6 Tips to Buying in a 55+ Living Community
There are many great reasons why someone nearing retirement age may look at 55+ active adult living communities as an attractive living arrangement. For those investigating buying in an active adult living community, there are many things to take into consideration before things get serious–signing contracts and beginning the moving process.
Continue to read to find 6 helpful tips on buying in a 55+ living community.
Things to Consider when Buying in a 55+ Community
Here are a few things to check into before you begin your home-buying journey in a 55+ active adult living community.
1. Condo or a House?
It might not seem like such an important decision, after all, if you are 55 or older, you have probably lived in both at some point in your life. However, choosing between a house or a condo is one of the first things you should take into consideration, as this choice will narrow down communities for you–not all offer traditional housing options, and not all offer condominium living options. For example, at your house, what you say typically goes. At a condominium, you are at the mercy of an HOA, which will usually come with strict rules and how to run things. Depending on what you can live with, choosing between a house and a condominium can make or break it.
2. Invest in a Real Estate Attorney
It is imperative that once you find your dream community to acquire a list of all the rules and regulations of a property before signing any type of paperwork. Hire a trusted real estate attorney to review your paperwork to get a better understanding of what you are getting into to save you from headaches down the road.
Zachary Staruch of The Pelican Team had this to say about investing in a real estate attorney:
“It is very important to find out exactly what you, as the owner, will be responsible for. If you are considering condominium living, asking questions such as “What powers do condominium HOAs have,” and “What shape is the HOAs finances in,” will save you from finding out the hard way after the fact of making the big move. It is also important to pay attention to details, such as the shape of the potential community you are choosing to move into. How much work are you willing to put into your new home if the rest of the community isn’t up-to-shape? Keep an eye on things such as landscaping, tidiness of the streets and sidewalks, and if front yards seem to be neat.”
3. Investigate Minimum Age & If Visitors are Allowed
Most retirement communities require prospective residents to be 55 or older, however, there are exceptions if one person in a couple already meets the age requirement. Other places have a higher minimum age range, like 60 or even 65. There are also rules in some communities about having your adult children or even the grandchildren stay over, which can be a major deal breaker, especially if someone in your family needs a place to stay.
4. Consider Renting for a While
Instead of jumping feet-first into home ownership all over again and making big investments before getting to know all you need to know about a place, try renting a condominium or a home in the community of your choice for a short period to test the waters. Try to take in all of the available activities, utilize all of the nearby city or town’s amenities, and talk with people who live in the vicinity for pointers.
5. Check Out your Surroundings
The inside of the community might look great, but what about everything outside the neighborhood? Learn as much about the area as you can, even if you aren’t relocating far from where you previously lived. After all, it is an entirely new community. A community to retire in can be a great place for people especially if the community is designed to make your retirement all the easier, whether it adds to your health and happiness or brings you entertainment and joy.
6. What is the Focus of the Community?
Many retirement communities have certain focuses, from golf communities built on golf courses, or pickleball communities full of courts to play the game. Other communities might not be so on the nose, so it is always worth checking out the activity calendar. Make sure to take a tour and check out all the amenities, from on-site fitness centers, tennis courts, and classes to nighttime activities, and lifestyle extras like movie theaters, cooking classes, and clubs to get a good feel of where you are going to live.
Conclusion
It is always important to consider the pros and cons of a 55+ living community before signing papers or handing over money. From exploring the surroundings of the area, and understanding the focus of the community, to choosing between a condo or a house, there is much to consider when making a big move to an active adult living community. Let the professionals at The Steller Group guide you in finding your dream Denver, CO 55+ active adult communities today!