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Bret Evans, RE/MAX Star PropertiesPhone: (650) 722-6555
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Pros, Cons, & Home Values of 55+ Communities

by Bret Evans 01/17/2021

Image by 47shadesofgray from Pixabay

Thinking of buying your next home in a 55+ community? You'll likely want to know the pros and cons, and whether the restriction makes your property hard to sell or bequeath in your will. Here are the key points to know.

The Upside: Worry-Free Maintenance

These communities are designed for low-maintenance ownership. Over-55 or "active adult" communities are usually quiet and well-watched, with a good number of retirees in the mix. Maintenance staffers are there if anything breaks down.

As well as limiting the number of young people who live on the property, there might be a no-dog rule—supporting the quiet environment. Be sure the rules fit your own expectations before you start shopping in the community.

Your children can visit your condo and usually even stay for the summer. Ask for a Rules and Regulations binder so you can find out what time limits apply for your guests, and review the community standards. 

But Do Consider How You'll Sell or Pass Down Your Property

Check into the rights of your family members to live on the property after the 55+ owner passes away. Your real estate agent can help you obtain this information.

A federal provision allows senior living communities to impose age restrictions, as long as they keep their 55+ population at least 80%. Particular active adult communities can require even more than 80% to be aged 55-plus. Some 55+ condo properties, but not all, will let an owner's child inherit and live in the unit. Still, that only works if the heir's presence wouldn't break the federal rule that says at least 80% of occupied units must include one or more residents aged 55+.  

These communities also have minimum age rules (18 or 21 are common) for residents. If you bequeath your condo to someone with young children, that person will need to sell it after you pass away.

Note that these rules could reduce the pool of potential buyers if you later decide you'd like to sell the condo. Your realtor can tell you how fast condos in a given community tend to find buyers.

Condo Living at a Relaxed Tempo

There may be restrictions on grilling, thanks to the community insurance policy. And everything from how much space is yours to garden, to the shades of paint you'll use on your front door, will likely have to conform to rules. But then, that's a given with most condos.

In return, you'll have peace and quiet, professionally pruned shrubs, and snow-free walkways. And you'll likely have peers who share your appreciation for a relaxed style of living.

Ready to look? Call my office to tour desirable 55+ communities in your preferred price range.

About the Author
Author

Bret Evans

Bret D. Evans is a real estate industry veteran, a 22-year successful career in an incredibly competitive environment.  As a native to the Bay Area and a homeowner in San Mateo County, his knowledge of the Peninsula’s residential real estate market is extensive and unparalleled.

Bret prides himself on giving his clients the most precise and up-to-date feedback on the state of the market, market trends, and comparable sales and property values; and providing clients with a realistic outlook on what they can expect to achieve in today’s market.

His many years of experience purchasing, owning, selling and renting properties, allows Bret to provide exceptional insight and knowledge at every level of the real estate transaction.  He has built a reputation for providing trustworthy, well-researched advice to his clients and is passionate about providing the best possible service.

Clients choose to work with Bret for his full-service, ethics, experience, and expertise.  He consistently displays his ability to satisfy clients in the buying and selling of their homes. His strong base of loyal repeat customers is the reason why Bret has been successful in the real estate industry.

In an ever-changing market, Bret is with you every step of the way!