amenities

What You Need to Know About Homeowners' Associations

Kat Tretina — Wed, 09 Aug 2017 09:00:06 +0000

When my husband and I were thinking about buying a house, we toured a lovely home that was on the lower end of our budget. It was gorgeous. It had high-end appliances and the owners had completely updated it. We couldn't believe the price, or that it had been on the market for weeks.

We told the realtor we were interested and were ready to make an offer and that's when she told us that the house was part of a homeowners association (HOA). She pulled out a massive binder with the HOA's rules, including what kind of grass we could plant, what kind of fencing was permitted, and what colors we could paint our home.

Finally, she dropped one more bomb: The monthly HOA fee was a staggering $600 a month. We quickly gave up any idea of buying that home, but it was a well-learned lesson.

Our experience isn't unique. HOAs are increasingly common, and they can be costly. Here's what you need to know about HOAs before buying a home. (See also: How to Deal With a Rude Neighbor)

HOAs can be costly

HOAs are residential governing bodies that provide certain services to the owners in the community. They are most commonly seen in condominium complexes or townhome communities, but some single-family home neighborhoods may have an HOA, too.

HOAs can be very expensive. According to Investopedia, the average monthly HOA fee is $200, yet it can easily reach as high as $700 a month. That amount is completely separate from your mortgage payment, taxes, and homeowners insurance. An HOA can dramatically increase your monthly housing bill.

HOAs vary from community to community

In some communities, HOAs provide many valuable services. They may cut your lawn, maintain building exteriors, provide a community pool, and set rules about community appearance.

Other HOAs are more bare-bones; they may only maintain common areas and you're responsible for your own landscaping. Because they can vary so widely from community to community, it's important to do your research and understand what's included in your fee.

HOAs may affect your mortgage application

When you're ready to buy a home, you will need to include the home's information in your mortgage application. Besides factors like your income, down payment, and the home's sale price, the mortgage lender will also ask you about HOA fees.

Mortgage companies will include the HOA cost in their evaluation of your application. If the HOA fee worsens your debt-to-income ratio, they won't give you a loan.

What happens if you fall behind on HOA payments?

Depending on where you live, the consequences for falling behind on your HOA payments can be severe.

When you first miss a payment, your HOA may charge you a late fee. If they still don't receive payment, they may send your debt to collections, which can damage your credit report. They can also ban you from using community amenities, such as the neighborhood pool or fitness center, until you pay what you owe.

An HOA can also file a lien on your property. That means if you sell the home, the HOA gets their share before you get any of the money from the sale.

Some states also allow an HOA to evict homeowners if they become delinquent on their payments. And in some areas, they can even foreclose on your property.

These consequences can have long-lasting effects, and can cost you thousands in late fees, interest charges, and even legal fees. That's why it's so important to ensure the HOA payment is well within your budget before buying a home.

Do your research

Buying a house is a huge decision. Besides factors like price, school district, and taxes, make sure you research the community's HOA and its rules. Depending on your area, your HOA fees can add thousands to your housing costs and can cause plenty of headaches.

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This article is from Kat Tretina of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Family-Friendly Hotel and Resort Chains Where Kids Stay Free

Holly Johnson — Tue, 13 Jun 2017 08:30:18 +0000

Any parent who travels knows that kids can make a travel experience more rewarding. Unfortunately, children can also make travel — including hotel accommodations — frighteningly expensive.

Adding children to your room can increase your bill significantly. This is especially true in all-inclusive resorts, where in many instances, adding two children under 12 years old to a reservation for two adults hikes the room rate by 50 percent. Hotels in larger U.S. cities and elsewhere in the world also charge extra for children.

Fortunately, a handful of family-friendly hotel chains and resorts allow children to stay for free.

Choice Hotels

Choice Hotels offers an array of lodging options around the country where kids under the age of 18 are welcomed with open arms. Think Comfort Inn, Sleep Inn, EconoLodge, and Rodeway Inn. These properties may not be the type you'll want to select for a full-fledged vacation, but they can make a nice resting spot while you traverse the country or wait for your next-day flight.

According to Choice Hotels, kids stay free at select locations, provided you book at an eligible rate and don't require any additional bedding. Also keep in mind that Choice Hotels are relatively inexpensive to begin with. It's fairly easy to book one of their properties for less than $100 per night, which is a stellar deal whether you bring the kids along or not. (See also: Best Credit Cards for Hotel Rewards)

Holiday Inn Hotels & Resorts

While this isn't commonly known, kids stay and eat free at all Holiday Inn Hotels and Holiday Inn Resorts. The rules vary at different properties, however. For example, kids 19 and under stay free in a shared room with their parents at traditional Holiday Inn properties. And up to four children age 12 and under can eat for free with a paid adult any time of the day in any on-site Holiday Inn restaurant.

At Holiday Inn's all-inclusive properties in Mexico and Jamaica, however, only kids under 12 stay for free. And since all their meals are included anyway, you won't have to pay for their food, either. (See also: Breakdown of Benefits and Value of the Best Hotel Rewards Programs and Credit Cards)

IBEROSTAR Hotels and Resorts

IBEROSTAR offers five-star, all-inclusive vacations in some of the most beautiful destinations around the world. It also makes its offerings more affordable by allowing kids to stay free with certain packages. Currently, one child can stay free with a paying adult at certain hotels in Mexico and the Caribbean, while the chain's Cozumel property welcomes two kids for free with two paid adults. A minimum three-night stay is required, and other terms and conditions apply. IBEROSTAR hotels also offer supervised kids clubs and unique programming created especially for children. (See also: Which Credit Card Should You Use to Get Free Hotel Stays?)

Club Med Resorts

At all-inclusive Club Med Sun Resorts in Europe, Africa, and Mauritius, children under six years old are always free; At Club Med all-inclusive resorts everywhere, else the cutoff age is four. From there, a sliding scale of discounts is in place. Children ages four to 11 get a 50 percent discount, for example, while kids 12–15 are 40 percent off.

Like other all-inclusive resorts, Club Med offers all your food, drinks (including alcohol), and entertainment for one low price. But Club Med offers another round of excellent programming for children, including supervised kids' clubs, trapeze lessons, and special sports activities for children of all ages.

Divi Resorts

Divi Resorts offers all-inclusive properties in some of the most stunning regions of the Caribbean. Children stay free at some, but rules vary by location. At Divi Dutch Village Beach Resort in Aruba, for example, kids ages 12 and under stay and eat for free with the all-inclusive plan. At Divi Little Bay Beach Resort, on the other hand, only children ages five and under stay free with the all-inclusive option. Kids ages six to 12 eat at a discounted rate.

Before you book a Divi Resort for a family-friendly stay, make sure to read the guidelines to see what children cost, if anything. And whichever resort you stay at, make sure to sign your kids up for Treasures of the Caribbean, a supervised children's program for kids ages four to 12.

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This article is from Holly Johnson of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

What You Need to Know About HOAs

Dan Rafter — Wed, 17 Aug 2016 10:00:13 +0000

You're buying into a residential community — made up of condominiums or single-family homes — that is governed by a homeowners association. Is that a good thing? Or should having to deal with an HOA make you nervous?

The answer, unfortunately, isn't simple. Homeowners associations, better known as HOAs, do come with some significant pros, including giving you access to community amenities such as swimming pools, parks, and fitness centers. But when you live in a community run by a HOA, you'll also have to follow the association's rules, which could limit everything from how many pets you can have in your condo or home to what type of alterations you can make to your property. You'll also have to pay an extra monthly fee to support the association.

Before you move into a residential community governed by an HOA, make sure you do your research: Find out exactly how much it costs to be a part of the HOA and what benefits the association brings to its member-owners.

What You'll Pay and Why You'll Pay It

When most owners think of HOAs, they think of that extra monthly fee they'll pay. And it's true — HOAs can be expensive. Fees can vary widely, but you'll usually pay somewhere between $100 to $600 a month, though condos and housing developments with more amenities will typically charge more.

There's a reason for this monthly fee, though: It's what you pay to make sure that the common areas of your community, whether it's the lobby or parking lot in a condominium, or the swimming pool and community center in a housing subdivision, are maintained and repaired. The fees that homeowners associations receive each month from residents go into a fund. The officers running the HOA — who are typically residents of the community itself — use this money to fund landscaping, mowing, cleaning services, maintenance, and any repair jobs that come up.

A Special Assessment Can Hurt

There might come a time when your HOA votes for a special assessment. This can be a big hurt to your finances. Say your condo building's roof needs to be replaced. Instead of paying for this big expense from the pool of money collected each month from HOA fees, the association might vote to levy a special assessment to cover the replacement costs.

In an assessment, each household in the community will pay an extra fee to fund the repair job. These extra financial hits can be steep. Make sure, then, that your HOA has plenty of money in its coffers to tap when an emergency repair comes up. You don't want to be subject to a hefty assessment every time something goes wrong in your condo building or subdivision.

The Amenities Can Make a HOA Worth It

There is a big positive that comes with HOAs: They make the amenities in subdivisions and condo complexes possible. You might not be able to afford an in-ground swimming pool or on-site fitness center on your own. But if you buy into a condo development or residential subdivision, the fees collected by the HOA give you the chance to enjoy these amenities.

Just make sure that the amenities themselves are important to you. Otherwise, you'll be paying a monthly fee for swimming pools, clubhouses, and business centers that you never use.

HOAs Do Place Limits on What You Can Do

Every homeowners association publishes its own set of covenants, conditions, and restrictions, better known as its CC&R. These rules can severely restrict your activities while living in the community. Your association's rules might restrict you to just two dogs, for instance. They might prevent you from painting the exterior of your home your favorite color. The rules might forbid you from making certain exterior improvements to your home, too.

Again, it's important to read a copy of an association's CC&R documents before you make an offer on a residence.

You Can Serve on the HOA Board

HOAs are governed by a board usually made up of residents of the housing community. If you want to have a say on how your association operates, run for office. Yes, HOAs run regular elections. Sitting on a HOA can give you more power over how your condo development or subdivision is operated. But it also comes with significant responsibility; you are, after all, responsible for determining how to spend the money of your fellow residents.

Do you live in a community with an HOA? How's it been for you?

This article is from Dan Rafter of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

10 Things to Leave Behind During Your Midsummer Trip

Jennifer Holder — Tue, 05 Jul 2016 09:30:26 +0000

With the price of travel going up and the amount of luggage you can carry going down, packing can no longer be a last-minute activity. Spend time making sure you don't bring anything you don't need. When I traveled home for a month after spending a year in New Zealand, I only had a backpack, which contained everything I needed — including a first aid kit.

Here are some obvious (and not so obvious) items to leave at home when you head out of town. (See also: 14 Useful Items Hotels Usually Provide for Free)

1. Coffee/Tea/Coffee Maker

Almost everywhere you go, whether it be a hotel or an Airbnb, will likely have coffee, tea, and something to make it in. If you're going for an Airbnb or VRBO, make sure to check the description or send a message to the owner to see what is available.

2. Towels

Unless you're in Hitchhikers Guide to the Galaxy, you don't need a towel when you travel. Make sure towels are provided ahead of time, as some hostels don't provide them. A friend and I didn't make sure we had enough towels when we went to Paris and we had to use hand towels. Check ahead!

3. Full-Sized Toiletries

Don't bring full-sized toiletries with you, because you absolutely don't need them. The 3-oz. rule is applicable only for carry-ons, but you should implement it either way. Buy a small refillable bottle that you can use over and over. I have one for every toiletry and refill it whenever I need to. Make sure they're labeled though. I have been known to style my hair with face wash.

4. Hair Dryers and Irons

Hair dryers and irons are usually provided in hotels and most other rental places. If you can't find them in your room, call down to the front desk. While you're at it, they also usually have toothpaste, toothbrushes, sewing kits, and a myriad of other things you might've forgotten.

5. Full-Sized Pillows

There is absolutely no need for a full-sized pillow on a trip, and even most hostels will provide these. Pillows can be cumbersome and difficult to stuff into a bag. Again, make sure to check a website or call the place you're staying to make sure a pillow is available. I don't even travel with my travel pillow anymore, because besides the during plane ride, I don't use it.

6. Workout Clothes

Unless you actually plan on working out, bringing an extra pair of sneakers, socks, and workout clothes just takes up room in your bag. I've taken these multiple times on business trips and I've only used them once. In general, make sure you're only taking what you need or that you'll actually use what you take.

7. Uncomfortable Shoes

Unless you're in a wedding or attending a gala, taking uncomfortable shoes on a trip makes no sense. There are plenty of cute, comfortable options besides the four inch heels you were thinking about taking. Plan ahead and make sure you won't need them, and if not, leave them in your closet.

8. Speakers

Most hotels provide bluetooth or iPhone speakers, so you don't need to bring your own. If you're traveling to a hostel, having speakers can be rude because of thin walls and shared rooms. Check with your Airbnb and VRBO host to see if they have speakers. Taking an audio cord isn't a bad idea though, as sometimes I've noticed the speakers in my hotel room only work with the first version of the iPhone.

9. Expensive Items

Be it jewelry, bags, or computers — don't pack anything you don't actually need. Not only do you have the chance to lose them, but someone might steal them from your room. The most recent Powerball winners from Tennessee took their winning ticket all the way to the Today Show in New York before cashing it in back in Tennessee. Don't do that.

10. Credit Cards, Social Security Cards, or Other Important Documents

If you're not traveling abroad, don't take your passport. If you don't need your work credit card, don't take it. There should be no real reason to have your Social Security card or birth certificate on you. The reason to not take these items is simple: Replacing them can be a nightmare.

What do you leave at home when you travel?

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This article is from Jennifer Holder of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

7 In-Flight Amenities Worth the Cost

Qiana Chavaia — Tue, 19 May 2015 21:00:09 +0000

The complimentary in-flight amenities we used to enjoy have mysteriously vanished only to re-emerge with a surcharge. Now that travel is a necessity more than a luxury, we'll take whatever quality of service we can get (right down to being stuck on the tarmac for hours). So, to make your travel experience a more pleasant one, try any combination of these in-flight amenities. Even if they cost a bit, they are worth the added comfort.

1. Priority Boarding

If you're running late for your flight or simply hate standing in long lines, know that some airlines let you purchase priority boarding passes. Buy these pre-flight or at a kiosk while you're checking-in for your flight. The cost is between $10 and $25.

2. Special Meals, Wine, and Spirits

Unless you remember to bring your own food and drinks or have a really short flight, don't give up your personal comfort because you don't want to pay for the onboard food and beverage service. It's not much more expensive than food purchased at any airport or train station.

3. Wi-Fi

In-flight Wi-Fi costs anywhere from $5–$14 per day to $25–$50 for monthly passes. Meanwhile, you can download your own movies or log-in to a subscription service and stream your very own in-flight entertainment (though some Wi-Fi packages include movies). It's a great way to be entertained or catch up on work and e-mails.

4. Headsets

Headsets are a necessity, especially if you're going to be on a long flight. Definitely splurge and pay the extra $2 for a pair. They are yours to keep, so you can hang on to them as a backup pair. It's worth it to drown out the noise of others and relax during your flight.

5. Extra Legroom

Personally, I will not pay for seats with extra legroom. Then again, I'm 5'7". But, if you're tall, or just like extra space, grab yourself an extra legroom seat and stretch out. They are definitely worth the cost on longer flights. And don't be fooled into thinking you can just wait until the flight takes off and switch seats, because that is no longer allowed.

6. In-Flight Entertainment

Some airlines offer in-flight entertainment programed with television stations, popular games, Sirius Satellite radio, and box office movies for around $6 per movie or $16 for a day pass for the full in-flight entertainment package.

7. First Class and Business Class

The in-flight amenities mentioned above are complementary if you're willing to shell out some extra cash and fly first or business class. Additionally, with a premium seat purchase, most airlines throw in added perks, like access to the airport lounge, one complimentary checked bag, and complimentary food and alcoholic beverages.

Which in-flight perks do you indulge in?

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This article is from Qiana Chavaia of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Best Money Tips: Cool Things to Do With Hotel Amenities

Ashley Jacobs — Wed, 06 Feb 2013 11:00:45 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some fantastic articles on cool things to do with hotel amenities, free ways to say 'I love you,' and how to make an interviewer like you.

Hostels vs Hotels: Choosing the Perfect Place to Stay Within your Budget

Nora Dunn — Fri, 01 Feb 2008 02:23:22 +0000

Most people think that the frugal way to travel is to stay in hostels. However there are a number of scenarios where that may not be the case.

Hostel Amenities

Hostels vary incredibly in layout, overall mood, location, clientele, and amenities.

Most hostels have both dorm room accommodations as well as private and semi-private rooms. There will be a kitchen (fully stocked with cooking and eating utensils, and occasionally some staple foods too) which is shared by everybody in the hostel. Some hostels have multiple kitchens, depending on the layout.

There are also often common areas, bookshelves (where you can leave a book you have read and take a different book with you), and a variety of other occasional amenities including games, DVDs, satellite televisions, and internet access.

Washrooms are often shared, but sometimes those who get a private room will have a private washroom.

Many hostels will also organize or host small tours or activities in the area, depending on the area, culture, and type of guests. Most hostel guests are younger, many being under the age of 30. However one thing you will quickly learn about hostels is that you never know what you are going to get.

One of the things that can be the appeal or deterrence (depending on the type of traveller you are) is the wide variety of circumstances you can run into at a hostel. You never know what the exact amenities will be, how many people are crammed into one space, what the room layout will look like, and what services will be offered. Its location may be right in the middle of the action, or tucked away inconveniently far from everything you want to see.

Some hostels will encourage guests to hang around on the property for the day with a comfortable atmosphere and friendly staff, while others actually have lock-out policies requiring guests to leave between 10am and 4pm (for example). Some have curfews at night, some prohibit all alcohol and drugs on the premises, and others yet have the cheapest bar in town attached to the place with a 24-hour party atmosphere.

Some hostels serve breakfast in the morning, while others are skeleton accommodations with nothing more than a bed to offer.

Hotel Amenities

Hotels by comparison, are much more predictable. You will get a private room with a bed, full washroom, and occasionally a kitchenette or in-room coffee maker. You won't have to make the bed (as you often do with hostels), or strip it when you leave.

The locations and clientele of hotels however will vary significantly, so like hostels you don't always know what you're going to get. But that's all part of the appeal of traveling, I think!

Comparison for the Single Traveler

For the single traveler, hostels will almost always be cheaper, as long as you are willing to bunk up in a dorm room with other travelers. Security becomes an issue if you are staying with strangers, so having the ability to lock up your belongings or trusting inherently in your fellow traveler will be a necessity.

Hostel private and semi-private rooms can often be on par (if not a touch cheaper but sometimes even more expensive) than basic hotel rooms. For a single traveler, the decision comes down to the preferred amenities and social setting. You can save a pile of cash by preparing your own food in the kitchen provided in a hostel, and there is a lot of inherent value in the camaraderie with fellow travelers and the common area amenities. You can learn what places to stay away from, what is worth seeing, and often you will make fast friends with other travelers and see the sights with them in following days and even weeks of your trip.

Comparison for Travelers in Groups

For families or groups of friends, the decision to stay in a hostel or hotel is a touch more complex. Here are some guidelines:

Privacy

Do you want privacy, or as a group are you interested in meeting other people? If your itinerary is already set and all you need is a place to lay your head down, then sharing a hotel room will likely be cheaper.

How Many are in your Group

Depending on the number of people you are travelling with, some hostels may be hard-pressed to accommodate your entire party. Then again, if your group can fill up an entire dorm room (and some dorm rooms sleep only four people anyway), then you may be able to save a few bucks and take advantage of the hostel amenities too.

How Long is your Stay

Some hostels, in order to prevent a seedy transient crowd from infiltrating the place, may require that guests have a departure ticket, or will limit the number of nights you can stay. Hotels, although they also don't want a transient crowd, aren't always as stringent since there are more rooms to be had and no social scene to "poison" with the wrong type of person staying there.

How Old are You

Although age discrimination is illegal, an older traveler or group of travellers may feel out of place at a hostel.

Getting Used to Hostels

Initially when I started travelling and staying in hostels, I was leery. I tired quickly of the standard conversations with other travellers: Where are you from, Where are you going, Where have you been, etc.

I stayed at a few hostels that had large groups of travellers moving through that all knew each other, and felt like I was on the outside of a giant inside joke at times. I was also used to staying in hotels, and hadn't learned how to make the jump to hostelling and all it had to offer.

Since then, I am a devout fan. I have met friends for life from all over the world (and now have places to stay with them in many countries), I have learned from other travelers' experiences where the great places to eat, drive by, and visit are, and I love the surprises of not knowing exactly what the place will be like until you are there. Sometimes it's not so great, but sometimes hostel mis-adventures make for the best travel stories!

Choosing the Perfect Hostel

There are a number of resources to search for the hostel that will suit your needs. They include:

Hostel World

Hostel Times

The Backpacker

This article is from Nora Dunn of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

amenities

What You Need to Know About Homeowners' Associations

HOAs can be costly

HOAs vary from community to community

HOAs may affect your mortgage application

What happens if you fall behind on HOA payments?

Do your research

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Family-Friendly Hotel and Resort Chains Where Kids Stay Free

Choice Hotels

Holiday Inn Hotels & Resorts

IBEROSTAR Hotels and Resorts

Club Med Resorts

Divi Resorts

Like this article? Pin it!

What You Need to Know About HOAs

What You'll Pay and Why You'll Pay It

A Special Assessment Can Hurt

The Amenities Can Make a HOA Worth It

HOAs Do Place Limits on What You Can Do

You Can Serve on the HOA Board

10 Things to Leave Behind During Your Midsummer Trip

1. Coffee/Tea/Coffee Maker

2. Towels

3. Full-Sized Toiletries

4. Hair Dryers and Irons

5. Full-Sized Pillows

6. Workout Clothes

7. Uncomfortable Shoes

8. Speakers

9. Expensive Items

10. Credit Cards, Social Security Cards, or Other Important Documents

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7 In-Flight Amenities Worth the Cost

1. Priority Boarding

2. Special Meals, Wine, and Spirits

3. Wi-Fi

4. Headsets

5. Extra Legroom

6. In-Flight Entertainment

7. First Class and Business Class

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Best Money Tips: Cool Things to Do With Hotel Amenities

Top 5 Articles

Other Essential Reading

Hostels vs Hotels: Choosing the Perfect Place to Stay Within your Budget

Hostel Amenities

Hotel Amenities

Comparison for the Single Traveler

Comparison for Travelers in Groups

Privacy

How Many are in your Group

How Long is your Stay

How Old are You

Getting Used to Hostels

Choosing the Perfect Hostel