along with photos or a video of the property.

* Know the details before you visit - Make sure you know everything about the property, community, schools, crimes statistics and proximity before you make a trip to visit the property.

Being informed as much as possible will help you make a decisive, long-lasting, victorious home buying decision without fear.  And one you can be confident in.

Our Clients Stay Clients Forever ~ Realtors® Mary & Bill Watkins