Age-restricted communities go by a number of different names including: 55 plus communities, independent living communities, active adult living communities, and more. These types of homes are great for those looking to live a more affordable lifestyle in their golden years with the opportunity to have neighbors in the same walk of life that have similar interests.
These communities are most often operated through an active homeowners association or condo board type association. Many of them offer several community amenities to enjoy while you spend time with your neighbors. The rules for each community pertaining to usage of amenities, upkeep of outdoor spaces, etc. varies depending upon each specific HOA/COA.
More Communities are Switching to Age-Restricted Status
Nat Kunes, the vice president of AppFolio a company that provides property management software for homeowners associations, says that he is seeing more and more community owners switching to age-restricted status as more and more Americans are living longer and looking for these types of homes. It is expected that 1 in 5 Americans will be age 65 and older by 2030. Many more communities are planning to accommodate a growing number of active adults who will be looking for these types of living situations. Communities that offer a lifestyle as opposed to just a home.
It Could Take Longer to Find the Perfect Community
With an age-restricted community, you are not just looking at the home style, size, or landscaping. Some buyers that plan to move to one of these communities begin their search a few years in advance of their planned move. This allows them to do extensive research and truly consider what it is they want in an active adult community.
There are Real Estate Agents that Specialize in This Market
While any real estate agent can help you to purchase a home in an age-restricted community, there are real estate agents that make this type of real estate one of or their main focuses. With the level of detail to finding the perfect community, not just home, that you will enjoy living and socializing in, it is best to work with an agent that makes it their job to know all of the fine details about all of these types of communities in the local area that they serve. They can help you to find the community that best matches everything you are hoping for.
Some Communities May Have Young Residents
Some active adult communities will market an ideal living situation for older adults, but still have younger residents able to live there. There are communities that only restrict the age of the person who owns the property while allowing residents of all ages to live in the home with the owner of the property. If you are set on not living around children or younger people, this is something to look into.
More Amenities Could Mean Higher Monthly HOA Dues
There are some pretty impressive communities with a large offering of amenities, often times this means a higher monthly payment to help cover the cost of these fancy and fun items. Some communities can have dues as much as $500 a month or more.
No Two Communities are Exactly the Same
Each community has its own unique set of pluses and minuses, if one community does not fit your tastes there is another one that you might fall in love with. Make sure to know all the details of living in the community before signing on the line and committing to a purchase. What one community offers another may not, it is always good to check out all of the details.
For more information on active adult communities in Mesa please contact me any time.