Practical Management Ideas for Community Association Leaders
Providing the information to keep nearly 40,000,000 Americans living in Common Interest Real Estate and giving free information to another 80,000,000 Home Owners..
Common Interest Development
More and more we are seeing the trend in the western world for families to live in planned communities.
These planned communities come in all sorts of styles and functions, including detached house estates,townhouse complexes, garden style units and multi-storied high rise apartments and are commonly referred to as Common Interest Developments (CID) .
All owners of the individual unit become automatic members of a Homeowners association (HOA) which owns and maintains common areas.The owners share use and financial responsibility of the common areas which may include roadways, water supply, sewerage, parklands as well as common walls and gardens, fences and other communal fixations.
There are many different types of CID but all are similar in that they allow individual owners the use of common property and facilities and provide for a system of self-governance through a HOA within the CID
One needs to be well informed when planning to purchase a home in a common interest development. Not forgetting that home security is a high factor of importance.
Living in a retirement development can still bring money issues with ongoing home maintenance. A home reversion plan can help release capital which can then pay for property improvements, thus keeping it modernised & upto date.
We hope to contribute
to this informing.