Here’s what you’ve been waiting for….a LARGE 2014 3 bed/2 bath home with almost as much square footage as the 4 beds in the community. This is a D R Horton’s upgraded Classic model. As you enter the home, you feel how open it is with the 7′ wide hallway & 18″ ceramic tile throughout. The open floor plan has a large living room/dining room combined and leads to the breakfast room/kitchen combination with stainless steel appliances. The master bedroom (13×17) can handle a lot of furniture and the master bath (8×12) has a great tub w/separate walk-in shower. Two guest bedrooms are separated by a bath with tub/shower (nice tub surround). The laundry (6×8) comes with the washer & dryer, has a large closet pantry leading to the two car garage. This home offers a screened room (9×13), a great vinyl fenced back yard, and a 10×12 tied down/hurricane proof storage shed. And it gets even better as the HOA fee is only $261/YEAR. Better hurry!
What is a ‘special assessment’ – and do I have to pay it?
So now you’re stuck with a special assessment from your Home Owners Association. Are you wondering how this is possible and if you actually are liable to pay it?
By Gary M. Singer
Sept. 3, 2018 – Question: Our association is specially assessing all of the owners several extra payments to fund a refinance of a loan we took out for the clubhouse renovation from a few years ago. Can they do this? – Joel
Answer: As long as your association follows the correct procedure, it can pass a special assessment. When your association has a unique expense that the regular maintenance dues cannot cover, it can pass a “special” assessment. These assessments can be a one-time payment, or they can be spread out over a period of time. However, unlike your regular dues, they do not continue indefinitely. Once their purpose is funded, the assessment is complete, and the money cannot be used for any purpose other than what it was created for.
Generally, your board can pass a special assessment without a full vote of all the owners. The board must specifically notify the owners in advance that the issue will be voted on at an upcoming meeting and must publicly decide. Of course, like with many association-related matters, your community may have more stringent requirements, so be sure to check your community’s documents.
Special assessments are often levied for needed repairs that the association cannot currently afford or to renovate the community. Common examples are for roofing projects, to replace fences or repave the roads and lots. Since your association may not have saved the necessary reserves, and it is not realistic to expect the homeowners to pay for the entire repair up front, your board may choose to borrow the money from a bank and have the special assessments repay the loan.
Boards can also refinance such loans to get better terms or to pay off the loan early, as seems to be the case for you. While it is unpleasant to have to pay extra, it is often the only way to maintain your community while keeping your monthly dues as low as possible – something every homeowner wants.
About the writer: Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chairman of the Real Estate Section of the Broward County Bar Association and is a co-host of the weekly radio show Legal News and Review. He frequently consults on general real estate matters and trends in Florida with various companies across the nation.
Orlando Vacation Villa For Sale in Terra Verde Resort
105 Pompano Beach Dr
Looking for the ideal location and resort amenities without the costly CDD? Then you are looking at the right place. Minutes from Old Town, Disney and Hwy 192 with its abundance of restaurants and stores. This well maintained 3/2.5 town home could be what you are looking for. Located within walking distance of the clubhouse, this home will suit someone looking for a second home, investment or family home. This nicely furnished property has lots to offer its new owner. The kitchen overlooks the front of the home and has lots of cabinet and counter space. Adjoining the kitchen is the dining room/great room with access to your private lanai complete with your own hot tub. All bedrooms are upstairs. This desirable man-gated resort community has something for everyone. Amenities include club house with fitness center, lounge area and theatre room. Outdoor activities include beach entry resort pool, basket ball, shuffleboard, mini golf, children’s play area and tiki bar alongside the pool. What more can you ask for? Enjoy the Florida lifetstyle.
There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
As Entrepreneur Magazine, a premier source for small business, explained in their article, “12 Practical Steps to Getting Rich”:
“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”
With home prices rising, many renters are concerned about their house-buying power. Mark Fleming, Chief Economist at First American, explained:
“Over the last three years, renter house-buying power has increased fast enough to keep pace with house price appreciation, so the share of homes that a renter can afford to buy has remained the same since 2015.
Although mortgage rates are expected to rise, they are still low by historic standards, and real household incomes are the highest they have ever been. Assuming this trend continues, our measure of affordability, which takes into account income, interest rates, and house prices, indicates that homeownership is still within reach for renters.”
As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person building that equity.
Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were at 4.51% last week.
Welcome to this weeks snapshot of Central Florida Mortgage Rates! Take a look at mortgage rates that are steadily increasing. Now has never been a better time to invest your hard earned money into something that will continue to reward you, especially with ownership!
Your mortgage rate is determined by the lender and can be either fixed, staying the same for the term of the mortgage, or variable, fluctuating with a benchmark interest rate. Mortgage rates vary for borrowers based on their credit profile. Here is a snap shot of the daily mortgages rates as of today, Monday, August 27th, 2018. While the rates shown are not guaranteed for everyone, this gives the average buyer a good idea of what their rate should look like. We always recommend you speak with your local realtor to find the best loan program for you Orlando Home purchase. Take advantage of these mortgage rates now before it changes, contact us today!
