Age Restricted Communities
If you are like many midlife baby boomers - over the age of 55 with still plenty to do and see - you may be considering an age restricted community. You are among the healthiest generations in American history, and may be planning on traveling, visiting with your friends and family, continuing to work in your current job, or trying out a brand new career.
Your children are grown and on their own, your current home is bigger than you need, and maintenance and upkeep is probably not something you want to spend your spare time worrying about! Starting this phase of your life with a home that was built with your new lifestyle in mind is a growing trend in America.
Picture this: A single story home with some extra space for guests, little or no yard maintenance, neighbors just like you, and a club house offered by some communities for gatherings, games, parties, and social activities.
At Prudential Verani Realty’s New Homes Division, we have many wonderful communities to choose from, and a price point that will fit your budget and lifestyle.
On the right of this page are our featured Adult Communities. Check them out and learn more about what these new locations have to offer. Remember, living in an adult community is about living life to the fullest, and being surrounded by people just like you that are also enjoying this phase of their life.
Questions and Answers:
What is an Active Adult Retirement community?
Typically the minimum age required to live in an age restricted community is 55 or older, and at least one member of the household must qualify by age. The federal requirement states that 80% of the residents must be over 55 and that 20% can be non age restricted. You need to check with the town and community for the specific age qualifications, as some towns require all members of the household be at least 55 and anyone under the age of 55 can not reside in the home. Usually a minimum time frame for visiting is defined in the condominium documents for anyone under the age of 55.
Some communities will restrict residents to be over the age of 62, and some communities will allow only one resident to meet the age criteria. So the best thing is to ask that question first when looking for a community.
Are over 55 communities condominiums?
Typically you will find that age restricted communities will have a condominium type of ownership. You will own the home and a portion of all the limited common area. For example, if there are 50 homes in the community, you will own 1/50th of the limited common area such as roads, clubhouses, trails, and other amenities owned by the community.
What are the options for Financing an over 55 condominium?
A large majority of people over 62 tend to pay cash for their new home. They want to sell the home they are in and have some money left over to live their senior lifestyle. Others will have small mortgages. Another option, which has become an emerging trend, is a ‘reverse mortgage’. You will want to consult with a tax accountant to determine how this purchase fits your retirement plans.
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