Wouldn't it be nice to live in a spacious home in a beautiful neighborhood, but without having to do all that yard work? Wouldn't it be nice to have neighbors who shared your idea of what the neighborhood should look like? And while you're at it, wouldn't it be nice to have a swimming pool handy, and maybe a tennis court and weight room?

That's why 32 million people now live in common-interest communities. Whether it's an expensive brownstone cooperative in New York City, a high-rise beachfront condominium in Miami, or a cluster of town houses in Des Moines, a common-interest community brings together people who share a certain vision of good living. And unlike rental units, they allow people to build equity in their homes.

The key to the success of these forms is also one of the biggest bugbears: strict restrictions on what owners can do with their property. The reason a spacious planned-unit development is such an attractive place to live is that community regulators prohibit any given owner from painting her house purple or blasting a stereo from the window. But those restrictions also cause more tension and litigation than any other aspect of common-interest community living: whether Mrs. Taylor can keep her beloved Afghan hound or Mr. Smith can land his helicopter on the roof. And because everyone is a part owner of the buildings and amenities, when it's time to replace the windows or landscape the grounds, everyone has to pay.

This section will explain the various forms of common-interest community, how they're governed, and the role of the association.

1. What is a common-interest community?
2. What are the basic types?
3. What's the difference between a cooperative and a condominium?
4. How does a planned community work?
5. What kind of restrictions can be imposed in common-interest communities?

Subsections

1. Legal Rights and Restrictions
2. The Board of Directors
3. Handling Problems