If you’re planning on buying a home in a community with a homeowners association, make sure you understand the organization’s terms and conditions. An organization known as a homeowner’s association is composed of homeowners elected by their fellow residents. It’s responsible for setting rules and regulations for the community. These organizations are commonly found in townhouse communities, single-family homes, and condominium communities. Before you start looking for a home, it’s important to consider an association’s various advantages and disadvantages.
Pros Associated with Homeowner’s Associations:
Commons Areas are managed by the HOA
One of the main advantages of living in a community with an association is that it can manage the various common areas, such as the pool area, the playground, and the community centers. This allows you to enjoy these spaces without worrying about their upkeep. In some cases, the homeowners are responsible for the landscaping in front of their units, while in other cases, the association is responsible for maintaining the landscape in the surrounding areas.
The HOA May Maintain the Home’s Exterior
In addition to maintaining the common areas, the homeowners association can also care for the exterior of their homes. This can include performing various maintenance activities such as power washing and repairing the roof and fence. If you’re planning on buying a home in a community with an association, you might be able to save a lot of money by purchasing it through the association. However, it’s important to note that the organization can only do so much with regard to your property. For instance, if the association wants to make repairs to the walls of your home, you might be responsible for the cost.
The HOA Mediates Problems Between Neighbors
Homeowners associations can help resolve disputes between neighbors. They can act as mediators if one of their members sees that another person is violating a rule or regulation. Instead of talking to your neighbor about the issue, you can contact the association to resolve the matter.
Cons of a Homeowner’s Association
You Have to Pay Monthly HOA Fees
Since the association is responsible for maintaining the exterior and common areas of homes, it is required by law to charge homeowners association fees. These fees can vary depending on the type of amenities the community has. Unfortunately, due to the fees not being written in stone, they can go up and down, and the association might have to raise them to maintain the community.
Defaulting on HOA Fees Has Repercussions
Although it’s important to pay your fees, it’s also important to note that if you don’t pay them, you might end up facing foreclosure. Even if your state doesn’t allow the foreclosure of your home, the amount you owe will still accrue. It’s also important to note that the residents of the community must pay their fees. If the organization is not able to collect enough money, it might have to lay off its property manager and start over. This could have a negative effect on the community’s appearance and property values.
The HOA Imposes Rules and Regulations
Although it might seem like a minor inconvenience, paying the fees can be necessary to maintain the community. The association can set rules that affect the appearance of your home. For instance, they can decide what paint you can use on your front door and how you can decorate your windows. Violating these rules could result in a fine.
While it’s not necessary to break your budget when it comes to building projects, plenty of low-cost materials will look good on your walls and floors. Whether you’re planning on building a small house for your mother-in-law or organizing your library, you’re probably hoping to keep your costs low. Unfortunately, if you’re planning on using expensive materials such as marble, you might want to rethink your project. Fortunately, plenty of low-cost options can still look great without breaking the bank.
A type of concrete sheet known as concrete board is a mixture of cement and fibers that are usually pressed into flat boards that are 3′ x 5′. While it’s commonly used as a wall covering and flooring underlay, it can also be a moisture-resistant alternative to drywall. You can expect to pay around $10 for each 3′ x 5′ board.
One of the most eco-friendly and economical materials that can be used for building projects is reclaimed wood. This type of wood can be used for various projects, such as decks, furniture, and fences. Most of the time, this type of wood has a weathered look that’s popular with beach-house and cottage-style lovers. However, you can give it a more contemporary look by painting it or staining it. Depending on the quality of the wood, you can expect to pay around $5 to up per square foot.
Although it costs less than new bricks, used bricks are still useful for various projects, such as fire pits, walls, and pathways. While it’s commonly used for its natural red color, it can also be painted to give it a more contemporary look. The cost of a thousand used bricks can vary.
While it’s commonly used to amplify the rain on the roof, corrugated metal can also be used to cover interior walls and ceilings. This type of material can create a contemporary look by adding a splash of color to the sides of a kitchen counter or creating the walls of a backyard chicken coop. If you’re planning on using metal sheeting, make sure that it’s protected from the elements by having it protected with sealant. Although the prices vary depending on the size and type of metal, you can usually expect to spend around $1.50 to $5 for each square foot.
Although natural stone is a popular choice for building projects, it’s not always practical due to its weight and cost. One alternative is to use stone veneer, a thin sheet of stone usually installed over other surfaces, such as concrete, wood, and masonry. The price range for stone veneer panels is wide, as there are different sizes and forms of this building material. However, on average, it costs around $10 per square foot.
Since shipping containers are commonly used as tiny homes, they’ve become a popular choice. There are two standard sizes of these containers, which are 8′ x 20′ or 8′ x 40′. They can provide you with up to 320 square feet of living space. While the expenses associated with converting a basic steel box into an actual home can quickly add up, the shipping container itself can be a relatively inexpensive option.
A wide range of projects can be made using bamboo, such as creating a lightweight fence or creating a bar or shower. This material can also cover a wall or create a planter. If you’re planning on using it outdoors, make sure it’s sealed to prevent rot. This fast-growing material is typically less than $100 for a 6 x 16-foot roll of fencing.
Unlike other natural materials, natural cork has a distinctive and warm look that’s hard to replicate. You can easily buy tiles or sheets of this material and use them to create a variety of projects, such as covering the sides or front of a kitchen island. Not only does this material not require a break in your budget, but it can also be used to hide the top of a bland counter or table.
So many factors need to be considered when it comes to selling a property, such as a price, the time frame, and the person who will be hired to sell it. One of the most common questions people ask when it comes to selling a home is, “Should I stage it or sell it empty?” This is an excellent question to ask.
There is much conflicting information regarding the pros and cons of home staging. Since so many factors go into making a decision, it is vital to consider each option’s advantages and disadvantages.
Staged Home Considerations
Staging a home can be very beneficial as it allows potential buyers to see the inside of the house and feel like they are in the home. In addition to being able to set the stage for what the buyers see, staging a home also helps boost its value.
Another significant advantage of staging a home is that it can make listing photos look more appealing. This is because potential buyers usually see the pictures of your home when they are first looking at it. Having the photos taken professionally can help make them look better. Some companies also offer virtual staging services, which allow them to add furniture to the images.
One of the most significant disadvantages of staging a home is that it can take time and money to get it done correctly. It can take days for a home stager to bring all necessary materials into the property and then organize it properly.
The cost of staging a home can also be prohibitive. It can be very different depending on the type of work the company will perform and the amount of money you have available. Most home stagers will try to use what they have on hand, but those resources aren’t always a good fit for your house.
Empty Home Considerations
One of the most significant advantages of selling an empty home is that it allows potential buyers to visualize themselves living in the house. However, when the house is staged, these buyers might be unable to visualize how their lives would fit into the picture. Staging a home is also often designed to appeal to the most potential buyers. However, this can lead to it being too generic or too specific to a particular demographic.
On the other hand, having a vacant home can also make it hard to sell. Since potential buyers might not feel welcomed or can’t picture the functional space, they might overlook the house’s charm.
One of the most significant issues when selling an empty home is how the defects can show. Without any help, the small details stand out to potential buyers. This can include the cracks in the wall, the stains on the carpet, and the tilt of the ceiling.
Although staging has disadvantages, it is still important to realize that it does not sell a house. Some real estate agents might try to pressure you into staging. They might be friends with a home stager, or they might be working with a staging business.
An excellent real estate agent can sell an empty home without issues. Besides having the necessary skills to market the property, a successful real estate agent must also have the connections required to attract potential buyers. If you are planning on hiring a real estate agent, make sure they do not insist that staging is the answer. Most of the time, staging is not necessary.
Seasoned commercial real estate pros will tell you that achieving success in this dynamic field means keeping up with trends. Two other key factors often mentioned are learning to be opportunistic in spotting promising deals — and a proactive ability to spot potential losing situations.
Newbie commercial real estate entrepreneurs can obtain these traits through constant professional development. That means studying the field and tapping into resources that offer leading-edge information on what happening in real estate. The fresher the information the better.
Here, then, are some suburb commercial real estate informational and educational real estate resources that will keep you on top of what happening:
This multi-platform digital media provider is a producer of both news and a creator of live events. Owned by Wicks Group, a private equity firm, Bisnow covers 27 top metropolitan markets in the U.S. along with Canada and the U.K. The excellent “must-have” information of Bisnow has earned it a robust 600,000 subscribers. The latter is a strong indication of the quality and value of the information offered.
Founded in 2014, Connect Media has a news division that has grown rapidly since its start-up. It now produces 11 daily newsletters along with 10 commercial real estate newsletters that are handled by a crack team of professional editors.
Furthermore, Connect Media creates and promoted north of 200 digital events that draw many prominent names in the commercial real estate sector.
The Real Deal
Industry observers call it “the premier real estate news outlet in America.” The Real Deal has an enormous reach, capturing millions of professionals through print, digital and social media outlets. It offers breaking real estate news, market intelligence reports, proprietary rankings, custom research, trends, profiles and a lot more.
The Real Deal has been rated among the 300 most-visited sites in the United States – and is ranked No. 1 among websites that cater to wealthy followers.
This source is a leading platform that connects commercial real estate professionals with other key players. Those who frequent the site include building owners, building managers, commercial lenders, brokers and professional services firms.
Commercial Observer’s offers weekly coverage and real-time updates on its digital platform. It hosts live events and offers a cogent mix of breaking hard news along with in-depth feature stories. Here you will also find exclusive industry columnists and detailed analyses of market trends.
The 2020 occurrences transformed the operations of commercial real estate. The pandemic quickened the pace of numerous modifications that were underway. Consequently, tenants and investors had to rethink the best way of running their businesses and utilizing their spaces. However, it is hard to distinguish the changes that will remain and the ones that emerged as an immediate reaction to the pandemic. Investors aiming to allocate their money to commercial real estate should consider the following trends.
Strong Demand for Industrial Property
Industrial real estate will continually have strong interest due to increased E-commerce transactions. CBRE research shows that every $1 billion used in incremental e-commerce produces an extra warehouse space of around 1.25 million. Commercial real estate demand is expected to remain robust considering the 44.5% rise in e-commerce sales from the first quarter of 2020 to the second quarter. The same research reviewed that industrial space absorbed by the end of 2021 will be around 250 million square feet exceeding the historical annual absorption of 211 million square feet.
Adoption Of Omnichannel Sales in Retail Trends
Due to Covid -19 and other changing patterns, the retailers cannot solely depend on storefronts. They must optimize their income-generating ways by using digital devices and platforms. Therefore, retailers need to use both storefronts and digital channels like social media and websites. Subsequently, this leads to considerable investments in digital capacities and increased traditional sales strategy.
Increased Demand for Stock Room
Shifting to digital platforms means more incoming orders from various channels. Therefore, retailers are likely to continue converting their sales floor into mini delivery centers in their stock rooms. Apart from pulling, packing, and shipping orders via digital channels, space will also manage the business’s local pickups.
Rise of Alternate Assets
Private real estate exposure is likely to rise in 2021. Most asset allocators will prefer private real estate because it offers resilience during this imbalanced recovery. Negative yields and high equity valuation from government bonds will potentially push more investors to alternative assets. Serious wealth advisors and wealth managers are likely to engage in private real estate, especially data, industrial, and healthcare centers.
In conclusion, commercial real estate trends in 2021 will drastically change following the ongoing covid-19 pandemic. Some of the changes will outlive the pandemic, while others will vanish when the pandemic ends.