Should I buy a home located in a gated community? This is a question many home buyer’s ask themselves or their Realtor when they start their home search. While purchasing a home in a gated community might be the right decision for some home buyer’s it may be the wrong decision for others. If you are a home buyer unsure if you should buy a home in a gated community this article will help you determine whether or not a gated community is the right choice for you and your family.
What are the Pros of living in a gated community?
There are so many pros to living in a gated community and below are four reasons home buyer’s purchase a home in a gated community.
One of the biggest selling points to buying a home in a gated community is the added security. In addition to the community being completely gated many gated communities are also guarded 24/7 and some even have roving security that drives through the neighborhood.
Buyer’s looking for resort style amenities can oftentimes find what they are looking for in gated communities. While some gated communities may only offer a few amenities, like a community pool others have extensive amenities like a clubhouse, swimming pool, cabana’s, fitness center, tennis courts, basketball courts, an on-site property manager and more.
Gated communities offer limited traffic since the only people allowed through the gates will be residents and guests of residence. Driver’s speeding within the community is not very common since they reside in the neighborhood too and want to keep it safe for all residents especially children playing outside.
Rules and Restrictions
Many gated community have an active Homeowner’s Association (HOA) in place, which will have rules and restrictions that every resident must abide by. Not only can this be a huge selling point for home buyer’s because nobody wants to live next door to a purple house with yellow strips and an overgrown yard, but rules and restrictions also helps maintain property value. It’s not uncommon for a homes property value to increase more in gated communities in comparison to homes in non-gated communities.
What are the Cons of living in a gated community?
While there are a lot of pros to living in a gated community there are also a few cons, which below are four reasons home buyer’s decide against purchasing a home in a gated community.
If the gated community has an active HOA there will be a monthly, quarterly or annual HOA fee. Sometimes these fees might be $50 a month while other times they can be well over $500 a month, which not every buyer can afford and not all buyer’s want to pay a HOA fee even if they can afford to. Plus, buyer’s at the top of their budget may not qualify to purchase a home once the HOA fee is factored into their loan approval.
When you look at homes in gated communities odds are you will get held up at the gate with your Realtor and there is a strong possibility your future guests will too. While this wait may only be a few seconds other times it can be several minutes especially if the visitor lane is backed up.
False Sense of Security
Yes, gated communities are more secure than non-gated communities, but crime happens everywhere, so it is very important to remain vigilant at all times. Criminals will find a way to get through the gate and past the guard if they really want to.
Rules and Restrictions
Not every home buyer wants to get permission to make changes to their property or be forced to abide by rules, so gated communities that have rules and restrictions may not be a good option for buyer’s who don’t want to be restricted.
Buying a home in a gated community is not for everyone, there are many factors home buyer’s should take into consideration when deciding if buying a home a gated community is the right choice for them.
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What are the Pros and Cons of Buying a Home in a Gated Community? Find out here what the advantages and disadvantages are living in a gated community. https://t.co/ysiVMoLraB via @WellingtonHomez #realestate pic.twitter.com/qnwqXTJ8sB
— Michelle Gibson (@WellingtonHomez) December 13, 2017
Additional Pro and Con Resources when Buying a Home
- Condo vs Home: Pros and Cons of Each by Bill Gassett
- What Are The PROs and CONs Of Buying A Home On A Golf Course? by Kyle Hiscock
- Things to Consider About a Neighborhood When Buying a Home by Anita Clark
- Should I go with a mortgage broker or a bank? by Conor MacEvilly
- Should I by a Condo by Paul Sian