Many people are looking for a lower-maintenance lifestyle. In their considerations they may come across condominium developments, cooperative housing developments, or continuing care retirement communities. What they all have in common is that residents of these types of community associations contribute fees to operational budgets that provide for the common expense of running the community. Operational items in community associations can include such tasks as grounds keeping and snow removal, usually performed by a team that is employed by whatever entity is managing the community.
But operational items are not the only things for which owners in community associations are collectively responsible. In most cases they are also jointly accountable for replacement and repairs of commonly owned elements such as siding, paint, windows, roofs, etc. This setup can relieve owners from worrying about individually saving for and scheduling such tasks, and could save them money in the long run. But if the community association of owners does not have strategic reserve plans, owners can expect eventual costly “special assessments,” a deteriorating appearance in their community, a loss of property value and most likely all of the above.
Highland Green Director of Operations John Coughlin, who has national training and experience in capital reserve planning in community associations says: “In any condominium, cooperative or retirement community there needs to be a comprehensive actuarial study of all capital expenditures in the future. If a community is not offering up front to show you community budgets, reserve studies and strategies or, worse yet, they don’t have one when you ask, then you should walk away.”
Consumers searching for a lower-maintenance setting should be careful of community associations unable to easily produce their finances and reserve studies. Similarly, they should be wary of community associations that promote artificially low fees or “the lowest fees in town.” Oftentimes, those owning or buying into such places are in for major surprises.
At Highland Green, residents from 29 different States enjoy lower-maintenance-living in custom-built free-standing homes that are unavailable in condominium developments or retirement communities. And they enjoy a 55+ Active Adult lifestyle unavailable in a continuing care setting. Cooperative Ownership at Highland Green offers the ability to spend less time on upkeep such as mowing, plowing and painting and more time enjoying life.
Highland Green owners are especially proud of their financial strength and stability. Their well-planned operational budget and their extensive reserve studies and plans make sure that the community is well-maintained going forward and each individual home retains value. They have strategically and innovatively invested reserve funds to outpace inflation. And many current residents who have done a true apples to apples comparison have found that they have saved money by moving to Highland Green.
Highland Green Makes Financial Sense
Friday, September 16, 2016, 1 pm to 5 pm
Highland Green Community Center
Meet Highland Green residents and learn about:
- The Highland Green Lifestyle
- Lower-maintenance Living
- Cost of Living
- Effective Management
- Community Finances and Reserves
- Outpacing Inflation
- Quality and Value
Happy Hour and Optional Dinner at the Wild Duck Pub at Highland Green at the end of the event. Let us know if you’ll be staying for a delicious meal and some great socializing.
Please RSVP to firstname.lastname@example.org or 1-866-854-1200