The best bits about living in a shared building
Often, the choice to buy a flat or condominium in a residential block is due to the financial savings that it has to offer. This means that living in such an environment is not always desired but more selected out of necessity. Unfortunately, because of this, there is a certain stigma sometimes attached to those who live in such neighbourhoods.
Despite this, there are many that would argue that living in a tower block actually has many positive factors to it. Lots of people find that such a building can be more sociable and led to a closer network or community in these areas. Other people may enjoy the shared facilities that can be on offer such as a communal gym. Additionally, many are starting to appreciate the value of being part of a homeowner’s association.
Homeowner’s associations are essential
When purchasing a home in a shared residential block, you are usually required to also sign up to your building’s homeowner’s association. There is often a monthly fee that needs to be paid and you may have to sign an agreement to say you understand and will respect the building’s rules. Because of these two factors, being part of such an association can feel like it is a negative thing or that it is enforced upon you.
However, it is not all doom and gloom. Homeowner’s associations actually provide many benefits to their residents. For example, the management of homeowner’s associations are often outsourced from the property developers to a company such as
which means that the association itself acts as a neutral third-party.
The many benefits of homeowner’s associations
Being part of a homeowner’s association can provide many financial and social benefits.
Firstly, it can help to protect your investment in your property. Since the homeowner’s association will maintain facilities and generally keep your neighbour in good repair, the house prices are likely to increase at a higher rate than those which exist outside of homeowner’s associations. This is a fantastic benefit to those who are looking to resell the property after a few years.
Additionally, homeowner’s associations can help to be a buffer between housing developers and the tenants. Often the associations can argue for a fair rent or fee and reduce the likelihood of disagreements ending up in court.
Although there are many benefits of being part of a homeowner’s association, there are also some downsides. They are often costly to be a part of and can enforce some pretty stringent rules. There have been several reports of homeowner’s associations going too far and this in itself often causes tension within the neighbourhood.
Regardless of your personal opinion on them, homeowner’s associations are often mandatory to join. It would be encouraged for you to seek out the benefits of your own association and see if you can make them work to your own advantage.