What does it mean when you buy a property within a community?
What does being on a “community” mean?
If you’re buying an apartment, duplex or a detached property with a shared communal area like a swimming pool, entrance, driveway, garages, etc. it is highly likely that the property is within a community, of which you will have yearly charges to pay. These community fees cover any maintenance costs that arise from any amenities that are shared between the homeowners, like making sure the swimming pool is cleaned, the communal pathways/hallways are cleaned and lit, lifts are serviced, gardens are maintained and watered, and depending on the individual community, exterior painting and building insurance could be included too.
The fees are usually broken down and paid quarterly, however they can vary in actual cost, depending on how many properties belong to the community.
Even though houses within a community could be the same size, the fee also depends on the size of the land the property sits on. You’ll usually find homes that are on corner plots incur higher fees.
Not only are there costs involved, but there are also rules that must be followed. These rules are normally related to a shared swimming pool. For example, some communities have set times when the pool can be used.
In general, the benefits of being on a community, makes sure all of the shared amenities run smoothly and look their best!
Buying? Enjoy the journey!