Re:A Growing Problem in Real Estate: Too Many Too Big Houses
by saltminer on Thursday June 20, 2019 @02:43PM
(#20235923)
The mortgage might be more secure, but an HOA can turn your life upside down if it's run by power-hungry busybodies and they can destroy the property values of the whole neighborhood while they're at it.
Re:A Growing Problem in Real Estate: Too Many Too Big Houses
by mcguire on Thursday June 20, 2019 @03:48PM
(#20236637)
I've lived in several HOAs in the past, and yeah, they can be a pain. But in my experience, they are mostly concerned with not destroying the property values. In practice, they're only interested in stuff that's egregiously stupid. (Say that crazy old lady with the weird, creepy Halloween decorations including the beheaded baby that stay out from Labor Day to New Years.)
Plus, it's easy enough to avoid HOAs.
That risk exists regardless of whether you rent or own.
The risks he mentioned are unique to rentals. It's very common for leases to essentially say "We can kick you out if we feel like it," no justification necessary. Even if the lease stipulates some justification, they'll find a way around it ("Our maintenance crew noted your excessive noise on 37 separate occasions. You also have a wreath hanging on your door, which is another violation of the lease.").
It's extremely rare for a mortgage to contain any sort of terms that allow you to be arbitrarily kicked out of your home.