Tag: Homeownership

What You Need to Know About HOAs: A Homebuyer’s Guide

Posted on by Will Sing

What is an HOA?

An HOA, or Homeowners Association, is an organization in a subdivision, planned community, or condominium building that makes and enforces rules for the properties and residents. When you purchase a property within an HOA’s jurisdiction, you automatically become a member and are required to pay dues, commonly known as HOA fees. These fees contribute to the upkeep and maintenance of common areas and sometimes cover utilities like water, sewer, and trash.

The Benefits and Drawbacks of HOAs

Benefits:

  • Reduced Risk Profile: By joining a larger group of homeowners, you’re contributing to the maintenance and exterior updates, which can reduce your individual risk.
  • Community Standards: HOAs help maintain property values by enforcing community standards and ensuring properties are well-maintained.

Drawbacks:

  • Cost: HOA fees can range from as low as $60 to over $500+ per month, depending on the age of the property, size of unit, and the reserve funds available for repairs and maintenance.
  • Control: You may have less control over certain aspects of your property, as the HOA will have rules and regulations that you must follow.

What Do HOAs Cover?

HOAs typically cover the maintenance of common areas, which can include landscaping, pools, and recreational centers. They may also cover certain utilities, though this can vary. For example, in the Mountain Park area, there are separate HOAs for specific building complexes and an overarching HOA for the entire area, providing amenities like a pool and a rec center.

Special Assessments

Special assessments are additional fees that can arise when the HOA’s reserve funds are insufficient to cover major repairs or improvements. These assessments are usually paid on top of your regular HOA fees and can significantly impact your budget. It’s crucial to be aware of potential special assessments, especially if the property is older and may require more extensive maintenance.

HOA Transfer Fees

When purchasing a property with an HOA, be prepared for an HOA transfer fee, typically ranging from $200 to $1,000. This fee can vary widely depending on the specific HOA.

Reviewing HOA Documents

In Oregon, there isn’t a large governing body overseeing HOAs, so it’s essential to thoroughly review all HOA documents. Here are the five key documents you need to examine:

  1. Reserve Study: This document details the HOA’s reserve funds and planned improvements.
  2. Financial Reports: Ensure the HOA is financially stable and can cover future expenses without needing special assessments.
  3. Meeting Minutes: Understand ongoing and upcoming issues, potential rule changes, and financial health.
  4. Governing Documents: These include the rules and regulations, such as pet policies and property use restrictions.
  5. Insurance Certificate: Verify that the HOA has adequate insurance coverage.

Getting Expert Help

While reviewing these documents, consider hiring a company like CID Analytics. They offer a service similar to a home inspection but for HOAs, providing a detailed report on the HOA’s health and potential issues. This service costs around $600 and takes about five business days to complete.

Conclusion

Understanding the role and impact of an HOA is crucial when buying a home. By reviewing the necessary documents and considering both the benefits and drawbacks, you can make an informed decision that suits your needs and lifestyle.

For personalized advice, you can schedule a free strategy session here. Also, check out my Free Buyer’s Guide to help you navigate the home buying process.

Watch the full video on Understanding HOAs: What Every Homebuyer Needs to Know.

Connect with me on YouTube, Instagram, or Facebook!

 

The 85% Rule: Your Key to Overcoming Analysis Paralysis in Home Buying

Posted on by Will Sing

Hey future homeowners!

Ever find yourself stuck in a loop, analyzing every little detail while hunting for your dream home? Well, I’ve got a golden rule to share with you that might just be your game-changer: The 85% Rule. Let’s dive into it!

What is the 85% Rule?

In the home-buying journey, it’s easy to get caught up in the whirlpool of options and details, leading to what we call ‘analysis paralysis’. This is where the 85% rule comes into play. It’s a simple yet fantastic rule to guide you in making decisive actions.

How Does it Work?

The rule is pretty straightforward. When you’re looking at potential homes, aim for one that meets about 85% of your criteria. Yes, it doesn’t have to tick every single box on your list.

Why 85% and Not 100%?

Here’s the thing, finding a home that has 100% of what you’re looking for is like finding a unicorn – it’s a beautiful thought but nearly impossible. Even those who have had their homes custom-built find themselves wishing for changes five or ten years down the line.

Embrace the Imperfections

Remember, it’s absolutely okay for a home not to be perfect. What matters is that it’s perfect for you at this moment in your life. The small imperfections? They are opportunities for you to add your personal touch down the line.

Conclusion

So, the next time you find yourself stuck in the home-buying process, remember the 85% rule. It’s not about settling for less; it’s about embracing a home that meets most of your needs and holds the potential for you to make it truly yours over time.

Reach out to talk further now!

📞 Call Me – (503) 303-0822
✉️ Email Me – hello@agentlivinginpdx.com

Three Winter Blooming Plants for your Cut Flower Garden

Posted on by Lydia Hallay

For cut flower enthusiasts, winter-blooming plants can provide year-round interest and are beautiful as cut flowers to fill your vase on the dullest of days. These three native plants not only thrive in our Pacific Northwest climate, they’re great to bring indoors. Let’s explore these winter blooming wonders that will add beauty and vitality to your yard – and look great in a vessel.

  1. Hellebores (Helleborus spp.):
    • Variety Selection: Choose from various Hellebore species, such as Helleborus orientalis or Helleborus niger, for a diverse color palette including shades of pink, purple, and white.
    • Planting Tips: Plant Hellebores in well-draining soil with partial shade. These hardy perennials are known for their tolerance to winter conditions and can bloom even in late winter.
    • Blooming Season: Hellebores start flowering in late winter and continue into early spring, making them the perfect choice for adding elegance to your garden during the colder months.
    • Cutting Tips: To prevent them from drooping in the vase, make a tiny vertical cut on the stem before submerging in water.
  1. Witch Hazel (Hamamelis spp.):
    • Blooming Season: Witch Hazel is deciduous shrub known for its medicinal properties and unique, spidery flowers that bloom in late winter to early spring. Varieties like Hamamelis x intermedia ‘Arnold Promise’ or ‘Diane’ showcase vibrant yellow to red blooms.
    • Planting Tips: Plant Witch Hazel in well-draining soil with partial to full sunlight. This deciduous shrub provides excellent winter interest with its fragrant flowers.
    • Cutting Tips: Harvest just before their buds start to open for maximum vase life. Smash the ends of branches with a hammer or mallet before dropping in the vase to increase water intake.
  1. Camellia (Camellia spp.):
    • Blooming Season: Camellias are prized for their elegant, rose-like flowers that bloom in winter. Varieties such as Camellia japonica and Camellia sasanqua offer a range of colors and sizes.
    • Planting Tips: Plant Camellias in acidic, well-draining soil with filtered sunlight. These evergreen shrubs provide a burst of color during the cooler months.
    • Cutting Tips: Before arranging, cut the stems at an angle by holding them under water. You can also smash the bottom of the stem to remove the outer layer and tear up some tissue.

By incorporating these winter-blooming plants into your Portland (USDA Hardiness Zone 8b) garden, you’ll have flowers to cut and enjoy in your house year round. From Hellebore to Witch Hazel and Camellia, these plants not only thrive in our climate, they also contribute to the ecological richness of your garden. Enjoy year-round interest with these winter wonders that celebrate the natural splendor of the Pacific Northwest. Happy gardening!

Safeguarding Your Home & Family: Planning Basics for Disaster Scenarios in Portland, Oregon

Posted on by Living Room Realty

“It’s not a matter of if… but when.” We hear that a lot about The Big One. The earthquake that anyone who lives in the PacNW knows about. And wildfires? They seem to be edging closer to city limits every fire season.

Disaster planning isn’t our favorite thing to think about. No one wants to imagine themselves, their families, or their homes in danger. And, it can seem daunting on where to start, without sending strong prepper vibes. Here in Magicland we combed through some resources that will hopefully help.

Understand Local Hazards
Knowledge is power! Are you aware of the risks you may face based on where you live? Portland, situated in the Pacific Northwest, faces various risks, including earthquakes (Hello Cascadia Subduction Zone), wildfires during dry seasons, winter storms, and occasional flooding.

Earthquake Preplanning
No one knows when, but we can secure heavy furniture, appliances, and wall hangings to prevent injuries during an earthquake. It’s not a bad idea to consult an expert to conduct a structural assessment of your home and consider retrofitting if necessary. Identify safe spots within your home, such as under sturdy furniture, away from windows, and practice “Drop, Cover, and Hold On” drills with your family. If you have young adults in your family who respond well to gaming, try sending them to https://www.cascadia9game.org/ a resource created to help prepare all of us for the potential of earthquakes.

Wildfire Safety
During those crucial dry months, take steps to protect your property and family. Create a defensible space around your home by removing dead vegetation and flammable materials. It’s a good idea to install spark arrestors on chimneys and vents and have an evacuation plan in place if you are in a high-risk area. Stay informed about wildfire alerts and advisories issued by local authorities. You can use the website, oralert.gov to see local alerts or text your zip code to 888777 to receive text alerts.

Flood Preparedness
Our beloved Portland is often at risk of flooding due to heavy downpours, this can lead to flooding, especially in low-lying areas. It’s imperative to know the flood risk for your home and to take preventative measures, which may include keeping electrical appliances off the floor or installing sump pumps. As always, stay up to date on local weather reports and disaster alerts and be prepared to evacuate as necessary.

Family Emergency Plan
Developing a family emergency plan is vital to ensure that every family member knows what to do and where to go in case of an emergency. Make time to sit down with your family and discuss evacuation routes, designated meeting points, and essential contact information for relatives and emergency services. Regular practice drills conducted every six months can reinforce the plan and ensure everyone is familiar with the procedures.

Build an Emergency Kit
Assembling a well-stocked emergency kit can be a lifesaver during disaster situations. Your kit should include essential items such as non-perishable food, drinking water, first-aid supplies, flashlights, batteries, blankets, personal hygiene items, and any necessary medications. Customize the kit based on your family’s unique needs and remember to update it regularly to account for changing circumstances.

Disaster preparedness is not an option; it’s a responsibility that every homeowner with a family in Portland must shoulder. By understanding the potential hazards, creating a family emergency plan, building an emergency kit, and taking specific measures for earthquake, wildfire, and flood preparedness, you can significantly increase the safety and resilience of your home and loved ones.

Remember, preparedness is an ongoing process, and regularly reviewing and updating your plans will help you stay ahead of any potential disaster scenarios. By taking proactive steps today, you can face the future with confidence and ensure that your family’s well-being is protected, no matter what challenges may come your way. Stay safe and stay prepared!

Living the American Dream

Posted on by Olivia Rush

Congrats to Umar, Mohamed and their family for purchasing their first home in the US!

Umar’s family came to the US about 7 years ago from Myanmar (formerly Burma) by way of Malaysia as refugees. They have worked incredibly hard (6-7 days/week) to save a down payment to purchase a home of their own.

The house they purchased has incredible bones. We made one offer and negotiated a great price under their max budget plus a substantial credit to help them update some major systems.

I am in awe of this family’s resilience and determination and so grateful to be a small part of their journey. Just look at those smiles. CHEERS!