Planned Community Pros and Cons
Planned communities are not exactly new. They’ve been around for decades. However, they have definitely evolved and are a far cry from developments of years gone by. If you are considering such a move, there are some things you’ll want to consider.
Costs – It is a fact that they provide a wide array of housing prices. This makes it easy for a buyer to find a home that is a good fit financially. They can offer attractive cost options for both the first-time buyer and the experienced homeowner looking to make that final retirement purchase.
Security – With features like patrolled security and gated access, residents feel safer. In addition, these properties generally attract residents who are security-conscious and will look out for neighbors.
Shared Amenities – One of the biggest attractions are the shared amenities offered. You may not want a pool in your backyard because of the upkeep; but it’s nice to have access to the neighborhood pool. Other features such as biking and jogging trails, playgrounds, golf courses, and even water parks only add to the appeal for prospective residents.
Home Design Options – When building, homeowners generally have options to individualize their home designs. This is appealing to many buyers who don’t want a cookie-cutter look for their homes.
Resale – These communities are constantly being developed. Because of this, if you find you need to resell within a short period of time, it might be difficult. Existing and new homes can end up competing on the market–meaning resale could take longer than you hoped for.
Density – The large number of residents could mean that you will experience more traffic flow or have periods where there is a greater amount of commuter congestion. The amount of space per lot can also feel like it is at a premium.
Limited privacy – Because of the density factor, homeowners live close to one another. This results in limited privacy for residents.
High HOA Fees – Homeowner association (HOA) fees must be paid and can be pricey. However, they are not “hidden fees. ” The homeowner is aware of these costs at the time of purchase. If not paid, the HOA can take legal action. However, because these fees are used for maintenance, the homeowner reaps the benefit of living in a well-kept community.
Property Restrictions – Individuals may have limitations regarding what they can or cannot do on their property. For instance, fences may have height or building material restrictions. Your HOA may have to grant approval before changes can be made on your property.
In any situation, there are both pros and cons. Homebuyers choosing to live here know the options upfront. They will have to weigh those choices and evaluate their lifestyle to see if something is a deal breaker for them. However, the fact that they are more popular now than ever suggests that there is definitely an upside.