guest blog by Nila Ridings
It’s worth repeating that the only way I see changes for the future of HOAs is with the younger generations.
Younger people will listen and participate in discussions about things that could decimate their future. Many of them struggle to find jobs that allow them to live outside their parent’s basement, buy gas and insurance for their car, and still be able to stop at Dunkin’ Donuts for a latte and muffin.
The article and survey below show how the Millennial generation is carrying the burden of school loans that are causing a delay in their interest to buy a home, get married, and have children. It also addresses the fact a high percentage of these loan takers felt they were not given enough information prior to taking out the loans.
These same people will also not be told about the risks of buying a condo, loft, town house, or HOA restricted property if they depend on a Realtor, mortgage lender, or the HOA office to hand over the unvarnished truth. It won’t happen. In an effort to protect these young property buyers I will bare the truth. The whole truth. And nothing but the truth. Because I’ve spent a decade in HOA HELL I will do everything in my power to protect others from the same.
If buyers, of any age forget the sales pitch and remember the following they will be making an informed decision. You sign away your US Constitutional Rights when buying in an HOA. You become business partners with all of your neighbors in a non-profit corporation. You become the guarantor for money to pay on all debts, loans, lawsuits, settlements, liabilities, construction defects, and disaster rebuilds. And any other reason the HOA board of directors may decide an assessment shall be demanded from you.
Just like those college loans, you cannot escape the HOA payments and risks. One may be the ball and chain around your ankle while the other could be the noose around your neck.
I’m going to ask a favor of every reader. Please share this blog and the link below with every person you know between the ages of 18 and 30. We must save as many in the younger generation as possible. For each one we reach there will be countless others who will also receive this message via social networking and coffee shop discussions.
Thank you in advance for being a reader who tries to make a difference!