If you value exclusivity, you should consider buying a home in a gated community. Gated communities often feature high-security fences and manned entry points to enhance the security of residents. This article will focus on the unique considerations when purchasing a home in a gated community.
You should also evaluate the appeal of the common areas. Poorly maintained common areas will negatively affect the value of properties in the community. Additionally, it might be challenging to sell your property later if the local area isn't well-maintained.
Safety is a significant concern for every homeowner. It does not make sense to invest in premium property and yet not enjoy your peace due to having little security. Therefore, when purchasing a home in a gated community, evaluate the security plans. Begin by asking for the security protocol of the gated community. Then find out about any crime incidences in the community, especially burglary. More so, pay close attention to additional security features, such as gate control, security patrols, and camera surveillance.
Typically, each gated community will have a homeowners association. The HOA sets the rules and regulations that govern community welfare. Therefore, evaluate these rules to ensure you will have a comfortable stay. For instance, the HOA may prevent you from changing the exterior of your house. Besides, the HOA rules may restrict property owners from renting out the property. Such restrictions are meant to protect the community's interests, including security, ensuring property appeal, and maintaining property value.
You should also assess the management of the HOA. For instance, does the management have the expertise required to run the community well? Poorly maintained amenities, unpaid loans, and financial improprieties are all indications of unprofessional leadership.
A home in a gated community comes with the extra cost of homeowners association fees. These fees are used to pay for the general maintenance of the estate. For instance, the money could be used to repair roads, conduct landscaping works, and pay the security company. The HOA fees are paid on a monthly, quarterly, or annual basis.
Gated communities provide an exclusive communal living. When buying property in a gated community, assess the shared amenities, security features, and HOA rules and fees.
For more information about buying gated community homes in your area, contact a local real estate agent.