Know Your Expenses before you invest in a New Home Community!

Dated: October 11 2021

Views: 97

What's not to like about a New Residential Area?  Home Buyers Love New Homes!

New Homes have low utility bills because of their energy efficiency construction and materials. New Home Communities may have trails, amenities and playscapes. Most new home communities in Austin, Texas may also have a Homeowners Association that has policies in place to protect the style of the community and protect the values of the homes. Some HOA's in Austin, Texas also create events for the homeowners participation. However, new home communities also may have additional fees called assessments in addition to the Monthly HOA fees that you pay for the amenities and common area maintenance. 

Some communities near Austin, Texas have what are called PIDS. What is a PID You ask? The simplest explanation of a PID is a Geographical Area with added improvements,  utilities and infrastructure where the cost of these improvements are divided up between the homeowners of the area. The Cost For these improvements is applied to the homeowners with their yearly taxes year over year until the PID has been paid up. Once the PID has been paid up you will no longer pay these assessments. These assessments have been applied to the Geographical Area by the city for the cost of the Improvements. The Improvements benefit the homeowners and protect the values of the community. 

If a home is SOLD in an area with a PID the PID is disclosed to the buyer with a Disclosure along with the Ledger of Payments to be made so that the buyer knows ahead of time what the fees are.  You can pay for the PID yearly or prepay for the PID upfront if you choose. Along with the PID disclosure you may also receive an annexation disclosure. Most New Communities are annexed to the city that applied the PID to the area. Annexation means that the New Community will be made part of the city like in the case of New Communities near or around Austin, Texas.  Nearby communities will become part of the City of Austin if they are annexed to the City of Austin, Texas. 

For More Information about Public Improvement Districts contact me at Contact Me Today!  For a Seller's Evaluation on Your Home Click Here!

PID

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Esmeralda McGee

My name is Esmeralda and I am a Native Austinite. I am a Broker Associate and Investor at EXP Realty.  I Love Helping Sellers and Buyers make a change by providing them with Selling and Buying St....

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