Leaving the workforce can often mean downsizing your home. As you grow older and your children are no longer living at home, you don't need as much space in your house as you once did. You may also find yourself wanting to eliminate the need to care for a yard from your daily activities.
Buying a home in a retirement community allows you to surround yourself with neighbors in the same phase of life as you are. Here are three tips that you can use to purchase your first home in a retirement community in the future:
1. Identify the type of home that suits your needs.
Retirement communities can be made up of many different types of homes. If you are looking to maintain some privacy while downsizing your living situation, then you might want to limit your search to retirement communities made up of single families or twin homes.
If you don't mind sacrificing a little privacy because you want to remain social and be close to your neighbors, then a retirement community that features condos might be better suited to meet your needs.
2. Find a community with the right feel.
Retirement communities can offer residents access to opportunities to participate in social and civic activities. You should take the time to get a feel for each community before placing an offer on a home.
Find out what programs the community offers by checking the social calendar, and ask if you can get involved in the homeowners association that governs the community. Make sure that the community you end up purchasing a home in has an atmosphere that is conducive to your long-term living preferences.
3. Ask about restrictions.
Before you put an offer in on a home in a retirement community, you need to make sure you understand the restrictions put in place by the community.
Many retirement communities will not allow children to stay on the premises overnight, and they may not allow someone under 55 years of age to occupy the home, even if that person's spouse has reached retirement age. Carefully identifying community restrictions will help you select a home in the community that best accommodates your needs.
Buying a home in a retirement community can be challenging. To ensure you end up with a home you can enjoy as you grow older you need to take the time to think about the type of home that will suit your needs, the overall feel of each community, and the community restrictions that might adversely affect your lifestyle.
Contact a 55 plus realtor for more information and assistance.