Before you embark on the exciting journey of relocating to a 55+ community, it’s important to carefully weigh the advantages and disadvantages to ensure it aligns with your lifestyle and preferences. While such a community may hold promise for a fulfilling and vibrant living experience, it’s crucial not to rush into the decision without considering the potential drawbacks.
On the positive side, a 55+ community can offer numerous benefits tailored specifically to the needs and interests of older adults. These communities often provide a sense of social connection, as they are designed to foster a strong sense of community among residents who share similar life experiences and interests.
Now here are 5 things to consider before buying a home in 55+ community.
1. Living with people your age bracket
As you enter a different phase of life, it’s natural to consider living in proximity to individuals who share similar age and lifestyle preferences. The desire to reside in a community with fellow peers can stem from a variety of reasons, ranging from the convenience of social interactions to the practicality of easy access to amenities.
Living close to people within your age bracket can provide a valuable sense of social connection. Engaging with like-minded individuals who may share similar interests, hobbies, and life experiences can lead to meaningful friendships and a supportive network. Having neighbors who are within walking distance allows for spontaneous gatherings, shared activities, and a vibrant social life right at your doorstep.
2. Homeowners’ association (HOA) fees
Living in a 55+ community can provide convenience and peace of mind by relieving you of certain responsibilities like yard maintenance and snow shoveling. However, it’s important to be aware that these services are not free, and the costs associated with them are typically covered through monthly homeowners’ fees.
When considering a move to a 55+ community, it is crucial to factor in these maintenance costs and other associated fees as part of your budgeting process. These expenses can vary depending on the specific community and the range of amenities and services offered. It’s essential to gather all the necessary information and understand what is included in the monthly fee.
As you explore different communities, be sure to inquire about the details of the monthly fee and what is included in it. For example, it may cover access to a clubhouse, fitness center, swimming pool, or other recreational facilities. Additionally, it could include services like lawn maintenance, landscaping, garbage collection, and general upkeep of shared areas.
3. Property taxes
Before purchasing a home in an active adult community, it is wise to conduct thorough research on the potential costs of property taxes specific to that area. Property taxes play a significant role in homeownership expenses and can vary depending on several factors, including the location and the specific community you are considering.
When examining property taxes, it’s important to understand that a significant portion of these funds typically goes toward supporting public schools. However, one notable advantage of 55+ communities is that they generally do not have school-age children residing within them. As a result, the financial burden of funding local schools may be alleviated, potentially leading to lower property tax rates for homeowners in these communities.
4. Houses are usually smaller
Residences within 55+ communities are specifically designed to accommodate couples or individuals who do not have children living with them. As a result, these homes are often smaller in size compared to traditional family homes since they are intended to provide comfortable living spaces for one or two occupants.
The compact size of homes in 55+ communities can be viewed as both an advantage and a disadvantage, depending on your individual needs and preferences. One benefit of a smaller home is the ease of cleaning and maintenance. With fewer rooms and less square footage, it can be more manageable to keep the space tidy and organized, saving you time and energy.
While a smaller home may be suitable for your current lifestyle, it may not offer enough space to accommodate any additional needs or activities that may arise. For instance, if you enjoy hobbies that require extra room or anticipate hosting gatherings or overnight guests frequently, a smaller home might not provide the desired flexibility and comfort.
5. Location
Usually 55+ communities are located in newly developed areas that may be distanced from city centers or other central locations. While this aspect of location can present both advantages and drawbacks, it largely depends on your personal preferences and lifestyle choices.
If you appreciate the calmness and open spaces offered by newer communities, residing in a 55+ community situated in a less urban environment can be appealing. These communities often provide ample public spaces, such as parks, walking trails, and golf courses, which can enhance your quality of life and offer opportunities for outdoor recreation and relaxation.
Additionally, newer 55+ communities are often designed with convenience in mind, incorporating various amenities within the community itself. These amenities may include fitness centers, swimming pools, community centers, and other recreational facilities, providing residents with a range of conveniences and opportunities for social engagement without the need to go far from home.
