Retirement Communities: Pros, Cons, & Home Values

by Ellen Johnson 07/27/2020

Image by 47shadesofgray from Pixabay

Thinking of buying your next home in a 55+ community? You'll likely want to know the pros and cons, and whether the restriction makes your property hard to sell or bequeath in your will. Here are the key points to know.

The Upside: Worry-Free Maintenance

These communities are designed for low-maintenance ownership. Over-55 or "active adult" communities are usually quiet and well-watched, with a good number of retirees in the mix. Maintenance staffers are there if anything breaks down.

As well as limiting the number of young people who live on the property, there might be a no-dog rule—supporting the quiet environment. Be sure the rules fit your own expectations before you start shopping in the community.

Your children can visit your condo and usually even stay for the summer. Ask for a Rules and Regulations binder so you can find out what time limits apply for your guests, and review the community standards. 

But Do Consider How You'll Sell or Pass Down Your Property

Check into the rights of your family members to live on the property after the 55+ owner passes away. Your real estate agent can help you obtain this information.

A federal provision allows senior living communities to impose age restrictions, as long as they keep their 55+ population at least 80%. Particular active adult communities can require even more than 80% to be aged 55-plus. Some 55+ condo properties, but not all, will let an owner's child inherit and live in the unit. Still, that only works if the heir's presence wouldn't break the federal rule that says at least 80% of occupied units must include one or more residents aged 55+.  

These communities also have minimum age rules (18 or 21 are common) for residents. If you bequeath your condo to someone with young children, that person will need to sell it after you pass away.

Note that these rules could reduce the pool of potential buyers if you later decide you'd like to sell the condo. Your realtor can tell you how fast condos in a given community tend to find buyers.

Condo Living at a Relaxed Tempo

There may be restrictions on grilling, thanks to the community insurance policy. And everything from how much space is yours to garden, to the shades of paint you'll use on your front door, will likely have to conform to rules. But then, that's a given with most condos.

In return, you'll have peace and quiet, professionally pruned shrubs, and snow-free walkways. And you'll likely have peers who share your appreciation for a relaxed style of living.

Ready to look? Call my office to tour desirable 55+ communities in your preferred price range.

About the Author
Author

Ellen Johnson

 

I am a longtime time resident of Plymouth, I started my love of the area as a summer resident who was lucky enough to spend summers at the beautiful Priscilla Beach. I am a successful business owner who owned the first salon and day spa in Plymouth. I sold that business and started a highly successful women's clothing and accessory store also located in Plymouth.  My love of the area and real estate brought me to a new chapter in my life full time real estate sales.

Leveraging my experience as a business owner known for outstanding client service, high tech marketing and a personal touch that is needed in a real estate transaction I have guided my sellers and buyers through the complicates process of a real estate transaction. I am proud to say my first full year in real estate I received the International Diamond Society designation, awarded to the top 11% of all Coldwell Banker Affiliated Sale Associates. 

I am grateful for my wonderful husband and 3 beautiful children. Also, to live on the South Shore of Massachusetts. I can truly say there is NO PLACE LIKE HOME!