Should You Buy An HOA (Quiz Time)

In this episode, Jennifer talks about navigating the decision to buy a home in an HOA or condo. Drawing on nearly two decades as a mortgage lender, Jennifer presents a simple, two-question quiz to help you determine if HOA living is right for your personality. She explores crucial considerations like following rules and comfort with community financial control. Plus, there's a tie-breaker question for those with mixed answers. Discover whether you're suited for an HOA to avoid potential headaches and ensure a happier homeownership experience.

Transcript

SPEAKER_00 0:00

Before you buy a house that's in an HOA or a condo that's in an HOA, make sure you do this very quick quiz. Now, this is a quiz that I've put together after almost two decades as a mortgage lender. People ask me all the time, Jen, should I buy an HOA? What do you think? And ultimately it comes down to personality and how much risk you're comfortable with. So here are the two big questions. If you're thinking about buying an HOA, get a pen and pencil out or write this in your notes on your phone. Question number one, do you like following rules? Yes or no. Don't go gray on this. Don't go, well, if they're good rules, no. Yes or no. Do you like following rules? Okay. Question number two, are you comfortable with other people having access to your wallet? Yes or no. Yes or no. And you can't be like, well, if they're really good with money, because there's no guarantee of that, guys. Yes or no. Okay? Now let's score. If you answered no to both of those questions, you should not buy in an HOA no matter what. No matter what. Just don't do it. You're not gonna like it. If you answered yes to both questions, you fit. You will do well in an HOA. Of course, always make sure you research the HOA, but the fact that you said yes so quickly to both of those questions, you will do well in an HOA. Now, if you're like, Jen, I said no to one and yes to the other, regardless of which one you said no and which one you said yes to, I have a tiebreaker question. Are you ready? Do you want to work for free and play politics to get elected onto the board of the HOA? Yes or no? If you say yes, well then get yes, you definitely can survive in an HOA. If you say, well, I like following rules, but I don't want people have, you know, controlling my wallet, but I don't want to do that on the board. No, no, you should not buy in an HOA. It's really simple. Two of anything, that is what you should do. Now, let me give you some real examples of this. I was reading this story recently, and that's what brought this video to fruition. And it was about how there's this group in South Dakota where they bought these apocalypse doomsday style bunkers. And what's going on right now is these huge lawsuits against the HOA. And to me, I was reading this story, and you know, you've got this HOA that has these very stringent rules, and then you have all these different people that bought doomsday bunkers. I guarantee you, if all of those people had taken this test, they all would have said no to the first two questions. They could have saved a lot of time and money. So, bottom line is this some people can do great in an HOA, some people, it's just never gonna work. Don't try to be someone you're not. If you love the rules, if you're cool with someone telling you your trash can was out too late, or you're that person telling people their trash can't out too late, perfect. But if you're the type of person that if someone knocks on their door to tell them their trash can's out too late, you want to scream at them, yeah, let's just not buy in an HOA. Okay, I know this was a very quick video, but sometimes my best videos are the quickest because the information in them can help you make a better decision when you're buying a house. If you need help with a mortgage, remember, I want to be your mortgage lender, so does my team. Give us a call, 786 933 2077. Yes, we cover all of America now.