Fifth Circuit Court rules SEC can't regulate markets 👀❗❗
(media.greatawakening.win)
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I’m looking into buying my first house soon and I refuse to purchase a home with an HOA fee.. I’m also finding that there’s more to buying a house than property taxes and the monthly payments, which I’ve grilled my parents about where all the hidden costs come from and who gets them because it’s insane!
Be aware that you can get into a house with an HOA even if there isn't any fee. This is just one reason to READ THE REAL ESTATE CONTRACT VERY CAREFULLY before signing it! Almost no one does this.
Ohhh thank you for letting me know! I’m looking for country life so hopefully it’s not a thing as typically it doesn’t appear to be in rural spots, but thanks to this site I’m learning to read everything anyway! By chance are those real estate contracts 50+ pages long? If so that may be why no one reads them lol
I live in a rural area, and it's standard practice to set up Covenants (a set of rules) for a new "neighborhood" whenever a large parcel of land is subdivided. The reasoning is that it will keep property values high. Yes, these contracts are long. Just ask your realtor to specifically point out any covenants attached to a property you are looking at. Many covenants become null and void after a set number of years; others are perpetual unless the lot owners get together and vote to eliminate them. The good thing about covenants is that it can give you some recourse if someone buys the lot next to you and turns it into a junk yard or decides to raise hogs.
I recommend looking at using a credit union for a loan. They usually don't have the hidden BS fees.
I’ll try one of those too, thanks! Funny thing is my mom even made that suggestion
As a homeowner, I soon learned you really don't own the home. You own the right to live there and pay taxes. If you do not pay your taxes they take your home from you.
That’s the concept that makes me mad. I can own the structure, but not the land the structure stands on? How did we allow that to become “normal” and acceptable?
Excellent questions! It was a slow process but I believe it all goes back to 1913 and the Federal Reserve Act. Even Wilson regretted signing that bill. We all have been in debt ever since.
Ya, that part sucks. I had to have PMI on my loan, then there's insurance, utilities, and maintenance. That can be the worst part, depending on how old the home is or how it was constructed. My place was 40 years old when I bought it. I've replaced every appliance in 5 years since I moved in and had to fix 2 dozen other things. Youtube is your friend when it comes to home repairs if you don't know how to do a particular job. You're about to discover how good of a plumber, carpenter, landscaper, painter and electrician you can be and if you need to call someone to do a repair, how much that can cost. If the place holds together, however, you pay a lot less than you would in rent and then you have equity also. At this moment, if I was you, I'd save up your money and wait for the imminent housing bubble pop.
I owned a condo for 15 years and the cumulative fees equalled the purchase price by then.