Tag: HOAs

New Beginnings

Posted on by Living Room Realty

I met Andrea at an open house and we immediately connected. Recently divorced, she was looking for a fresh start and a new condo to go along with her new lifestyle. She wanted to have enough room for herself and her two small dogs, some outdoor space and to keep the price reasonable so she could get back to what she loves–travel!  We thought it would be a breeze because the condo market isn’t as tight as the single-family home market so we went out on our search with lots of hope! 

The very first listing we saw she was in love. It was a nice stylish condo with some lovely updates. But there were so many offers! We found another one in the same complex, and again so many offers. A third… so many offers. The listing agent told us there was someone buying up all of these units with cash and renting them out because there was no rental cap. Ah-hah! Well, that explains why we were running into so much competition! We decided to move on from that complex.

Andrea went to an open house a couple weeks later and really liked the home but it was a studio and not quite big enough. Then, when a one-bedroom came on the market just next door she called me immediately and we jumped on it. We walked in and she knew this was it. The high ceilings made it feel so spacious! She was drawn to the modern finishes, appliances, quartz countertops and the openness of the living area and kitchen. The location was perfect in Beaverton: close to her job, close proximity to Nike, Cedar Hills entertainment, Beaverton Town Center, accessibility to the freeway and even right next to an aquatic center! The complex had so much to offer as well: clubhouse, pool, gym and jacuzzi.

We went all in and our offer was accepted. Now Andrea has a home she loves! She is investing in herself, trusting her gut and will have money left over for the things that are important to her. She said it best: “I try not to plan my life around someone else because when I focus on what I want and follow my instincts, things tend to work out for me.” Way to go, sister! What an honor it is to be a part of this experience with you.

Key day and a fresh start for Andrea!

 

 

First Time Buyers Fall in Love with Lents Farmhouse

Posted on by Mel Marzahl

Starting their Search

When first time buyers Adina and Caitlin started their search they wanted a condo. They were tired of living in a rental where the landlord didn’t keep up with repairs. So, they thought the convenience of not having to maintain the exterior possibly having a gym would be great. Starting their search Adina and Caitlin really wanted to find something affordable and start building equity. Their plan was to eventually, in 5-10 years, buy the big family house they really wanted.

The Problem with Condos

Many first time buyers have a similar story. They start out looking at condos because of the lower price. It makes sense at first, the low price, the ease of upkeep. It’s not until they talk with their agent and lender that they start factoring in the high cost of HOA dues and realize how the HOA costs affect their approval price. Once they realize the big impact those high HOAs have on their price, they consider widening their search to include other types of homes.

Financing Tip: Even condo listed at 280 may have a HOA payment of $400/month or so.  This means a buyer putting roughly 5% down would need to be pre-approved for 360-375 to actually qualify to buy it.

Adina and Cailtin (center) with Mel Marzahl, their agent (right), and Dawn Carter, their lender (left)

Change of Plans

This is predicament Adina and Caitlin found themselves in. They liked the idea of a condo for the ease of maintenance, but they realized they could pay the same amount monthly to buy a great starter home instead. When we opened up their search to include single family homes there were so many more options. In their price point some houses needed major repairs but they wanted something they could live in, and slowly fix up. A complete remodel is not in the cards for most first time buyers. We searched all over SE Portland and looked at every 2bd 700 sqft bungalow on the market, until this big, blue, beauty popped up!

The Happy Ending

They widened their search just a bit more. Including a few areas they hadn’t originally considered, like Lents. The house they found is a beautiful, 4bd, 3 story, neon blue farmhouse. It has a front porch made for a swing and summer evening hangouts. This house checked all their “must have” boxes, and more. The main floor was fixed up enough, they could move in, enjoy it but make changes slowly. It has a basement for an art studio, a big lot for gardening, and a whole upstairs level with two bedrooms, a sitting area, and space to add a bath and kitchenette.

Adina and Caitlin got everything they wanted 5-10 years from now, today. Their new house is a beauty that lives well for them in terms of style and financially. They plan to rent the private top level to travelling nurses for some help on the mortgage. After they start a family they’ll have room to grow for the kiddos. They will be the first to tell their friends to consider all their options when searching for a home. Because they know better than most that you might go from looking at 2bd condos in Multnomah Village or Lake Oswego, to 4bd farmhouses in Lents in a matter of a month or so.

CONGRATS on your first home Adina and Caitlin!

Adina and Caitlin on the front porch of their new home!