Scoring the Best Nest

It's sometimes difficult to get people to run for the board of directors of their development. Having served on several over the years, what would you say are the reasons to get involved?

It's self-defense. When you buy into a HOA, you never dream of getting on the board. [Everyone] figures someone else will do it. But once you've joined, you find things happening that you can't stand. You see something you want changed, and you know that only happens if you get on the board. It's part of the shared-ownership lifestyle.

You say one trap is to beware of the development that is situated in an "apartment city," where the whole area is nothing but shared-unit developments and apartment buildings. You've just described Washington, D.C. How would you advise people who want to work, play and live in the same location?

The warning is a matter of property values. When you have a lot of apartments, you increase the density. A condo building is dense anyway, [but when you] put that in with single-family homes, it balances it out. When you [have too many condos in one area], the density is magnified [and that] adversely affects the property values.

In an urban setting like D.C., that wouldn't make as much difference, because there's such a great housing need to begin with.

You mention in your book that, for the best real estate value, you should have a couple of blocks between you and any commercial developments or shopping centers. Do you disagree with the concept of planned developments?

If we're taking about a gas station or strip mall, that's true, but some of the best recent developments are these mixed-use developments with housing, shopping, restaurants and offices. They are desirable. They've soared in value.

The density argument has to do with how many people live there. Density problems lead to things like a lot of noise at night -- that has to do with too many people living in one area and not coming and going. [Planned developments] don't have that problem, because people are leaving when offices or restaurants close.

What are the advantages of buying a town house instead of a condo?

There's an architectural difference, not a legal one. With a townhouse, you own the land and there's no one underneath or above you. You may have a loft. You have lower density. There's often a yard. They tend to [offer] a nicer kind of lifestyle. Generally speaking, if you have a choice, the town house is the better buy [when it comes to] price appreciation and resale potential.

What do you hope people get from the book?

An understanding of what's involved in shared ownership. Many are under the illusion that condos or town houses are a cheaper form of buying a house. In a square-foot comparison, they may actually be more expensive. But shared ownership gives you responsibilities. I want people to understand that what you're getting is a different lifestyle.

This article first ran in Express on November 16, 2006.