Is a 55+ community right for you?

#55+Community #Seniors

The first thought we have about those over 55 communities is sure, others will be like us, our every need and want will be taken care of. But is that always true?

There is, of course, a long list of good things about living in a seniors community. In most cases there will be activities with lots of social opportunities. Depending on the community, there might be a pool, a golf course and tennis courts, a fitness center with classes, scheduled activities, excursions and trips. For the most part, homes in these communities are smaller since many of us will be downsizing anyway and outdoor maintenance and yard work will be done by others.

Sounds great, right? There is another side, though, to the 55+ communities, and some of the negatives are fairly significant.

Variety in social opportunities may be very limited. After all, everyone there will be our age with few opportunities to interact with younger people. If your family situation changes and you need to move your child and grandchildren in with you, it likely won’t be possible in a 55+ community, and even visits will probably have a time limit. And there’s the issue of inheritance: If you want to leave your home to a child in your will, they couldn’t live there.

If you ever decide to sell, your target buyer pool will be limited to other 55+ seniors. Even renting, if that’s allowed in the community, will be limited to senior occupants.

Then there are the high fees to cover all the amenities, HOA and taxes – expenses that can go up at any time. Even in the beginning, your monthly costs could be in the thousands of dollars.

Before buying into a 55+ community, get advice – a lot of it. Ask questions, get feedback, visit a potential community more than once and talk to people who live there, if possible.

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