A place to call home: Americans favor homeownership over renting

Despite a competitive housing market and current concerns about housing affordability, 70% of Americans still see owning a home as a clear sign of success in adulthood, according to Wells Fargo’s 2019 “How America Views Homeownership” survey.

Seven in 10 respondents of the survey of 1,004 adults 21 years and older say that owning a house is on par with having a career as a sign of a successful adult. Those surveyed note that they see homeownership as a clearer sign of success over getting married (32%) or having children (34%).

Close to 90% of the respondents say that the benefits of homeownership outweigh the drawbacks. If they could do it all over again, current homeowners say they would still choose to buy their home (93%) instead of continuing to rent, and nearly all (95%) note that owning a home is a better financial decision in the long run than renting.

Affording a down payment is seen as the primary hurdle to buying a home, according to 27% of those surveyed, with 38% of aspiring millennial homeowners naming it their biggest challenge to achieving homeownership. Wells Fargo notes, however, that some mortgage lenders allow qualified buyers to put as little as 3% down on a home.

Nearly 8 in 10 homeowners would be willing to move to a smaller city or town to afford their home, and 74% say that they would consider buying a smaller home with fewer amenities.

First-time homebuyers frequently look to condominiums as a lower-cost housing option. Roughly 40% of the 347,000 community associations in the U.S. are condominiums, according to the 2018-2019 National and Statistical Review for Community Association Data from the Foundation for Community Association Research. Recently updated requirements from the Federal Housing Administration should make lending easier for condominium unit buyers.

More than 73 million U.S. residents currently live in a community association—up from 62 million in 2010. Community associations are growing due to the value of collective management, privatization of public maintenance services, and the expansion of affordable housing options.

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Homeowner education: Be resourceful with CAI’s HOAResources.com

The best community associations have knowledgeable governing boards, highly-engaged residents, and educated and trained professional managers leading their communities. CAI has believed that since its founding in 1973, and it’s why we offer information, education, and resources to members and the general public. It’s why we recently launched HOAResources.com, a digital news site for the millions of residents living and working in condominium communities and homeowners associations worldwide.

We recognize that the community association model has evolved and grown up over the years, becoming a well-established and increasingly successful form of community governance and an essential component of the U.S. housing market.

There’s an increasing need to educate, train, and provide the latest news and resources to the millions of potential homebuyers, homeowners, and renters living in these communities. After all, 61 percent of all new housing built for sale is in a community association.

The new site lets CAI members and the general public find practical advice on common issues in the community association housing model. The site will address HOA basics, financial planning, rules and governing documents, as well as security and safety. Many time-tested best practices are showcased on the site, often through free, downloadable documents.

Go to www.HOAResources.com, and share the information with homeowners, friends, and colleagues.

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What to know before you rent your home

If you own a home in a community association and want to rent it out, you can make the leasing experience successful and positive for everyone by understanding your responsibilities. This will help preserve your property value specifically and maintain the association’s property value in general.

Before you make your home available for rentals (short-term or long-term), be sure to check your association rules and local laws. Some communities and municipalities specifically prohibit rentals or may regulate the terms (length, frequency, number of renters, etc.). You also should contact your homeowners insurance carrier to be sure you’re covered for any incidents related to rentals.

Assuming all checks out, follow the simple steps below to ensure you, the tenants, and the association all have a positive experience.

Provide your tenants with copies of association rules. Your tenants may not be familiar with common-interest community living. Take a few minutes to explain to them that living in a community association is very different from living in a rental apartment community.

Ensure that tenants comply with association rules. Your tenants, like all residents, are subject to the rules and regulations of the association. The board and manager can assist you in this area, but the responsibility lies with you.

Advise tenants on the proper use of association facilities. Provide your tenants with written copies of all policies and rules regarding community amenities and common areas. You can obtain copies of these and other useful documents from the board or manager.

Use a written lease agreement, and make sure it requires tenants to comply with all association governing documents. As a landlord of a home in a community association, the lease you use must require tenants to comply with the association’s governing documents.

In the event your tenant fails to comply with these documents, including the bylaws, or its rules and regulations, a representative of the association will first contact your tenants in an attempt to remedy the problem. The association will send you a copy of any notice sent to tenants.

If the tenant doesn’t correct the violation, the association will contact you and expect you to remedy the violation using the recourse available to you through your lease agreement. If you are unable to correct the violation, the association may pursue appropriate legal action against the tenant, and possibly against you.

Provide the association with contact information for your tenants. The association will add your tenants to its mailing list, and they will receive the newsletter, invitations to participate on committees, notices of social activities, and general association-related information. This information also will be used in case of emergency.

If you’re a renter and don’t have a copy of the association rules or if you’d like more information about the association, contact a board member or manager.

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Clean that clutter! Six steps to a mess-free home

Do you have piles of clothes, papers, and “stuff” collecting in your home? You’re not alone. It’s time to clean up that clutter and make your abode a more enjoyable and relaxing place to live. To help you tackle your next home organization project, follow this quick guide to decluttering:

  • Create a schedule. Depending on how high those piles are, you may not be able to accomplish the task in a single weekend. So, try tackling one room at a time. It may seem like a daunting project, but it will be less scary if you break it down into segments.
  • Practice a one-item-in-one-item-out rule. When you buy an item of clothing, for example, throw out one item of clothing. Not only will it keep down the clutter, but it will also make you rethink whether you really want to buy that new item.
  • Create a stress-free environment in the bedroom. That means no piles of toys and no mounds of clothes. It should be a place where you can rest without worry.
  • Make cleaning up fun for kids by turning it into a game. Kids are often the clutter culprits; involve them in the process to make things neater and more organized.
  • Know your vision for the room. What do you want from a room? Is it a place where you work, a space where you unwind, a playroom for the little ones, or something else? If you can answer that question, you’ll be able to decide what items stay and what items go.
  • Try to make decluttering a part of your everyday life. If you do it at the same time every day—like before you go to bed—the piles won’t accumulate and you won’t have to set aside a block of time to do a major cleaning.

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