Community titles are increasingly becoming an interesting option for homebuyers and a hot selling product in the new house and land package market. To understand what exactly this type of property is, and why it needs to be looked at more closely, here are some facts that you should know.
What is a community title in the new house and land package market?
Typically, the concept of community title denotes a large tract of land subdivided into separate units or lots owned by individual owners, quite similar in those terms to a new house and land package elsewhere. These could be apartments, townhouses, villas etc.
Marketed as separate identifying titles within a communal plot, properties with community title are an attractive proposition given that they come loaded with facilities in a single package. These shared amenities enable homeowners to have lifestyle and luxury living within arm’s length.
Whether it is green spaces and playgrounds, swimming pools and bicycle tracks, car parks and community dining, these are features that are usually absent in conventional residential options.
The co-owned nature of the common areas of such communities means lot owners also share the costs of maintaining the complex – running costs, insurance, taxes, further development expenses etc. – which help spread the responsibilities across the members. They can, mutually, decide and frame bylaws and rules to govern based on the collective interests of the community.
What is the case for a property with community titles?
So why would a homeowner want to consider a townhouse with a community title over the regular new house and land package options?
- The concept of shared ownership of common areas and facilities like a community hall, gym, swimming pool and indoor or outdoor courts, makes available more and better facilities for residents to enjoy at a much more affordable cost – both capital and recurring.
- Better and tighter security with manned gates, patrolling and state of the art alarm monitoring systems.
- Well maintained green areas with walking paths, bicycle lanes and dedicated zones for senior citizens and children.
- An atmosphere and system of community activities like events and celebrations.
- Modern systems of waste and sewage management and eco-initiatives like water recycling plants and solar lighting for common areas possible.
- Many of the expenses like maintenance and insurance get shared across multiple owners, effectively reducing the per-unit cost.
Moreover, every member gets to have his voice heard and an opportunity to contribute to the overall betterment of the community. While this helps the common good by creating and maintaining an ideal living space, it also helps the individual property gain better value over time.
To sum up, community title homes are a perfect balance between owning your own home but sharing the larger space with a community that is there to shoulder the responsibilities of running a premium residential address.
If you are someone who appreciates the benefits of lifestyle living or actively looking at investing in a new house and land package options and like to explore more, I recommend PAIG (Proactive Investment Group). PAIG is an emerging project sales firm with close to 5K+ property investment options in its books.
Note: Kenekt is a technology partner. There are no financial kickbacks for us on PAIG selling properties.