Considerations for buying property in developed resort communities
Featured New Developments on EscapeHomes.com: Cottages of Suwannee Preserve, Bell, FL Ute Lake Ranch, NM Quechee Lakes, VT Mountain Creek Resort, Veron, NJ Hassayampa, Prescott, AZ Torreon, Show Low, AZ Renyolds Plantation, GA Williamsburg Landings, VA (Retirement) What to consider when buying into a new resort community? One convenient way to get your dream house in a top location is to investigate the many planned communities designed for second home and retirement living. Many of these communities offer amenities that go beyond the average home development plans, including recreation (golf, tennis, ski trails, horseback riding trails). When you buy or build a home in a development, you get all this and more. However, as always, it's important to be a prudent buyer and match your lifestyle needs and budget with what the development offers. Types of Residential Developments In any community, each development has its own goals and philosophy. Larger developments are often a "master planned community," where a mixture of homes are offered, from large and moderate sized homes to apartments and condominium units. The master planning creates an integrity of design and appearance, placing parks and recreation areas in strategic places. Other communities are offered as building lots, with several model houses to choose from. In these cases, it is important to be sure that the same amenities and custom features in the builder'??s model is what you will get in your home. For example, if the model has skylights, or gold-plated bathroom faucets, be sure to see if these are ??optional or ??upgrades?? which implies a higher price. If you are building? If you are entering the building phase, be sure to stay on top of the process and not wait until the walk-though to see if things are like you expected. It is also worth paying for private inspections of the home to ensure that any defects that inadvertently are created can be fixed. Think of the future Finally, as you inquire into the development, it is important to be in alignment with the future plans of the developer. If you buy for privacy, but the development is expected to triple and create traffic and overcrowding, you might want to look elsewhere. What to know: As you make your choice of developments, here are some areas to think about. Of course they apply to any second home you might consider. However, with a development, most of these questions have already been considered by the developer, and you benefit from their knowledge, simply by reading and asking the right questions. In the end, buying into a development can give you everything you'??ve dreamed of and more, if you take the time to make the right choice. Some Information to Gather: (Adapted from US HUD guide to developers) Environmental factors Are there any evident environmental issues like sitting 50-gallon drums, oil stains on the ground, gopher tortoise mounds, evidence of underground tanks, etc. What was the site formally used for? Are there any structures on site? Does it flood? (Visit during the next downpour). Is it in a flood zone? Are there obvious wetlands? Does the site have curb appeal? What are the adjacent properties used for? Does the site have utilities? Neighborhood factors Are there nearby schools? Are they overcrowded? How are the road conditions? How heavy is the local traffic? How far to the nearest facilities you need (shopping, daycare, healthcare, public transportation, etc)? How far to the nearest emergency services (fire, police)? How far to the nearest park? What's the overall condition of the neighborhood, and is it changing? What's the trend? Is the area known for having a high crime rate? Are there many vacant homes or businesses in the area? Regulatory factors Does the site have appropriate zoning? What is the density allowance? What are the parking and setback requirements? What developer fees have been required and how do they affect the purchase price you pay? How do the neighboring towns feel about the development? Other considerations and next steps  Are there models/renderings you can work from? Are there sample budgets for building that you can use? Do you choose your own architect or work with theirs? If theirs, can you see the plans and specs in advance? What are the demographics of the other buyers? Have all necessary environmental, clearinghouse, and any other appropriate regulatory, approvals been obtained? Is all the necessary insurances are in place? Has your contractor posted the appropriate bond? Do you understand the purchase contract Do you understand the closing process, and the monies that will be needed at the closing table Does the developer help with the financing, ie, sit in on meetings with lenders, etc? Renting Are there rental properties in the development? Who manages them? If you want to rent out, do you hire a management company? Are there restrictions on who you can rent your property to and for how long? Homeowners Association Is there an association formed? Can you see the bylaws. What is its main purpose What kind of activities does it offer? Are there activities for children? Is there a Neighborhood Watch program? What ways exist for the community to come together? Are there particular holiday celebrations that the association hosts? Are there way for you to become actively involved with the community? What are the Homeowners Fees? Featured New Developmets on EscapeHomes.com: Cottages of Suwannee Preserve, Bell, FL Ute Lake Ranch, NM Quechee Lakes, VT Mountain Creek Resort, Veron, NJ Hassayampa, Prescott, AZ Torreon, Show Low, AZ Renyolds Plantation, GA Williamsburg Landings, VA (Retirement)