Q: I live in a single family home community that shares a swimming pool and tennis courts with the adjoining condominium community. The pool and tennis courts are owned by the condominium community, and we pay them a monthly fee for usage. However, our community hardly uses the amenities and wants to do away with paying the fee. Can you tell us what the possible impact is to our home values by no longer being able to market our community as a swim/tennis community?
A: This all depends on the competition & what amenities they offer for a ‘similar’ price. If a buyer can find a place that offers those features for the same price, they will probably pick that over one in your complex unless you lower the price enough to compensate