Are you consider buying a house in a master-planned community?
At first glance, a master-planned community looks lovely. And many are great for others. But not all planned communities are created equal. You need to make sure that the ones you are looking at are right for you.
We are here to help. Read on to learn what to look for when choosing the best-planned community for you.
Location, Location, Location
Whenever you buy a home, location is one of the most important considerations. There is no point in owning your dream home if you don’t enjoy the neighbourhood. And this is even more important when dealing with a planned community.
Master-Planned Communities are designed to provide you with all the amenities you need in proximity. But your personal requirements may differ from the planner. Make sure you find the one that resonates with you.
Although master-planned communities try to keep all the houses within a theme, there is quite a lot of variation in the interior designs. This means that after having chosen your preferred community, you have far more options for your home than buying outside the community.
You will be able to select the floorplan, number of bedrooms and more. And if you are purchasing a property that has not been completed yet, you are often given the option of adding your own flair while it is being built.
Creating local communities is a big job. With many developments taking over a decade to complete, most people can expect to buy their property before completion.
You need to be sure that the developer is going to be able to deliver on their vision. No-one wants to be stuck living in a half-completed development. Make sure you investigate the history of a developer before making a commitment. You want to look for a proven track record.
Where possible, review the development schedule to see if they are on track, and what they expect to complete next. Make sure that you are happy with the timescales to completion.
Rules and Fees
Most planned communities have some form of Home Owners Association to make sure the neighbourhood is well maintained. These associations set rules that residents need to follow, and often charge fees for the upkeep of shared amenities.
Before you make a decision, check over the full HOA agreement and learn how to pay HOA fees. The last thing you want is to be blindsided by unexpected fees, or rules you would never have agreed to.
Communities are planned to create a specific lifestyle for the residents. That means that if you want to get the most out of your community, you need to agree with this ethos.
You probably don’t want to move to senior residential communities if you are young and intending to start a family. Or moving to a community with a bustling nightlife if that isn’t your thing.
Choosing a Master Planned Community
So there you have it. A master-planned community can be a great place to settle down, but you need to choose the right one for you. Check that the style, feel and lifestyle of an area works for you and that you can be sure the development will be completed.
If you found this article useful, be sure to check out our other posts.