Whether you’re shopping for your first home or adding to an existing one, there are certain qualities that all good communities should possess. Look for a thriving, vibrant economy, but also consider the social and aesthetic foundation that makes up the community.
For starters, families should be welcome in the community. Look for camaraderie among neighbors and a willingness to help each other with standard maintenance.
Affordability
Housing affordability is the most critical factor working adults consider when choosing a place to live. Housing costs account for about a third of the average household budget and are one of most families’ most significant expenses. Living cheaply can boost purchasing power, accelerate savings, and improve financial stability.
Affordable housing is “housing that households can afford to purchase or rent, considering the median family income in a given area.” Subsidies are necessary to make affordable housing viable for low-income residents. It could include vouchers for rental assistance, developer tax credits, and local housing trust fund contributions.
Communities like Audubon Lake that encourage energy efficiency upgrades and promote group maintenance initiatives can save money in the long run. Although upfront investment is needed, these measures can significantly reduce utility bills and provide a high return on investment. They can also foster a sense of community pride and ownership among residents.
Security
When a community is looking to cut costs, one area that should be evaluated is security. Reviewing the current security measures and ensuring they are working correctly is essential. It can be done by walking the property and interviewing residents about their experiences. It’s also essential to look at the life cycle cost of security solutions. It includes the product’s purchase price, training, deployment, production delays, and opportunity costs (e.g., time administrators spend on security products takes them away from other projects). These costs must be considered when evaluating the effectiveness of security.
Community
If your community has a strong sense of community spirit, your residents can help each other cut costs by saving on energy expenses and working together to save on maintenance. For example, encouraging residents to participate in group activities like movie nights or game days at home instead of paying for movies and games at a local theater can save on movie tickets and other outings. You can also encourage a sense of community by organizing group workdays where residents team up to paint or perform other maintenance tasks that can reduce labor costs. Energy-efficient upgrades to lighting and programmable thermostats can also significantly lower utility bills over time.
