7.21.25
Is a 55+ Home Right for You?
What to know about buying and living in a senior independent living community.
When downsizing or nearing retirement, many people look to communities where homeowners are age 55+. For some the lifestyle perfectly matches their desires. For others, it leaves something to be desired. Here are some key things to know about living in a community designed for seniors.
Built-in conveniences
A big draw of 55+ communities are the conveniences. Owners get:
- Freedom from exterior maintenance because it’s cared for by the HOA
- A built-in social scene and scheduled activities
- Amenities like clubhouses, pools and golf courses
In addition, many communities provide security, like staffed gated entries and surveillance cameras, for homeowner peace of mind.
It’s not everyone’s dream
On the flip side, one of the most common frustrations with 55+ communities are the rules. From restrictions on pets to how long visitors can stay, residents can feel constricted. Sometimes they feel like their privacy is invaded by folks who enforce the rules. And when fines are issued for rules violations, that’s an added cost for homeowners.
Read the HOA’s covenants, conditions and restrictions and before you buy. If the rules feel overbearing when you read them, they’ll feel even more burdensome if you live there.
Also, folks may find they don’t fit in with the social scene in 55+ communities. Sometimes it’s hard to feel a sense of belonging when long-timers already have well-established circles. Sometimes folks miss living in a neighborhood with people of all ages. Spend as much time as possible in a community before buying to see if its vibe matches yours.
A selling consideration
An over-55 home might not be your last home. These communities are designed for independent living and there may come a time when you or your spouse needs assistance. If in-home help provides what you need you’re all set. However, if you need ongoing medical or memory care, you may have to move. Selling the home may be more difficult because the buyer pool is limited to those 55 and older. (Or at least one member of the buyer’s household has to be 55 or over.)
Factor in all the costs
If the conveniences and lifestyle appeal to you, factor in ongoing costs when making your decision. In addition to the purchase cost, buyers of a home in a 55+ community need to cover property taxes, HOA dues and utilities.
The HOA also might impose special assessments. This can happen when there’s an unexpected cost, such as a hike in their insurance premium, or major repairs to common elements are needed and reserve funds aren’t sufficient.
Financing homes in 55+ communities
Contact a mortgage loan officer today to learn more about financing options for your next home.
All loans subject to approval. Rates, terms, and conditions are subject to change may vary based on credit worthiness, qualifications, and collateral conditions.
