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Four Common Headaches Of A Homeowners Association

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Four Common Headaches Of A Home Owners AssociationWhen you are looking to purchase a home, you might hear a lot about something called a homeowners association, often shortened to HOA. While there are benefits of having an HOA in a living community, these benefits also have their drawbacks.

There are a few common headaches that people often experience when they move into a community that has an HOA. Anticipating these problems ahead of time can help everyone prepare for what they might encounter.

The Maintenance In The Common Area

Whether you are living in a condo or in a neighborhood, the HOA is supposed to maintain the community common areas. This includes pool maintenance, lawns, landscaping, gyms, and more.

In some areas, your HOA might even be responsible for cleaning up after a storm goes through the area. Sometimes, this simply doesn’t happen. This can cause the neighborhood to look like a mess. If the neighborhood isn’t properly maintained, your property values may suffer.

Problems With Parking

Without a doubt, parking issues are among the most common problems that you might encounter with your HOA. When someone is driving through town, traffic and parking issues are handled by the police.

In the neighborhood, the HOA is typically responsible. The bylaws of the homeowners association might even give them the right to fine people. Make sure you read the agreement with the HOA carefully. You need to know the laws as well as your rights.

Antenna Issues

It is important for you to remember that your HOA cannot control who you have handle your cable and internet connections. In addition, they cannot force you to remove a satellite dish from your house even if they don’t like the look of it.

On the other hand, if you use an antenna, there are still some HOA rules that can control its location. Make sure you read the rules if you elect to go with an antenna.

Understanding Homeowners Association Problems

Some of the other issues that you might encounter with your local homeowners’ association involve pets, holiday decorations, and other random fines. You should read up on the bylaws ahead of time so you know what lies ahead. While not every HOA creates problems, others can be a real headache.

As always, your local real estate agent can answer specific HOA-related questions on any community in the area.

 

Three Important Benefits Of An Open Floor Plan

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Three Important Benefits Of An Open Floor PlanIf you are looking for a new home, or if you are looking to renovate your existing home, you might have heard about something called an open floor plan. In today’s era of housing, this layout has become more popular.

In an open floor plan, there is a single, large space that can act as multiple rooms all in one. Often, hallways, walls, and doors are left out. This makes the entire space feel more inviting. There are numerous advantages to this plan that everyone should keep in mind.

Added Natural Light

One of the biggest benefits of this plan is that there is added natural light. Without the interior walls, light has an easier time passing through space. This connects the indoor world to the outdoor area.

In order to maximize this benefit, it is a good idea to add a few extra windows in the kitchen or living area. This will bring a little bit of brightness to the indoors, making it glow. Also, because fewer light fixtures are needed, this may reduce your utility costs.

Makes Space Feel Bigger

Next, if the home has an open floor concept, the whole area is going to feel larger. Typically, when this plan is put in place, there are vaulted ceilings.

Without the added walls, there is room to open the space upwards. This is going to make the entire area feel larger than it actually is.

With the added, spacious feel, family and friends will be able to relax and enjoy each other’s company that much more!

An Easy Space To Entertain

If someone has a traditional floor plan, the spaces often feel a little bit cramped. This can make it hard to entertain a large group of people.

With an open concept, this is a worry of the past. Now, you can be in the kitchen and still interact with people who are in the living or dining area. This concept is great for people who like to throw parties.

Advantages Of An Open Floor Plan

These are a few of the most important benefits of an open floor plan. It is easy to see why these plans have become more popular in recent years.

 

2 Myths Holding Back Home Buyers

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2 Myths Holding Back Home Buyers | MyKCM

In a recent article, First American shared how millennials are not really any different from previous generations when it comes to the goal of homeownership; it is still a huge part of their American Dream. The piece, however, also reveals,

 “Saving for a down payment is one of the biggest obstacles faced by first-time home buyers. Dispelling the 20 percent down payment myth could open the path to homeownership for many more.”

 Myth #1: “I Need a 20% Down Payment”

Buyers often overestimate how much they need to qualify for a home loan. According to the same article:

“Americans still overestimate the qualifications needed to get a mortgage, resulting in qualified potential buyers not even considering homeownership. Indeed, the Urban Institute report revealed that 16 percent of consumers believed that the minimum down payment required by lenders is 20 percent or more, and another 40 percent didn’t know at all.”

While many potential buyers still think they need to put at least 20% down for the home of their dreams, they often don’t realize how many assistance programs are available with as little as 3% down. With a little research, many renters may actually be able to enter the housing market sooner than they ever imagined.

Myth #2: “I Need a 780 FICO® Score or Higher”

In addition to down payments, buyers are also often confused about the FICO® score it takes to qualify for a mortgage, believing a ‘good’ credit score is 780 or higher.

To debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans.2 Myths Holding Back Home Buyers | MyKCMAs indicated in the chart above, 50.23% of approved mortgages had a credit score of 500-749.

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Believe it or not – your dream home may already be within your reach.

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