If you are reaching retirement age, and you are ready to relocate, you may want to consider moving into an adult community home for sale. A retirement community is a large property or neighborhood where individuals who are over a certain age live together. Oftentimes, these communities offer a variety of different resources to make aging in place possible.
1. Find Out About Age Requirements
One of the points of purchasing a home in an adult or retirement community is that everyone in the community is going to be at least of a certain age. Many retirement communities require everyone to be at least 55 years old, although different retirement communities may have higher age limits. In most communities, only one person has to be that age, so if age requirement is 59, and you are 62 and your spouse is 55, you would be able to purchase the home because you are over the age requirement.
2. Find Out About Visitors
Beyond looking at the age requirements for you and your spouse, find out if visitors are allowed. Some communities freely allow other adults and grandchildren to stay over, and other communities have much more stringent rules about who can stay over. You need to think about your lifestyle and make sure your lifestyle fits with the rules. For example, if you like to have your grandchildren stay over for Christmas break, or you have your grandchildren frequently for a few weeks in the summertime, you want to purchase a home in an area where you can live the lifestyle you want.
3. Determine What Size Home You Want
Adult communities are not all the same. Many communities offer multiple different property options. For example, a community may have condos and homes, with different floor plans, from very small to much larger, that you can choose from. Think about how much space you want to live in as you age, and how much space you want to be responsible for. Choose a home size or style that works with your need and vision for your retirement years. Adult living communities are not nursing homes; this is a place where you will actively live, and you want a home you feel like you can really live in and enjoy.
4. Work with a Real Estate Attorney
Finally, this is a situation where you want to work with both a real estate agent and a real estate attorney. A real estate agent will help you find the right community to match your interests and needs, and a real estate attorney will go over all the rules and regulations and make sure you understand the formal agreement you are getting into.
Share22 October 2019
Once I paid of the mortgage on my house, I decided I wanted to buy an investment property. I had no idea that the buying process would be different, but it really was. There were so many things to consider that I hadn't thought about, and even the loan application process was different. It occurred to me that if I didn't know about it, others likely didn't either. I built this site to help others see what I went through buying my first investment home. I hope that it helps you to approach the process with more confidence and understanding.
