By Deborah Goonan, Independent American Communities
You’ve probably heard the marketing hype about private communities: that they offer a carefree, maintenance-free lifestyle, amenities, and affordability.
But almost daily I learn of yet another homeowners or condo association property owner that is struggling to pay for the cost of living in Association Governed housing.
Here are 5 real-life examples of just how unaffordable it is to live the American Dream in a common interest development.
Rising maintenance fees
All across the U.S., condominiums and planned communities are aging. That means old plumbing, roofs, elevators, community pools, and private roads are in need of major renovation or replacement. But many associations have failed to set aside savings for these expenses in their reserve accounts. That results in hefty special assessments – often thousands or tens of thousands of dollars – or huge monthly assessment increases. The added costs are pushing some homeowners…
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Let’s not forget the high cost of management run HOA’s and the fees they bring into the picture, plus maintaining the developers properties which also add a huge burden on homeowners as well.
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