If you plan to downsize into a smaller home when you retire, you may be thinking of moving to a retirement community for people 55 and older. There are pros and cons to living in one of these communities, so you'll have to weigh all your options. Here are some things to think about when deciding if buying a home in a 55+ community is for you.
Your Age And The Average Age Of Residents
If you're just turning 55, you may not like living in a community where the majority of residents are much older. You'll probably enjoy living in a place with people close to your own age so you can do activities together and have things in common. Plus, if you're still in your fifties, you may have kids in college or just starting out in life who may need to come live with you during the summers or after graduation. Most 55+ communities have a limit on how long kids can visit, even if they are young adults.
If You Prefer Quieter Surroundings With Fewer Kids
One of the big advantages of moving into a retirement community is that life will be much quieter than if you live in a busy neighborhood with growing families and young kids. Your kids and grandchildren can still visit, and other residents will have kids visiting too, so it's not like you'll never be around kids again, but they won't be a constant source of annoyance like they might be in a neighborhood where people of all ages live. Not having kids around could make the neighborhood safer too since there won't be bored teens out at night looking for destructive things to do for entertainment.
Whether You'll Enjoy HOA Regulations
Retirement communities usually have HOA fees and regulations. The fees provide amenities, which is a plus since you'll probably have a swimming pool and other recreational activities on the grounds. There will be rules you'll have to follow when it comes to maintaining your property and the things you can do in your yard, but everyone else follows the same rules. Lawn maintenance is probably included, which means you'll be free to travel once you retire without having to worry about your house when you're gone.
You Want To Stay Active And Make New Friends
Life can be great in a retirement community. If you buy a house in the right community, you'll be able to make friendships that last for years. The community may host travel events and social activities on a monthly or weekly basis that keeps you engaged. The availability of social activities is particularly important in your later years, especially if your spouse passes on before you. You'll want to stay active and avoid social isolation, so your life is filled with joy and meaningful activity.
Buying a house in a retirement community could be the ideal choice for you. If it sounds like something you would like to do, talk to a real estate agent about looking at homes for sale in different communities. In addition to shopping for a home you'll love, you also want to shop for the best community so you're happy with your neighbors and the regulations you'll have to live by.