The current housing market still strongly favors sellers. Here’s what to consider if you’re weighing a sale.
What is common-interest development?
A common-interest development (CID) is a housing area in which residents are members of a homeowners association, which allows them to collectively own and use the common areas. Common-interest developments, also referred to as common-interest communities, are one of the fastest growing types of housing.
Common-interest developments are typically artist lofts, condominiums, planned development areas, retirement communities and timeshares, to name a few. CIDs allow you to have rights and responsibilities to common areas and amenities that are often too expensive to own individually.
These areas regularly include, but aren’t limited to:
- Fitness centers
- Golf courses
- Parking areas
- Pools and hot tubs
- Walkways or trails
Decisions regarding the maintenance and rules for the common property are determined by the homeowners association (HOA). This means that you relinquish a degree of personal freedom for the greater good. As owners are living in close proximity to each other and collectively using the common areas, the decisions must serve the best interests of the owners.
Is a common-interest community for you? Find out how much house you can afford.
Common-interest development example
When you would like to have a pool or hot tub in your yard but can’t afford to install and maintain one, you might consider moving to a common-interest development. If you buy a property that has a pool in a CID with 200 units, you have access to a pool for a fraction of what it costs to own one individually because you are sharing that expense with 199 other owners.
Another example that has become increasingly popular is a neighborhood garden. A growing number of housing complexes and communities are allocating part of the common space for herb and vegetable gardens. You and other members get to plant, cultivate and harvest your own produce. Many apartment buildings have rooftop gardens that interested residents tend. Some even have beehives for acquiring honey.
Thinking about relocating? Compare the cost of living in the cities that you’re considering.