If you are looking to purchase a new home in the near future, it is worth analysing the benefits of choosing a property within a shared building to take advantage of the benefits that being part of a homeowner’s association can bring.
Living in a shared residence
Many people choose to live in shared apartment buildings, (also known as tower blocks or condominiums) all across the world. There appear to be many selling points of choosing such a residence. Firstly, they are usually much more affordable than other, larger places and they often provide a cost saving living alternative. Secondly, many people enjoy the community spirit that is usually found in a shared residence. It is not uncommon for neighbours within such locations to also be more friendly and share more interests than in regular housing solutions.
Homeowner’s associations explained
Much of these positive points about living in a shared building actually stem from the fact that when you buy a property in such a place, you are usually required to sign up to and join an organisation known as a homeowner’s association.
Homeowner’s associations are usually run externally by managing companies such as Cedar Management.
The association itself is responsible for dealing with all maintenance, repairs and general daily running of the shared areas. Most homeowner’s associations do charge a monthly fee to cover the costs of such services, but despite that, many experts suggest that actually being part of a homeowner’s association can save you the money in the long run, especially if you are considering of re-selling your property one day.
How they can save you money
Save money at the gym
The most basic services that a homeowner’s association can offer are things like rubbish collection and repairing electrical or plumbing issues within the building. However, as suggested above, many associations also go an extra mile in providing access to shared facilities like a gym. If you are considering joining a shared residence (and you are a gym member), it is worth looking into the cost of the local gyms in the area and comparing them to the homeowner’s associations fees to see if you can make a saving.
Increase the value of your home
This is perhaps the most important and valuable factor when it comes to housing associations. Since they maintain and care for the building on a daily basis, and often even seek new improvements to living conditions, it is often observed that house/flat prices within such buildings increase more rapidly (and in a more stable manner) than there single dwelling counterparts. This is obviously a huge benefit for those hoping to make a profit from selling their property at a later date.
Before you buy
If you are looking to purchase a property, why not check to see if the local neighbourhood is considered one of the top housing markets in the US. This can provide you with extra important information in making your decision.