The Reno, Nevada area is growing in population. With an increase of residents coming into the city, there is a major need for new housing. There are numerous subdivisions being built many in Common-Interest Communities.
Deciding to buy a house in Reno, Nevada gives you a lot of options. In addition, you can either buy a house in a subdivision out or in a Common Interest community (CIC). All private communities have their pros and cons, just like living in a traditional neighborhood. If you are thinking about buying a house in a private community, you are in the right place.
In this blog post we will be talking about the benefits of buying a house in a common Interest community.
What is a Common Interest Community
According to the Nevada Real estate division, a Common-Interest community (CIC) is as follows:
“A common-interest community (CIC) refers to real estate to which a person, through ownership of a unit, is obligated to pay for a share of real estate taxes, insurance premiums, maintenance or improvement of, and other expenses related to common elements of the community. By purchasing a property in a CIC, owners are agreeing to pay assessments and are bound by restrictions on how they can use and enjoy their property. Assessments must be paid whether or not an owner agrees with the way the community is being managed or the money is being spent. If assessments are left unpaid, the owner risks losing their home to foreclosure.
Homeowners’ associations operate on democratic principles. After the period of developer control, the CIC is taken over by unit owners who are elected from a pool of eligible unit owners within the community to sit on the executive board and make decisions on behalf of the association. The executive board is responsible for managing the association’s money and the day to day operation and maintenance of the community. As unpaid volunteers, executive board members may not have the experience or professional background required to understand and carry out the responsibilities of the association properly. As such, they may hire a professional community manager to assist in carrying out some of these responsibilities.“
Common interest communities were renamed from the more popular term Homeowners Association (HOA).
Common interest communities often have a private security company that will patrol the area. This is often paid through your dues. They will watch over the area and make sure everything in the neighborhood is safe. Not of have them. So if this is important to you, check to see if the community you are buying in provides this.
Some private communities are gated and are enclosed by a gate around the community. Usually only on entrance in or out. A benefit of gated communities is the fact that only the residents have access to come in and out as they want. Visitors must check in with an attendant or be given a code or permission by a homeowners in the community.
Anyone who buys a house in a CIC will could have an extra sense of security than from a none private neighborhood. If you want want extra safety, security and privacy when buying a house in Reno, Nevada, you might want to look at a common interest community.
Sense of Community
The people who live in a private community, in many cases, have very similar mindsets. They have ideas on how they want to live, who they want to live close to, and they constantly search out areas where they can be surrounded by people who share the same ideas. This includes wanting to live in an environment where people care about their lawns, bring their garbage cans in and don’t drive around playing loud music all night long.
Since many private neighborhoods have CIC’s and other community restrictions, you’re less likely to see people failing to mow their lawns or leaving garbage lying around in the streets when you buy a house in a private neighborhood.
In addition, many private neighborhoods have open spaces such as community rooms, pools, courts, regularly scheduled meetings and get events that encourage residents to get to know each other.
People have to get into a gated community by using a code, or by being allowed in by a security guard. That ensures that without anyone in your community letting them in, you won’t have solicitors or other people knocking at doors. Can also prevent people from coming into the area a committing crimes.
It allows for a peaceful morning coffee on your front porch, a nice after-dinner walk, or a fun bonfire with all your neighbors without having to deal with any additional noise from a busy neighborhood.
Maintains Property Values
One of the biggest benefits of buying a house in a common Interest community are property values better maintained. If you buy a house in a private neighborhood, the total cost of living is higher, particularly because of HOA dues and other charges. However, the rise is usually offset by high property values.
People are required to maintain their yards and house in a common Interest community. Yards are maintain, no broken down cars on the lawn or driveway, less weed or trash or improperly maintain houses for example
This means if you home is located in a common-Interest community, it will have a higher value than other similar-sized houses in other nearby neighborhoods. Giving you a better chance of selling your house for more money. Gated communities are also highly sought-after places to live, so your home may sell faster than it would in a different neighborhood.
If you enjoy activities like golf, swimming, tennis basketball, walking paths and other outdoor activities, buying a house in a CIC might be right for you. Many of these area have these located within or in some cases close by for you to enjoy.
If you are in a higher upscale community, they will also provide golf courses, tennis lessons available for their residents. Some of these areas are only available for homeowners who live within the community.
If you’re eco-conscious, several newer gated communities also offer green living options, including energy-efficient home designs, solar energy and water conservation efforts.