When marketing homes in 55+ communities, the focus is on the luxurious lifestyle amenities such as poolside lounging and tennis, rather than traditional selling points like spacious bedrooms. Living in a 55+ community also means less maintenance and a guarantee that your neighbors will be in a similar stage of life. However, before buying a home in one of these communities, it’s important to carefully review the homeowners association (HOA) rules and regulations.
HOAs provide benefits like maintaining communal facilities and landscaping, but they also set strict rules for residents to follow. It’s crucial to review the covenants, conditions, and restrictions (CC&Rs) before making a decision. Each HOA has its own regulations, and you don’t want to be caught off guard by rules that don’t align with your lifestyle.
HOA fees in 55+ communities typically range from $200 to $700 per month, on top of the mortgage payment. It’s important to understand what these fees cover and whether there are any additional costs like capital contribution fees or special assessments. Additionally, make sure to find out if your heirs could be forced to sell the property if they don’t meet the age restrictions set by the HOA.
Understanding and aligning with the HOA rules and regulations is essential to avoiding stress or regret when buying a home in a 55+ community. Take the time to research and ask questions to ensure that the community meets your needs and lifestyle preferences. In contrast, a traditional home allows the inheritor the option to hold onto the property until they can sell it for the highest possible price. If considering a 55+ community, it is important to inquire about the rules regarding ownership by individuals under 55. While technically allowed, they may not be permitted to reside there without at least one resident meeting the age requirements. It is essential to look beyond the brochures of these communities, as they are not all uniform and may vary in terms of demographics and amenities.