Common areas are generally found when you purchase a home within an HOA community. Whether a single-family home that provides access to walking trails, a clubhouse or pool, or a condominium that has a rooftop garden and a fitness center, the list of different common areas available to many homeowners seems endless. As with all things, there are many different Pros and Cons to purchasing a home with common areas.
- Amenities, amenities, amenities! - When purchasing a home that has shared common areas you are gaining access to a multitude of different amenities that you may not be able to have should you purchase a home without the shared common space.
- Maintenance - If you love to swim and have always dreamt of a pool, chances are you didn’t dream of the upkeep or cost that came with it. When enjoying a common area pool, you get to enjoy all the perks, with none of the hassle! This is true for all common areas as they are upkept by the HOA.
- Resort Style Living - With so many amenities and common spaces, often you can feel as if you are on vacation every day, leading to a less stressful and more enjoyable lifestyle.
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- HOA Dues - If you have amenities, you more than likely have HOA dues which you will be required to pay monthly for the life of your residence. This fee can range drastically pending on the amount of amenities and upkeep the property requires.
- Overcrowding - While not always the case, if you are hoping for a relaxing day next to the pool while reading a book, or a workout session where you can let loose and not worry about embarrassing yourself in front of others, you may have to compromise as you won’t be guaranteed to be alone when enjoying one of the common area amenities provided to you.
- Unexpected Closures - Closures happen, and it isn’t always for routine maintenance that is scheduled in advance. Because the area is managed by the building manager or HOA, should repairs be needed last minute, there may be an unexpected closure which could put a kink in your plans.
Ultimately when deciding to purchase a home with common areas, you have to decide for yourself if the pros outweigh the cons or vice versa as there are arguable points to each. Common areas can provide amenities that you otherwise may not be able to enjoy on your own, and thus seem to draw ample attention from buyers.
If you’re currently searching for a new home, are ready to sell your property and are in need of a qualified seller’s agent, or if you have any questions regarding Miami Real Estate, please feel free to contact our office at any time.