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Investing In Real Estate

Sometimes when people buy their very first home, they think more about the interior finishes than they do about their overall investment. Unfortunately, since your home is one of the largest expenses you will ever have, investing in the right property is crucial to your overall financial success. I have purchased several homes over the years, and understanding how to find the perfect house is crucial to your success. This blog is all about investing in real estate to improve your personal situation, so that you don't have to worry as much about making that next mortgage payment. By choosing the right place, you can enjoy your neighborhood and your financial situation.

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Tips For Buying Single-Family Homes In A Planned Development With An HOA

Buying a brand-new single-family home in a planned development is exciting. Your family gets to live in a house where no one else has ever lived, and you get to take advantage of public spaces designed to enhance your family's quality of life. 

Since planned communities have homeowners' associations governing many aspects of living in the area, such as the fence you are permitted to install and sometimes even the color of paint you can use on the outside of your house, it's important you learn as much about the association where you want to purchase as possible. 

To ensure you love your future home in a planned development, follow these tips while shopping.

Tip: Understand the Amenities Included and Costs Associated with the HOA

When you live in a planned community with an HOA, you and all of the other owners are responsible for the costs to keep the public areas maintained.

When a community has many amenities, such as swimming pools, spas, tennis courts, golf courses, and party venues, the monthly homeowners' association fees are a lot higher than other communities with fewer community spaces.

If you have a large family or like to spend a lot of time socializing, then a community with lots of amenities makes the added costs reasonable. However, if you are single or prefer to keep to yourself, then you might want to consider communities with fewer offerings.

Tip: Consider the Traffic Patterns Into and Inside of the Housing Development

Just as you will be driving into the planned housing development every night after work and trying to get to the grocery store on the weekends so too will all of your neighbors. Additionally, when the weather is hot, then much of the population will want to be at the neighborhood pool.

Since getting around typically involves driving, it's important to consider traffic patterns and parking issues when you are house hunting.

For example, if you buy a house next to the community swimming pool then people will park in front of your house all summer. 

Or, if there is only one entrance to the subdivision, then it might be backed up with traffic during commute times.

As you evaluate planned communities, make sure you take things like traffic and parking into consideration. 

Tip: Think About the Noise Levels Associated with Amenities 

Finally, when you look at single-family homes in new developments, make sure you think about the noise level associated with any amenities located nearby. For example, if your home is next to the party rental space, then you may find your weekends aren't quite as peaceful as you might like.

For more information, contact realtors about single-family homes for sale.