I was e-mailing a client today preparing for our appointment to view property this coming weekend. They had mentioned that they would like a second home, but the HOA payment was a major factor in their decision making. In our current economy many homebuyers have expressed their thoughts that saving money on the HOA was important to them. I certainly understand wanting to save money, and especially now. But could a community with a somewhat higher HOA perhaps be worth considering, especially when purchasing a second home?
Since I am in the Wellington, Florida area (part of greater West Palm Beach), many of our homebuyers are shopping for second homes. Some things to think about might be:
Would I feel safer when back at home up north if my Florida home were in a guarded, gated community?
Do I really want to depend on a nice neighbor or friend to let me know how well the landscape company is doing? What will I do if they are not doing a good job since I'm so far away?
How do I feel about buying an older home? Most homes in our area have been built as Planned Unit Developments with HOAs since the mid 80s. Buying an older home raises still more questions: Has the home been well maintained? How is the roof? Has the home been updated? And, of course you must think about how the building codes have changed over the years and how this may impact the cost of your windstorm insurance. Since 2001 new homes in Palm Beach County have been required to come equipped with hurricane shutters. If you can find an older home where the seller has purchased hurricane shutters, that is a real plus, and probably a good sign that they have taken care of their property.
From 2001 until the beginning of 2007 I almost exclusively sold new construction in the tri-county area of St. Lucie, Martin, and Palm Beach County. I have become a real fan of the types of communities and the lifestyle offered in these communities. For those of you relocating from the north, most of our communities have beautiful homes not on the largest lots in the world, for sure, but the community is probably full of amenities to make South Florida living luxurious. I live and work here full time, but my home community of Villagewalk in Wellington makes me feel like I'm constantly on vacation. Our community is a little 'over the top' compared to most, but I love it. For example, consider my day just a couple days ago:
I had the grandkids at the pool for almost four hours, and because we have a restaurant & market on the property (in addition to two pools, tennis courts, basketball, tot lot, walking trails around the lake, state of the art fitness center, clubhouse, a small bank, nail salon, hair salon, post office & gas pumps) we had a nice lunch served to us poolside. And it wasn't even expensive! Our HOA may run a little higher than some other communities in the area, but my husband and I feel it is worth every penny of it and so does everyone else we meet here in Villagewalk.
Another good thing, we're only ten minutes from the airport, so we certainly have our share of second home owners.
So, whether you are looking for a permanent home, a second home, or a retirement home, consider the options offered in different communities and how much they will cost you. There are certain things you want to know about your HOA, but that is another article!
Ellie Drury,ABR,CRS,ePRO
Broker Associate
Home Run Real Estate
Greenacres, FL 33467
561-310-2209 Cell
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