By Elliott Brack
Editor and Publisher, GwinnettForum
(Part two of two perspectives)
JAN. 19, 2024 | Is there a better way to provide housing for people of Gwinnett than apartment complexes?
There is, and it is so simple that you wonder why the various cities do not implement it.
These officials giving the green light to new apartments should simply OK the plans that are being presented by developers … with one caveat: make the proposed complex one of condominiums, not apartments.
That’s right, approve the multi-family housing that developers present, only require that those wanting to occupy the units, purchase, not rent, their units.
I can hear officials now saying “but……but…but.”
Yes, there are a few hurdles to get around.
But look what happens. Those people buying these condos, as they pay for them over time, will be building equity in their unit. This is the great American way toward financial stability for families, as solid housing seems always to appreciate in value. (That contrasts with mobile homes, for instance, which begin to depreciate when new and first move off the seller’s lot.)
And while building equity, and since they own their housing, these people will take care that their home is properly maintained and does not deteriorate. They will continually improve their units and keep it tidy. Over the years, there will be little deterioration. Such diligence will mean that the entire area’s housing will retain a higher value over the years.
Yes, there is one major problem: many potential apartment renters do not have a down payment to purchase a condo, that is, put down approximately 20 percent. Yet with creative thinking, this can be overcome.
How? Look for governments to create financial opportunities to help people get a down payment. Or develop a 501c3 non-profit to help potential condo owners get into the property without a down payment. That is what the Veterans Administration has been doing for years, essentially making it easy for our veterans to become substantial members of the community through home ownership without having to fund a down payment. It would usher in a new element (former renters) benefitting from home ownership.
Let’s turn to those who propose new housing for our nation: the developer. Essentially, there is very little cost difference in erecting an apartment complex, or building units that will be sold as condos. You take land, buy building materials, and hire a bunch of construction workers and you start building. Oh, you might upgrade the appliances in condos, or come up with distinctive designs, but essentially it merely uses the same level of materials in both types to be built. The developer makes money when the complex is sold, whether to an apartment owner, or to individuals as condos.
But look also at the tremendous difference for the neighborhood when condos are being built! People buying into a community will be much more stable, will take care of their housing unit, and become long-time members of the community. After all, this is their long-term home. Condo owners do not have to mow and upkeep their yards, like individuals living in single-family homes. They only live closer to their neighbors.
Hair-brained idea? Not really. We have enough faith in the business and government that they will create financial arrangements for more people to buy condos with little or smaller down payments. It is a plus-plus situation, creating a community of new owners, keeping current single-family owners happy, and improving the communities.
All planning and zoning officials (and elected government leaders) have to do is get developers to propose condos, not apartments. And then listen to the coming applause.
- GwinnettForum adds “Condos instead of apartments for Gwinnett” to its List of Continuing Objectives.
- Have a comment? Send to: elliott@brack.net
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