Real Estate Term of the Day: Community Association
COMMUNITY ASSOCIATION – general name for any organization of property owners to oversee some common interest. In a condominium or planned unit development (aka: PUD), the association has the responsibility of managing the common elements (see COMMON AREAS) in the project. A homeowner’s association may be established in a subdivision to enforce deed covenants (Barron’s Dictionary of Real Estate Terms)
Below are a few benefits of living in a community association:
- Protect property values by ensuring that properties are well maintained and taken care of properly. Almost all community associations throughout Metro Denver have specific rules (COVENANTS) that each member is obligated to abide by. These rules help protect the aesthetics of the neighborhood, thus establishing desirability to the community for potential buyers
- Offer common elements/common areas that other neighborhoods don’t have
- Maintain the common elements/common areas of the community (such as the community pool, clubhouse, fitness centers, tennis courts, parks, etc)
- Many community associations organize community events such as yearly picnics and holiday parties that help to establish a sense of community in the neighborhood
- Established rules and regulations that deter nuisance activity and promote conformity
In Metro Denver there are several neighborhoods that are located within a community association. If you need help identifying a neighborhood with a community association please contact me.
