ACTIVE
ADULT LIVING :
Is a Retirement Community Right for You ?
If you are thinking about downsizing , moving to a smaller home that is easier to care for or living independently in a community of like-minded empty nesters , living in a 55 + community may be a viable option for your home investment . Planned developments catering to the 55 + crowd often feature smaller homes , neighborhood associations that manage the care of homes and common spaces and a range of amenities .
For example , in the Annapolis area , Heritage Harbour features a clubhouse with a ballroom , indoor pool , gym , wood workshop , billiard room , and onsite restaurant . The extensive development offers a golf course , marina , RV and boat storage , tennis courts ,
and small craft launch sites along the South River . A commuter bus is a particularly valuable asset for the many residents who need rides to local and regional stores , medical centers and other communities .
On the other end of the spectrum are communities like Villas of Rock Oak in Odenton , which offers a minimum of amenities beyond the advantage of living in a community of similarly aged neighbors .
If you are worried that you will eventually be unable to mow your lawn , shovel snow , or even manage stairs or close corridors , or if you want to leave your traditional neighborhood for a community of similarly focused retirees , it may be time to consider the pros and cons of Adult Living Communities .
WHY GO 55 +? The distinct advantage of living in a 55 + development is the ease of everyday life . The time , energy , expense and consternation you might save by having someone else worry about your property ’ s upkeep could be remarkable ! Beyond the perk of never having to mow your lawn again , consider :
• Kid-free peace and quiet .
• An active social life with folks of similar age and interests .
• An all-inclusive community that includes a range of activities , from clubs to recreation .
• Possible access to transition housing , such as assisted living .
WHY NOT ? While there are many positive reasons to buy in an Active Adult Living Community ( Over 55 ), there are also potential negatives to consider .
While some active seniors find the non-stop activities , the kid-free environment , and freedom from worry about maintenance and other homeowner chores to be an attractive proposition , there is another segment of retirees who find the rules , expense and planned lifestyle unattractive . Of course the elephant in the room is the one best described by my client , who exclaimed , “ But they are all so old !” In fact , ages vary widely in senior living communities . It ’ s true that some communities house residents are well into their 70 ’ s and 80 ’ s . But contemporary development trends cater more and more to younger retirees who want to downsize but not necessarily to end their active lifestyle . If you are going to miss seeing youngsters running around , a diversity of ages and a mix of housing styles , traditional senior living communities may not be for you .
BUYER BEWARE ! Many Active Living community amenities are subject to an association fee , and it is important to understand the details of corresponding costs before you invest . Costs may differ , depending on if you purchase a single family home , townhouse , villa or condo .
In particular , investigate what the condo association covers , including maintenance and flat-use fees . Most association costs include at least some portion of grounds keeping . Some include home maintenance repairs for appliances and HVAC or plumbing systems , or even repair of main exterior structures such as roofing and gutters . Conversely , some will not .
You have the right to read the condo / home owner contractual and legal documents before purchase . You also have the right to rescind your contract offer if you decide the community is not a good fit for you . However , it is important to do your research to get a full understanding of what amenities , upkeep and association fees you will be responsible for , and to include these costs in your consideration of the total investment .
Be sure to calculate annual fees compounded over several years , to ensure that you can afford your new home ten or more years down the road .
Lastly , most 55 + communities have age ratios the development corporation must legally prove in order to retain land use and tax status . Proof of residency could affect your purchase and financing . For example , if you are 40 years old and decide to buy a home in a 55 + community for your retiring parents there is a strong possibility that they would not be allowed to assume residency because the owner ( you ) is not age 55 or older . These legalities need to be understood before an offer is made .
FINAL THOUGHT An intangible benefit of moving into a 55 +, planned community is the ability to live with like-minded people who are around your age and who may enjoy doing things you like to do . On the other hand , you may not be able to pay the expenses of retirement living , or you may not be attracted to interacting with so many like-minded people in such close living quarters . Regardless of your choice , it is important to carefully research the pros and cons of different types of planned living communities , what each offers , any costs you might incur , and the value of your investment over time as you transition to elder care .
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GREENBOOK | FALL / WINTER 2016