Here's a definition of Functional Utility I found online, but @Jon Holdman explained it well already.The ability of a property or building to be useful and to perform the function for which it is intended according to market tastes and standards; the efficiency of a building's use in terms of architectural style, design and layout, traffic patterns and the size and type of rooms.http://www.accuval.net/insights/glossary/

All HOA does is enforce rules & regs, architectural guidelines, and keep common grounds (parking, walkways, etc.).

If a member of an HOA performs construction on their home without first obtaining approval from for architectural committee, how long does the committee have to notify the homeowner of the violation?

They're very charming, with hardwood floors and cool architectural details.

Is this building in a historical district limiting adding onto it later for a marginal cost without expensive architectural controls or demolishing and building new??

Our cost basis would have been much higher as we did not account for our time, or an architecture fee.

You can see that picture and another that's not as tight so you can see some of the crowd here: http://www.snopes.com/photos/architecture/redneck.asp

If its been there for 80 years there are probably some nice architectural features that you could work with.

I'm calling it tricked out, but it really is about as nice as you could make an 1131 square foot 3/2 1960s box without adding on or changing any architectural elements.

In the past 3 years, the pace of improvement in the area has accelerated dramatically.Pre-DemoPicturesNow the fun part:Next Post: Detailed Budgeting, Building out the Brand, and Architectural Drawings and approvals, and demolition.