Living in shared communities is becoming more popular. People like the idea of sharing facilities and amenities with others in their local community where everyone benefits.
But knowing whether you should take the plunge and live in one of these residential areas is sometimes a mystery. The idea sounds good in theory, but what are the real costs and benefits proven?
Let’s find out.
Pro: Your Bills Are Included In Your Fee
Do you hate worrying about paying bills every month? If so, then you’ll like shared communities. Most property owners just pay a single fee to the HOA management team, who then takes care of all the admin. If energy or gas prices go up, you’ll get a warning several months in advance, telling you that your bills will probably rise over the coming months.
Cons: You Might Not Be Able To Change Your Home’s Exterior
When you buy a standalone property, you can modify the exterior pretty much how you like. If you want a red house, you can go ahead and paint it. If you want a new driveway, you can install one.
Unfortunately, when you live in a shared community, you don’t have the same property rights. You can’t make whatever changes you want – you have to observe the site’s building code.
The stipulations vary from one community to another. Some are quite liberal, allowing residents to change many features at the front of their properties. However, some don’t allow any changes at all, meaning that if something comes to the end of its useful life, you have to replace it, like for like.
Pro: You Have A Social Community
People who move into community accommodation are usually naturally friendly. The whole point of living in such a place is to get to meet new people and socialize more often.
If you’re an outgoing person, you’ll love this aspect of HOA living. There are always opportunities to spend time with other people. And that can be a lot of fun.
Con: You Won’t Have As Much Privacy
For some people, the amount of privacy they have isn’t a big concern. But for others, it can be a big deal.
Homes in shared communities tend to be very close to each other – and even stacked, one on top of the other. In an environment like this, it can be difficult to go about your business anonymously. Everyone is keeping tabs on where everyone else is going. And that can start to feel a little oppressive after a while if you’re somebody who enjoys moving around without surveillance.
Pros: Your Neighbors Will Be Friendly (Probably)
There’s no guarantee that your neighbors will be friendly, but it is more than likely that they will be. What’s more, there are rules in these communities, meaning that many troubles that haunt regular housing estates won’t apply to you. For instance, there might be a ban on dogs (meaning no barking at night) or loud parties with more than twenty people.
