I am often getting asked if and when it is a good time to "jump in" and buy Real Estate. Read the following article- if you don't think the great prices on property are enough to entice you, perhaps a "buyer's tax credit" would be the topping on the cake!
Calls Growing Louder For A Homebuyers Tax Credit..........
because prices are more realistic and waiting until Congress does anything may waste a golden opportunity for savings. This theory of "buy now vs. later" involves the savings on interest should you wait to purchase when rates go up, as well as missing out on the perfect home you may find.
The National Association of REALTORS® testified recently that a temporary tax credit would be the best incentive to move hesitant home buyers into the market. NAR based its support on the success of a 1975 temporary tax credit designed to "clear an over-supply of newly constructed homes during an economic downturn."
“We urge Congress to move quickly to conference and final passage of this tax incentive,” said Jim Helsel, a NAR Official. Testifying for NAR, Helsel noted “three critical features for an optimal home buyer tax credit.” The credit should apply to all residential real estate, not solely foreclosed properties; it should be temporary and only apply for a short period of time; and it should provide higher income limits than those the House has imposed, particularly for single individuals. “If these measures are put in place, many individuals who are sitting on the fence will take steps to buy a home. This would not only help homeowners, buyers and sellers, but it could also expand activity as individuals furnish, paint and improve their homes. This would help boost the nation’s economy,” Helsel said.
Another result of more homes being sold would be the economic stimulus. The average household will spend more money right after move-in than in any other time-frame in homeownership. From remodeling the new home to buying new appliances, homeowners still drive the economy.
Another organization with a vested interest is the National Association of Home Builders (NAHB). In 1975, when there was almost a three-year supply of vacant houses on hand, lawmakers approved a $6,000 credit spread over three annual installments of $2,000 per year.
According to the NAHB, that carrot brought enough buyers into the market that builders and their subcontractors were able to get back to work. Inventories fell and production doubled, taking the pressure off of housing prices.
This time around, the builders are angling for a $10,000 credit, maintaining that on a price-adjusted basis, that amount is equal to the 1975 credit. There will be continuing coverage of this issue in the next e-alert . Most insiders agree that any new laws will probably include sales that occurred previous to enactment.
So if you are in need of new housing, even just as an investment, jump on the opportunity because if the tax credit is enacted you would probably not loose out. Please consult your sponsor for more suggestions on your individual situation.
(Reprinted from Inman)
Wednesday, July 2, 2008
Monday, June 30, 2008
The purpose of a home inspection
Why you should get an Inspection?
Whether you are buying or selling a home, you should have a professional home inspection performed.
A home inspection will look at the systems that make up the building such as:
Structural elements, foundation, framing etc
Plumbing systems
Roofing
Electrical systems
Cosmetic condition, paint, siding etc
If you are buying a home, you need to know exactly what you are getting. A home inspection, performed by a professional home inspector, will reveal any hidden problems with the home so that they may be addressed BEFORE the deal is closed. You should require an inspection at the time you make a formal offer. Make sure the contract has an inspection contingency. Then, hire your own inspector and pay close attention to the inspection report. If you aren't comfortable with what he finds, you should kill the deal.
Likewise, if you are selling a home, you want to know about such potential hidden problems before your house goes on the market. Almost all contracts include the condition that the contract is contingent upon completion of a satisfactory inspection. And most buyer's are going to insist that the inspection be a professional home inspection, usually by an inspector they hire. If the buyer's inspector finds a problem, it can cause the buyer to get cold feet and the deal can often fall through. At best, surprise problems uncovered by the buyer's inspector will cause delays in closing, and usually you will have to pay for repairs at the last minute, or take a lower price on your home.
It's better to pay for your own inspection before putting your home on the market. Find out about any hidden problems and correct them in advance. Otherwise, you can count on the buyer's inspector finding them, at the worst possible time.
I know the best in the business. Contact me for more advice! 800-680-9133
Whether you are buying or selling a home, you should have a professional home inspection performed.
A home inspection will look at the systems that make up the building such as:
Structural elements, foundation, framing etc
Plumbing systems
Roofing
Electrical systems
Cosmetic condition, paint, siding etc
If you are buying a home, you need to know exactly what you are getting. A home inspection, performed by a professional home inspector, will reveal any hidden problems with the home so that they may be addressed BEFORE the deal is closed. You should require an inspection at the time you make a formal offer. Make sure the contract has an inspection contingency. Then, hire your own inspector and pay close attention to the inspection report. If you aren't comfortable with what he finds, you should kill the deal.
Likewise, if you are selling a home, you want to know about such potential hidden problems before your house goes on the market. Almost all contracts include the condition that the contract is contingent upon completion of a satisfactory inspection. And most buyer's are going to insist that the inspection be a professional home inspection, usually by an inspector they hire. If the buyer's inspector finds a problem, it can cause the buyer to get cold feet and the deal can often fall through. At best, surprise problems uncovered by the buyer's inspector will cause delays in closing, and usually you will have to pay for repairs at the last minute, or take a lower price on your home.
It's better to pay for your own inspection before putting your home on the market. Find out about any hidden problems and correct them in advance. Otherwise, you can count on the buyer's inspector finding them, at the worst possible time.
I know the best in the business. Contact me for more advice! 800-680-9133
Thursday, June 26, 2008
NATION'S HOUSING SURCHARGE FOR DECLINING MARKETS DROPPED!
I found this interesting article regarding the surcharge that was being charged by Freddie and Fannie. This should help our market. It's worth reading.
If you have been thinking of buying investment property- now is the time. I can find you property that will provide a positive cash flow for you. Homeowners who have had their homes foreclosed on need housing. Many of these people are not "deadbeats." When you look at their credit, they have always paid their bills on time- until their loans readjusted. Then they were stuck. Usually everything else has remained paid on time. These previous homeowners make great tenants!
Call me to look at your investment potential!
Fannie and Freddie reverse the policy that made buyers cough up bigger down payments in certain locales.
By Kenneth R. Harney, Washington Post Writers Group
May 25, 2008
WASHINGTON -- Could the controversial mortgage industry practice of listing hundreds of local real estate markets as "declining" -- and restricting lending through higher down payments or credit scores -- be scrapped?
The two biggest players in the home mortgage field, Fannie Mae and Freddie Mac, did precisely that on May 16. Reversing its policy of penalizing buyers in troubled real estate markets with 5% higher down payments, Fannie Mae switched to a nationally uniform policy of charging borrowers the same minimum down payments irrespective of location. A spokesman for Freddie Mac, Brad German, said his company would be "suspending" its declining markets policy indefinitely as well.
Starting June 1, mortgage applicants who are underwritten by Fannie Mae's automated system online will qualify for 3% minimum down payments, wherever the property is located.
Borrowers whose applications require "manual" underwriting will pay 5% minimum down payments.
Under Fannie Mae's prior system, applicants buying in designated declining markets had to contribute 5% extra in upfront equity compared with borrowers in nondeclining market areas.
Freddie Mac's policy, which never employed a list of areas designated as declining, relied instead on lenders to flag applications using appraisal data or home price indexes. Freddie's policy also required 5% higher equity contributions upfront.
Critics -- including the National Assn. of Realtors and consumer advocacy groups -- had charged that Fannie Mae's policy served to further depress sales and real estate values in areas tainted as declining.
They also argued that many metropolitan markets experiencing price decreases contain sub-markets performing relatively well, and they do not deserve to be underwritten as high risk.
Marianne Sullivan, Fannie Mae's senior vice president for single-family credit and risk management, said the policy reversal was possible because of improvements to the company's automated underwriting system, allowing it to "assess each loan more precisely."
The change was welcomed by national real estate and housing groups.
Dick Gaylord, president of the National Assn. of Realtors, said the termination of a policy that "stigmatized" certain communities will "help stabilize the credit markets."
David Berenbaum, executive vice president of the National Community Reinvestment Coalition, said his group hopes the revised policies at Fannie Mae and Freddie Mac will prove to be "a model for others to follow."
Whether that happens any time soon, however, is far from certain. Private mortgage insurers, who provide loss protection to lenders on loans with low down payments, have virtually all adopted highly restrictive policies affecting ZIP Codes or metropolitan areas they designate as declining.
MGIC, the largest-volume insurer, recently expanded its list of distressed markets along with a series of cutbacks on specific types of low-equity loans. As of June 1, MGIC will not insure condominium mortgages in the state of Florida. It also has abandoned cash-out refinancings and loans on investment properties.
PMI Group, another major underwriter, has banned cash-out refis or investor loans in areas it judges to be distressed. Genworth Financial will not consider applications on second homes anywhere in Florida. AIG United Guaranty no longer will write insurance on condominiums in any of hundreds of ZIP Codes around the country that are on its declining markets list.
Asked whether his firm might reevaluate its declining markets restrictions in light of the abrupt changes at Fannie Mae and Freddie Mac, Terry Souers, a spokesman for Genworth Financial's mortgage insurance unit, said: "We're aware of their actions and will take them into consideration to see if additional steps are necessary."
But Michael J. Zimmerman, senior vice president of investor relations for MGIC, shot down hopes for any quick abandonment of declining markets restrictions at his firm. "We're not contemplating any changes," he said.
MGIC, which reported a $1.4 billion loss for the fourth quarter of 2007 and a $34 million loss for the first quarter of this year, has been hit hard by claims following foreclosures and extended delinquencies in once-booming housing markets.
What's the trend line here?
Fannie Mae's and Freddie Mac's policy switches should open the door to some additional low-down-payment mortgages -- and home sales -- in local areas once tagged as declining.
However, without the participation of private mortgage insurers -- who report solely to stock market investors rather than to Congress -- many borrowers will likely have to turn to the Federal Housing Administration, which accepts 3% down, does not have declining markets restrictions and whose loans can be purchased by Fannie Mae and Freddie Mac.
Ken Harney can be reached at kenharney@earthlink.net.
If you have been thinking of buying investment property- now is the time. I can find you property that will provide a positive cash flow for you. Homeowners who have had their homes foreclosed on need housing. Many of these people are not "deadbeats." When you look at their credit, they have always paid their bills on time- until their loans readjusted. Then they were stuck. Usually everything else has remained paid on time. These previous homeowners make great tenants!
Call me to look at your investment potential!
Fannie and Freddie reverse the policy that made buyers cough up bigger down payments in certain locales.
By Kenneth R. Harney, Washington Post Writers Group
May 25, 2008
WASHINGTON -- Could the controversial mortgage industry practice of listing hundreds of local real estate markets as "declining" -- and restricting lending through higher down payments or credit scores -- be scrapped?
The two biggest players in the home mortgage field, Fannie Mae and Freddie Mac, did precisely that on May 16. Reversing its policy of penalizing buyers in troubled real estate markets with 5% higher down payments, Fannie Mae switched to a nationally uniform policy of charging borrowers the same minimum down payments irrespective of location. A spokesman for Freddie Mac, Brad German, said his company would be "suspending" its declining markets policy indefinitely as well.
Starting June 1, mortgage applicants who are underwritten by Fannie Mae's automated system online will qualify for 3% minimum down payments, wherever the property is located.
Borrowers whose applications require "manual" underwriting will pay 5% minimum down payments.
Under Fannie Mae's prior system, applicants buying in designated declining markets had to contribute 5% extra in upfront equity compared with borrowers in nondeclining market areas.
Freddie Mac's policy, which never employed a list of areas designated as declining, relied instead on lenders to flag applications using appraisal data or home price indexes. Freddie's policy also required 5% higher equity contributions upfront.
Critics -- including the National Assn. of Realtors and consumer advocacy groups -- had charged that Fannie Mae's policy served to further depress sales and real estate values in areas tainted as declining.
They also argued that many metropolitan markets experiencing price decreases contain sub-markets performing relatively well, and they do not deserve to be underwritten as high risk.
Marianne Sullivan, Fannie Mae's senior vice president for single-family credit and risk management, said the policy reversal was possible because of improvements to the company's automated underwriting system, allowing it to "assess each loan more precisely."
The change was welcomed by national real estate and housing groups.
Dick Gaylord, president of the National Assn. of Realtors, said the termination of a policy that "stigmatized" certain communities will "help stabilize the credit markets."
David Berenbaum, executive vice president of the National Community Reinvestment Coalition, said his group hopes the revised policies at Fannie Mae and Freddie Mac will prove to be "a model for others to follow."
Whether that happens any time soon, however, is far from certain. Private mortgage insurers, who provide loss protection to lenders on loans with low down payments, have virtually all adopted highly restrictive policies affecting ZIP Codes or metropolitan areas they designate as declining.
MGIC, the largest-volume insurer, recently expanded its list of distressed markets along with a series of cutbacks on specific types of low-equity loans. As of June 1, MGIC will not insure condominium mortgages in the state of Florida. It also has abandoned cash-out refinancings and loans on investment properties.
PMI Group, another major underwriter, has banned cash-out refis or investor loans in areas it judges to be distressed. Genworth Financial will not consider applications on second homes anywhere in Florida. AIG United Guaranty no longer will write insurance on condominiums in any of hundreds of ZIP Codes around the country that are on its declining markets list.
Asked whether his firm might reevaluate its declining markets restrictions in light of the abrupt changes at Fannie Mae and Freddie Mac, Terry Souers, a spokesman for Genworth Financial's mortgage insurance unit, said: "We're aware of their actions and will take them into consideration to see if additional steps are necessary."
But Michael J. Zimmerman, senior vice president of investor relations for MGIC, shot down hopes for any quick abandonment of declining markets restrictions at his firm. "We're not contemplating any changes," he said.
MGIC, which reported a $1.4 billion loss for the fourth quarter of 2007 and a $34 million loss for the first quarter of this year, has been hit hard by claims following foreclosures and extended delinquencies in once-booming housing markets.
What's the trend line here?
Fannie Mae's and Freddie Mac's policy switches should open the door to some additional low-down-payment mortgages -- and home sales -- in local areas once tagged as declining.
However, without the participation of private mortgage insurers -- who report solely to stock market investors rather than to Congress -- many borrowers will likely have to turn to the Federal Housing Administration, which accepts 3% down, does not have declining markets restrictions and whose loans can be purchased by Fannie Mae and Freddie Mac.
Ken Harney can be reached at kenharney@earthlink.net.
Monday, June 23, 2008
Prepare your grounds
The Back Yard
You only get one chance to make a first impression. When buyers are looking at your home, they will usually know almost instantly whether they like it or not. Make sure that by the time they get to looking at the back yard, you keep that great first impression going. Especially during summer months, when buyers will be thinking about barbeques and children playing, the back yard can make an important impression.
If you have a pool or hot tub make sure you keep it looking clean and neat. If your lawn is looking a little bit weak, some fertilizer and watering will bring back the deep green color. Be sure you mow and edge your lawn frequently until your home is sold. Cut back overgrown shrubs to show more of the exterior of your home. It will look more tidy and also makes the yard look bigger. Fences should be in good repair, and you should consider painting them. Make sure all latches and hinges are in good working order. If you have a dog, be extra vigilant to keep the “evidence” to a minimum. You can plant a few annuals to add some instant color that looks great. If you have a patio, make sure the furniture is clean and strategically placed. Consider adding some potted plants.
In short, do everything you can to make your back yard look as inviting and large as possible. It could mean the difference between an excited buyer and one with nagging doubts!
I have many more tips for showing your home in the best possible way! Contact me at 800-680-9133.
You only get one chance to make a first impression. When buyers are looking at your home, they will usually know almost instantly whether they like it or not. Make sure that by the time they get to looking at the back yard, you keep that great first impression going. Especially during summer months, when buyers will be thinking about barbeques and children playing, the back yard can make an important impression.
If you have a pool or hot tub make sure you keep it looking clean and neat. If your lawn is looking a little bit weak, some fertilizer and watering will bring back the deep green color. Be sure you mow and edge your lawn frequently until your home is sold. Cut back overgrown shrubs to show more of the exterior of your home. It will look more tidy and also makes the yard look bigger. Fences should be in good repair, and you should consider painting them. Make sure all latches and hinges are in good working order. If you have a dog, be extra vigilant to keep the “evidence” to a minimum. You can plant a few annuals to add some instant color that looks great. If you have a patio, make sure the furniture is clean and strategically placed. Consider adding some potted plants.
In short, do everything you can to make your back yard look as inviting and large as possible. It could mean the difference between an excited buyer and one with nagging doubts!
I have many more tips for showing your home in the best possible way! Contact me at 800-680-9133.
A HOUSING RECOVERY.......ON THE HORIZON!
This following report was just released. I thought you might find it interesting. This could be the time for you to invest in low priced "sale" property, so that when the market bounces back, you can make money on your investments. Right now, if you invest, rent your investments out to those who have been displaced due to foreclosures.
Harvard report finds immigration, other demographic trends will fuel housing demand over the next decade.
By Beth Braverman, CNNMoney.com contributing writer
Last Updated: June 23, 2008: 7:56 AM EDT
NEW YORK (CNNMoney.com) -- The current housing market is bleak: home prices and sales are plummeting, foreclosure proceedings are skyrocketing and mortgage rates are on the rise.
When will things be better?
A new study from the Joint Center for Housing Studies of Harvard University, "The State of the Nation's Housing 2008," finds the country poised to see an increase in housing demand over the next decade.
"The good news is that we still have a growing population," said Nicolas Retsinas, director of the Joint Center for Housing Studies and one of the study's authors. "As long as you have more households, more people are going to need places to live."
Social trends - people getting married later and divorced more often - are making single-person households the fastest growing household type, the study finds. In addition, a long-term net increase in potential home buyers will be driven by demographic factors: the aging of "echo boomers" into adulthood, an increased life expectancy for baby boomers and projected annual immigration of 1.2 million.
From 2010 to 2020, the number of households in the United States will grow by an average of more than 1.4 million per year, the study finds.
Unsold homes block growth
Still, before the housing market can turn around, it must first work off the record numbers of unsold homes on the market. From 2005 to 2007, the number of new and existing vacant homes for sale rose 46% to 2.12 million.
The nationwide glut of unsold homes has hit the real estate market hard, forcing down sale prices, stemming new construction and leaving millions of homeowners with properties worth less than the value of their mortgage.
In early 2008, the nation had an 11-month supply of unsold new homes and a 10.7-month supply of existing single-family homes, according to the Harvard study. A six-month supply of existing homes is considered a buyers' market. Reducing the current supply will require price declines, a decrease in interest rates, employment growth, a return of consumer confidence and the revival of accessible mortgage credit.
A reduction in new home construction is another key to decreasing inventory, Retsinas said. Privately owned housing starts fell 3.3% to a seasonally adjusted annual rate of 975,000 in May from 1 million in April, according to the Commerce Department.
A sharp drop-off in housing starts has precipitated housing turnarounds in previous bubble-bust cycles, said Karl Case, a Wellesley College economics professor and a co-founder of real estate consulting firm Fiserv CSW. Case also sees long-term growth in the housing market and agrees that immigration and other demographic trends will help fuel a long-term recovery.
"If household formation continues at pace, prices will recover and starts will rise again," Case said.
In the housing bust of the early 1990s, cities with big immigrant populations, like Los Angeles, recovered more quickly than other metropolitan areas, like Boston, with lower foreign-born, said Case.
"Not all immigrants buy houses, but many immigrants buy houses," Case said. "That has a positive effect on the prices in a market."
Regional recoveries
Retsinas said parts of the country, such as the Northeast, with fewer vacant homes could see signs of a recovery in spring 2009. He was less sanguine about markets like the Southwest, where excessive overbuilding at the height of the market means it could take two years or more to sell off excess inventory.
Recovery in the Midwest represents that biggest challenge, because the housing downturn there stems from regional economic problems beyond overbuilding.
"They're not reacting to an overheated housing market there," Retsinas said. "They live in an economy that is shedding jobs."
First Published: June 23, 2008: 3:49 AM EDT
Harvard report finds immigration, other demographic trends will fuel housing demand over the next decade.
By Beth Braverman, CNNMoney.com contributing writer
Last Updated: June 23, 2008: 7:56 AM EDT
NEW YORK (CNNMoney.com) -- The current housing market is bleak: home prices and sales are plummeting, foreclosure proceedings are skyrocketing and mortgage rates are on the rise.
When will things be better?
A new study from the Joint Center for Housing Studies of Harvard University, "The State of the Nation's Housing 2008," finds the country poised to see an increase in housing demand over the next decade.
"The good news is that we still have a growing population," said Nicolas Retsinas, director of the Joint Center for Housing Studies and one of the study's authors. "As long as you have more households, more people are going to need places to live."
Social trends - people getting married later and divorced more often - are making single-person households the fastest growing household type, the study finds. In addition, a long-term net increase in potential home buyers will be driven by demographic factors: the aging of "echo boomers" into adulthood, an increased life expectancy for baby boomers and projected annual immigration of 1.2 million.
From 2010 to 2020, the number of households in the United States will grow by an average of more than 1.4 million per year, the study finds.
Unsold homes block growth
Still, before the housing market can turn around, it must first work off the record numbers of unsold homes on the market. From 2005 to 2007, the number of new and existing vacant homes for sale rose 46% to 2.12 million.
The nationwide glut of unsold homes has hit the real estate market hard, forcing down sale prices, stemming new construction and leaving millions of homeowners with properties worth less than the value of their mortgage.
In early 2008, the nation had an 11-month supply of unsold new homes and a 10.7-month supply of existing single-family homes, according to the Harvard study. A six-month supply of existing homes is considered a buyers' market. Reducing the current supply will require price declines, a decrease in interest rates, employment growth, a return of consumer confidence and the revival of accessible mortgage credit.
A reduction in new home construction is another key to decreasing inventory, Retsinas said. Privately owned housing starts fell 3.3% to a seasonally adjusted annual rate of 975,000 in May from 1 million in April, according to the Commerce Department.
A sharp drop-off in housing starts has precipitated housing turnarounds in previous bubble-bust cycles, said Karl Case, a Wellesley College economics professor and a co-founder of real estate consulting firm Fiserv CSW. Case also sees long-term growth in the housing market and agrees that immigration and other demographic trends will help fuel a long-term recovery.
"If household formation continues at pace, prices will recover and starts will rise again," Case said.
In the housing bust of the early 1990s, cities with big immigrant populations, like Los Angeles, recovered more quickly than other metropolitan areas, like Boston, with lower foreign-born, said Case.
"Not all immigrants buy houses, but many immigrants buy houses," Case said. "That has a positive effect on the prices in a market."
Regional recoveries
Retsinas said parts of the country, such as the Northeast, with fewer vacant homes could see signs of a recovery in spring 2009. He was less sanguine about markets like the Southwest, where excessive overbuilding at the height of the market means it could take two years or more to sell off excess inventory.
Recovery in the Midwest represents that biggest challenge, because the housing downturn there stems from regional economic problems beyond overbuilding.
"They're not reacting to an overheated housing market there," Retsinas said. "They live in an economy that is shedding jobs."
First Published: June 23, 2008: 3:49 AM EDT
Monday, June 16, 2008
Manufactured vs Modular Homes
What is a manufactured home and how does it differ from a modular home?
A manufactured home (also known as a mobile home) is a single or multi-sectional home built on a permanent frame, like a steel undercarriage/chassis, with a removable transportation system (hitch and wheels). The unit is permanently attached to a site-built foundation and is subject to the 1976 federal standards established by the Department of Housing and Urban Development (HUD).
A modular home is constructed in a factory using conventional home floor joists and delivered to a site on a trailer or flat bed truck. The delivered home may be in the form of panels that are assembled at the site, may be pre-cut and assembled on site, or may be pre-built and delivered in one piece. The home, panels or pre-cut panels are lifted from the trailer and attached to a foundation. A modular home may be single or multi-storied. Modular homes are not subject to HUD standards, but must be built to state and local Uniform Building Codes.
I specialize in senior communities as well. Contact me at 800-680-9133 if you are thinking of Downsizing? Selling? Puchasing?
A manufactured home (also known as a mobile home) is a single or multi-sectional home built on a permanent frame, like a steel undercarriage/chassis, with a removable transportation system (hitch and wheels). The unit is permanently attached to a site-built foundation and is subject to the 1976 federal standards established by the Department of Housing and Urban Development (HUD).
A modular home is constructed in a factory using conventional home floor joists and delivered to a site on a trailer or flat bed truck. The delivered home may be in the form of panels that are assembled at the site, may be pre-cut and assembled on site, or may be pre-built and delivered in one piece. The home, panels or pre-cut panels are lifted from the trailer and attached to a foundation. A modular home may be single or multi-storied. Modular homes are not subject to HUD standards, but must be built to state and local Uniform Building Codes.
I specialize in senior communities as well. Contact me at 800-680-9133 if you are thinking of Downsizing? Selling? Puchasing?
Monday, June 9, 2008
Is a Gated Community something for you?
Gated Communities
The popularity of living in gated, or private communities has been rising in recent years. It used to be that gated communities were thought of as being only for the rich. But today they are becoming more and more popular with middle and upper middle class families. Security is usually given as the biggest reason for choosing to live in a gated community. Among the other reasons people are attracted to living in these communities are protecting property values and lifestyle.Many gated communities are designed with amenities built around a particular lifestyle, with golf courses, tennis, swimming pools, or equestrian facilities.Gated communities are usually located on some of the most desirable land in the area. Prime land, combined with careful planning and HOA rules create an environment where home values hold up extremely well.
Aside from the gates or walls, the second most defining characteristic of gated or private communities is the Homeowner’s Association (HOA).The HOA is made up of all the owners of the development. The HOA is responsible for collection of the Association fees and making and enforcing the “rules” of the community.It is often also responsible for maintaining the public aspects of the community, such as streets, security, parks, etc.
The rules set by the HOA can vary a great deal, depending on the individual development.Typically the HOA will have rules pertaining to upkeep and appearance of homes within the development, specifying the colors of paint on outside walls, types of fencing, guidelines for landscaping and storage of boats or recreational vehicles.
Gated communities aren't for everyone.But with strong protection of property values, increased security, less traffic and amenities for your specific lifestyle, they are appealing to more people each year.
If you are interested in purchasing please call me at 800-680-9133
The popularity of living in gated, or private communities has been rising in recent years. It used to be that gated communities were thought of as being only for the rich. But today they are becoming more and more popular with middle and upper middle class families. Security is usually given as the biggest reason for choosing to live in a gated community. Among the other reasons people are attracted to living in these communities are protecting property values and lifestyle.Many gated communities are designed with amenities built around a particular lifestyle, with golf courses, tennis, swimming pools, or equestrian facilities.Gated communities are usually located on some of the most desirable land in the area. Prime land, combined with careful planning and HOA rules create an environment where home values hold up extremely well.
Aside from the gates or walls, the second most defining characteristic of gated or private communities is the Homeowner’s Association (HOA).The HOA is made up of all the owners of the development. The HOA is responsible for collection of the Association fees and making and enforcing the “rules” of the community.It is often also responsible for maintaining the public aspects of the community, such as streets, security, parks, etc.
The rules set by the HOA can vary a great deal, depending on the individual development.Typically the HOA will have rules pertaining to upkeep and appearance of homes within the development, specifying the colors of paint on outside walls, types of fencing, guidelines for landscaping and storage of boats or recreational vehicles.
Gated communities aren't for everyone.But with strong protection of property values, increased security, less traffic and amenities for your specific lifestyle, they are appealing to more people each year.
If you are interested in purchasing please call me at 800-680-9133
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