Buying in a Planned Community
Choose Your Lifestyle
Want to live close to beaches? Want to golf every day? Planned communities might be just what you're looking for. These developments feature homes and often other amenities like clubhouses, planned activities and swimming pools. You purchase the home and lease the land. This allows you to stretch your budgets because you are not buying the property.
Understand the Rules
Many planned communities cater to seniors and restrict the number of young people. Other communities are open to families. Most have a homeowners' association and detailed rules that owners must follow. If you're interested in a planned community, consider:
- Lifestyle - Does the community cater to your tastes and interests? Do you want to live in a senior-only environment?
- Lease - What are the terms?
- Rules - What are the rules and regulations and how are they enforced?
- Dues - What are the ongoing homeowner dues?
- Fees - Who pays for installation costs and maintenance? What are the costs for utility connections?
Talk to the Neighbors
If you've found a community you like, be sure to talk to the people that live there. How do they like the community? How are conflicts resolved? Do the owners take care of the property?