Are you looking for a retirement community?
Retirement communities are a broad term that covers several options for seniors looking for housing in their later years.
A retirement community is a neighborhood built for adults at least 55.
However, the age limit is not always set in stone and can be as young as 50 and as old as 60 for a starting point.
A senior living community has become a popular living arrangement for many in the latter years of their life.
Most seniors living in retirement communities are retired from their nine-to-five jobs.
Retirement communities can be single-family homes, townhouses, condos, or apartments.
Sometimes, these neighborhoods can be gated for additional security.
Retirement communities are an attractive option for older home buyers.
These communities offer a broad range of choices (the more expensive the community, the more it generally has to offer), all of which are designed to make retirement more attractive, healthier, and more enjoyable than it would be if you were to buy and live in the average neighborhood.
Often, 55 and older housing offers amenities that other places might not have, much like a hotel. For example, a senior living community might be on a golf course.
If you are considering buying a home or a condo in a retirement community, there are some things you should know before you get started. Buying a retirement home has essential considerations.
Understanding what to know about retirement communities can be crucial before deciding it’s right for you. You don’t want to blow where you live during your retirement years.
Buying what may be your last home is considerably different than buying your first, and you will need to account for some factors that are unique to later life and the communities that cater to older buyers.
Finding senior living that you will enjoy for years to come takes time and effort. From many years of experience helping older folks find homes, the senior community you choose can make a significant difference.
What Are Retirement Communities?
Retirement communities are a housing choice explicitly designed for seniors. Several distinguishing amenities are associated with senior living, including convenience, security, a sense of community, and a senior-focused lifestyle.
Security can range from in-house emergency response systems to gated neighborhoods. Most senior communities have the convenience of being close to restaurants, shopping, public transportation, and hospitals.
Many senior housing developments have specialized amenities such as wider doorways, handicap accessories, higher toilets, easy-to-reach cabinetry, and single-level living.
Above all else, they are built to build relationships with other seniors. Many 55 and older developments include fitness centers, walking trails, swimming pools, religious services, golf courses, arts & crafts, and most importantly, game nights.
Of course, bingo is always a fan favorite! These senior activities are meant to enhance living in a retirement community. They purposefully allow seniors to connect with others their age who enjoy the same activities.
What Are The Types of Senior Living?
There are several types of retirement communities, including the following:
- Age-restricted retirement communities – typically 55 and over housing.
- Lifestyle retirement communities.
- Assisted living retirement communities
- Independent living retirement communities
Age-Restricted Areas
An age-restricted community is specifically for a particular age group. The most common is 55 and older housing.
These retirement communities for seniors have specific age requirements. The most common is 55+, but there can be some variation in that figure.
Many of these senior developments require at least one occupant to be 55 or older in 80 percent of the homes. The U.S. Department of House and Urban Development (HUD) oversees these neighborhoods. In most instances, someone under 19 cannot live in the home permanently.
Some neighborhoods that market to specific age groups without age requirements are referred to as age-targeted.
The neighborhood I live in is like this. Most residents are older than 55, but all ages can live there.
Lifestyle Senior Communities
A lifestyle retirement community caters to a specific demographic with particular interests. There are several types of lifestyle retirement communities. Some of them include the following:
- Golf retirement communities – as you might expect, this senior living option caters to those who love golf.
- Religious retirement communities – these housing choices offer spiritual and religious needs. There are onsite services, pastors, and other religious activities.
- Artistic retirement communities – this housing provides amenities for those who enjoy the arts. Classes and events are provided for dancing, drawing, poetry, crafts, and others.
- Luxury apartment communities – Seniors who are not on a budget can opt for housing that feels like a constant vacation. These retirement communities offer luxury features such as 24-hour concierge services, salons and spas, housekeeping, gourmet kitchens, swimming pools, and golf courses. It is also possible to find luxury assisted living as well.
Before choosing any of these options, it is crucial to understand the unit’s size, floor plan, and proximity to where you need to go daily. Does it have the environment you are looking for with modern amenities?
Assisted Living Communities
An assisted living retirement community will provide specific but limited care. These places can have several housing types, including apartments, condos, or houses.
Seniors living in these properties will get help with transportation, meals, medications, and other similar services.
Some assisted living retirement communities will also offer tailored medical assistance—for example, those suffering from depression, diabetes, dementia, etc.
Many will offer in-house services like doctors, dentists, counselors, and physical therapists. They are similar to a nursing home, given that healthcare is prioritized. However, the difference in nursing homes is that individuals usually have various health problems and need more specialized nursing care.
In many cases, nursing homes are filled with the elderly who need constant support.
Independent Living Communities
An independent living community is a house for active seniors who don’t need living assistance. They are very similar to other 55 and over housing choices except for having other services such as offering group meals, laundry, transportation, and social activities.
The experience of living in this kind of residence includes dining and other perks.
These communities can offer various housing choices, including homes, apartments, or condominiums.
Buying A Home Or Condo?
We will examine some tips for buying into a 55 and over retirement community.
Weigh The Positives and Negatives of Each Housing Type
Before looking at retirement communities, one of the first steps is deciding what kind of housing is most desirable. You want to buy a property you can be happy with, whether a single-family home or a condo.
Single-family homes offer more privacy but are usually more challenging to maintain (although many communities provide maintenance and upkeep services – for a price), while condos are generally more accessible but offer less privacy—the bigger the space, the costlier the utilities, maintenance, etc.
Look at the pros and cons of a house vs. a condominium to understand which housing may best fit your financial and lifestyle choices.
Knowing what to think about when buying into a retirement community will be essential.
Visit The Retirement Community During The Off-Season
Visiting the 55-plus communities you are considering at different times of the year is essential. Buyers often fall in love with an area while visiting on vacation. But just because you liked Florida in the spring does not mean you will like it in the summer.
It may be a good idea to rent temporarily in the area you are considering buying to see what the off-season is like and to verify that you can be happy living there.
If you are a retiree and have not yet committed to where you want to purchase a retirement home, look at some of the top 55 and older communities throughout the country. It might be worth checking out one of these hot spots if you are not staying local.
Ensure your expectations are met at a variety of times in the year.
Find Out What The Management is Like
Competent, reliable management is necessary if you want to live in a community where things work as they should.
While some management teams may be great at what they do – and dedicated to residents’ satisfaction – others may not.
Ensure to meet the management and talk to residents to get a clear picture of what you will deal with.
Nothing is worse than living in an area with a horrible management company or association. Know the policies you will be required to follow before committing.
Be sure you know the advantages and disadvantages of a homeowners association. You will find an excellent explanation in the reference.
Know What Will Be Required of You
When you enter a retirement community, you will sign an agreement stating what you can expect and what they want from you.
Suppose you have never lived in a home or condo with a community organization, like a homeowners association (HOA). In that case, you may be surprised to discover yourself limited in more ways than anticipated.
Parking rules, decorating your home, lawn maintenance, and more may be in place.
Some 55 and over communities have rules restricting who can live on the property.
For example, you may discover that a husband and wife must be at least fifty-five. Some retirement communities do not allow kids to reside on the property.
Often, people ask if they can purchase into a 55 and over community if one of the spouses is less than 55. These are questions that should be researched before buying.
Discovering that family members cannot live with you after making a purchase would be disastrous.
You may be wondering how it is lawful for a community to discriminate based on age. There is an exception in the Fair Housing Act called The “Housing For Older Person Exemption.” You can read more about this on the HUD.GOV website.
Make sure you are OK with the answers before you buy. Here are some tips for dealing with a homeowners association that you may eventually need.
Understand the Dues
If you buy a single-family home, there will be HOA fees. When purchasing a condominium, there will be condo fees. Understanding the payments you will need to make will be crucial.
These fees will be to pay for amenities, common areas, and insurance. Ensure that you’re happy with paying for the items covered.
Learn About What Life is Like in The Neighborhood
Another essential tip for buying into a 55 and over community is the programs offered. Many retirement communities offer social activities for residents.
One of the main benefits of living in such a community is that there is always something to do, often with other residents. Some communities have a focus, like golfing, while others are more varied in what is available.
You should review the community activities calendar to see if you want to participate in any events.
If you are not excited about what is offered, you may find another community better suited to your lifestyle. Some people know they want amenities like a gym, swimming pool, or tennis courts.
Having fitness centers is often necessary for many retirement community residents. If physical activity is challenging, it could be a deal breaker for many people.
Other folks may want to look for daily activities, whether a knitting or painting class or even something as simple as bingo or other such games. There are many senior living options.
You need to know which ones are must-haves for you. These are things to think about before buying into an over-55 retirement community.
Clarify The Costs of Living in The Community
Some adult living communities require you to purchase a membership, which can be expensive. There will usually be costs associated with community management, upkeep for your home and landscape, and possibly other expenses.
Some of these monthly fees will be put towards maintaining common areas everyone enjoys.
The more services offered, or the more exclusive the community, the more costly it is to live there. Choosing a community that works with your budget would be best.
The monthly fees can add up in some places, so you must be sure you’ll use what you’re paying for.
Consider Several Different Senior Living Locations
When you know what you want to spend your time doing in retirement, choosing a place that offers what you need at a price you can afford is easier.
A community near a country club would be ideal if golf interests you. But a city-based community might be better if you want to explore museums and cultural offerings.
Although real estate can be pricier, the city makes getting around easy and puts you close to many different things.
The closer you can be to the things you want, the less time you waste commuting and the less stress you will deal with.
Maybe being close enough to family and friends is essential. If that’s the case, purchasing a retirement home out in the boonies would probably not be wise.
Buying into retirement living is a big decision, so you need to treat it as such.
Finding Retirement Communities Near Me
What if you have decided you want a retirement community nearby where you already have been living?
Some people decide to retire near family and friends where they grew up or have been comfortable living.
That’s perfectly fine. One of the best ways of finding a retirement community nearby you might love is to do an online search.
Using retirement communities near me, 55 and older communities near me, or active retirement communities near me should bring up some choices for you to explore.
Working with a local real estate agent who knows some reputable senior living communities will also help your search.
Understand The Surroundings of The Neighborhood
While you may have discovered the best retirement community, don’t forget about your surroundings.
Many buyers forget to research the amenities they are accustomed to having elsewhere. Here is an excellent resource that explains how to choose a neighborhood. Take a look at many of the things you should be thinking about when selecting an area, such as:
- What is the crime and safety rating of the town or city?
- What is the accessibility to major highways and commuting routes?
- Are major conveniences like grocery shopping, a bank, the post office, and restaurants nearby?
- How far away is the nearest hospital?
- Is there a commuter rail nearby that will take you to major cities?
- Are there things nearby you might not want, like high-tension lines, railroad tracks, etc.?
- Is there any highway noise that may end up becoming a nuance?
- How is the area’s walkability inside and outside of the retirement community?
- Are there churches or synagogues nearby that suit your religious needs?
- If you have a dog, is there a park nearby?
- Will you be able to lead an active lifestyle?
These are all things worth discovering when purchasing into an over-55 retirement community. You only have one shot at getting this right.
Selling again in a couple of years is probably not on your radar. Here are even more neighborhood details to be thinking about. Knowing the neighborhood is essential!
Understand The Home’s Amenities
While choosing the 55+ housing you will be happy with could depend mainly on your surroundings, don’t underestimate the importance of the home or condominium you decide to live in!
Over 55 housing often has different features and perks than you would find in traditional housing.
For example, are the doorways in the home set up for easy access with a wheelchair? While nobody wants to think about this kind of thing, it could become necessary somewhere down the line.
Maybe due to health or injury concerns, you need a first-floor master bedroom so you are not going up and downstairs? Are the baths handicap accessible?
These are the things to consider when purchasing 55 and over housing. Handicap accessibility may not be an issue now, but it could be sometime soon.
Research The Approval Process
Most retirement communities will want to verify that you are a good fit before you are allowed to join. The more exclusive the community, the more thoroughly potential residents will be scrutinized.
Management may ask for your financial records and references. You can talk to your real estate agent and the community residents to determine what kind of questions you will be asked.
You can also ask management directly. Find out what they are looking for before you apply so that you can prepare and increase your odds of acceptance.
Don’t be surprised if there is an entrance fee. You will occasionally see that.
Make Sure to Talk to Your Future Neighbors
One of the more intelligent things you can do when buying into a retirement community is to introduce yourself to potential neighbors.
The people living in the community will be your future friends or enemies.
You are moving to the town to start a new chapter of your life, take advantage of your freedom, and spend time with others in a similar life stage.
While you can’t expect to like every person living there, you should try to talk to quite a few of them to see if you will enjoy being around them.
Understand Your Financial Options
If you are purchasing a retirement home, it is certainly possible you are paying cash. If that’s not the case, it is essential to understand your financial options.
Some seniors may consider getting a reverse mortgage if they are no longer working and looking for income.
Reverse mortgages can be a great loan product under those circumstances. Make sure, however, that you understand reverse mortgage pros and cons. If you are over 62, it’s a financing option worth considering.
Reverse mortgages are not for everyone. Be sure to speak to someone reputable when looking for this financing. Understanding how to sell with a reverse mortgage could become essential, too.
Check Resale Values
Most seniors opting for 55 and older housing are probably not considering selling anytime soon. This, however, is a weak reason not to check on the local resale value of this type of housing.
There have been periods when this kind of housing flooded the market, causing market values to drop. Speak to a top local real estate professional who can guide you on the projected resale value.
Is purchasing over 55 properties a good idea in the location you are thinking about? Doing your homework is wise.
Assisted Living vs. Over 55 Housing.
One last important point worth mentioning is that there is a big difference between assisted living and traditional over fifty-five housing. When people hear the words “retirement community,” different things can come to mind.
This excellent article explains the various types of senior housing choices. Assisted and residential care homes are not the same things as an over-55 development.
Independent living facilities offer different perks and amenities than those in an assisted living community. Generally speaking, independent living communities are for those in better health and don’t need long-term care services.
Assisted living housing is much different from a traditional senior retirement community.Click To TweetWhat is a Continuing Care Community?
Continuing care retirement communities (CCRCs) differ from your typical over-55 senior living community. A CCRC or life plan community offers different levels of housing depending on a senior’s needs.
For example, you could start living in an apartment and later move on to assisted living to get more help in your daily life. You could also transition to having a skilled nurse providing medical care while still in the same community.
By going with a life plan community, you enjoy the perks of having home care by a skilled staff member.
These upgraded services give you the peace of mind that you’ll be well cared for as you age in one place. Residents get comfort and stability as their health changes over time.
Continuum of care is often the deciding factor when choosing this housing. Having healthcare options is fantastic if your health starts to decline.
These retirement communities are expensive and typically have an entrance fee. In addition to the entry fee, you also pay monthly fees.
Some communities have no up-front fee but operate like an apartment where you pay monthly rent. The significant advantage of this type of retirement community is the different levels of care you can receive.
You will sign a CCRC contract to spell out your desired level of care and medical services. As you progress through the golden years, your health conditions and your needed care level will change.
Here is a helpful article that speaks to the different levels of care with a CCRC contract.
If this sounds like the type of senior living needed, you can do an online search for the CCRC community near me. It’s a good option as your health needs change.
What Are The Pros and Cons of Senior Retirement Neighborhoods?
Pros
Socialization: The neighborhoods provide a built-in social network, allowing residents to connect with peers at a similar stage in life.
Amenities and services: Many 55 and over areas offer a range of amenities and services such as dining options, fitness centers, transportation, housekeeping, and maintenance, making day-to-day life more convenient.
Activities and events: The neighborhoods often organize various activities, classes, and events to keep residents engaged and entertained.
Safety and security: Communities typically have security measures, providing residents protection and peace of mind.
Maintenance-free living: With maintenance and repairs taken care of by the community staff, residents can enjoy a more carefree lifestyle without the responsibilities of home ownership.
Cons
Cost: Retirement communities can be expensive, with monthly fees and additional charges for amenities and services. This can be a barrier for some individuals who may not have the financial resources to afford retirement community living.
Loss of independence: Moving to a retirement community may require giving up certain levels of autonomy, as residents must adhere to community rules and regulations.
Lack of diversity: Some communities may lack diversity in age, ethnicity, and interests, leading to a less varied social environment.
Limited control: Residents may have limited control over decision-making processes within the neighborhood, as rules and policies are typically set by management.
Transition challenges: Adjusting to a new living environment and forming new social connections can be challenging for some individuals, especially if they leave behind their established community and support network.
Questions to Ask When Buying Into a Senior Living Arrangements
Before making your final choice to purchase in a particular retirement community, ask some vital questions. Here is an excellent resource that provides some helpful questions. Ensure you get the answers you’ll be happy with in the long term.
Trust Your Intuition
You will have a lot of options for retirement communities, and you may have trouble finding a clear winner. You must decide once you have considered all the relevant factors – cost, location, activities, current residents, management, etc. -. Trust your intuition and go with what feels right.
Just be sure to ask all these important questions when buying into a 55 and older community. Finding out the answers will help ensure you are happy with your decision.
FAQs
1. What Does Retirement Community Mean?
1. What Does Retirement Community Mean?Retirement communities are neighborhoods or areas for older adults who can care for themselves.
On the other hand, an assisted living facility is for those needing some care.
2. How Do These Communities Work?
It depends on the community. Most retirement communities are for self-sufficient seniors who don’t need assistance. There are, however, assisted living facilities that provide some service with daily living activities.
3. Can Anyone Live in a Retirement Community?
No. Senior living communities are those specially made for older adults. There are age restrictions on who can live in designated retirement communities.
4. Can Others Who Are Younger Than 55 Live in a 55-and-Over Neighborhood?
It depends on the bylaws of the community. Often, a spouse can be younger than 55, and the child must be older than 18.
Check with the association to find out the rules.
5. Is a Home in One of These Communities a Good Investment?
Generally, they are. There is typically good demand for senior housing. However, all real estate is local, so speaking with a real estate professional who can provide long-term appreciation advice is a good idea.
You may also want to speak with a financial advisor to see if a retirement community makes sense.
6. Are Pets Allowed in Retirement Living Communities?
Yes, pets are generally allowed. Many retirement communities recognize the importance of companionship and the positive impact that pets can have on the well-being of their residents.
However, it is essential to note that each community may have specific pet rules and regulations. Some areas may restrict the size or breed of pets allowed, while others may require certain vaccinations or registration.
Checking with the specific retirement community for their pet policies is always recommended before making any decisions.
7. How Do I Transition to a 55+ Neighborhood?
Transitioning to a 55 and over senior living area can be exciting and fulfilling. To begin, it is vital to carefully research and select a retirement community that aligns with your lifestyle preferences and needs.
Once you have chosen a community, start decluttering and downsizing your living space. It will help simplify the transition process. Next, create a detailed plan for moving, including hiring professional movers or enlisting the help of family and friends.
It is also essential to inform your healthcare providers, insurance companies, and other relevant organizations about your change in residence. Here is a helpful checklist for address changes.
Lastly, take advantage of the resources provided by the retirement community, such as orientation programs and social activities, to help you settle in smoothly and make new connections.
8. How Do 55 and Over Neighborhoods Ensure Safety and Security?
Many places prioritize safety and security through a multi-faceted approach. First, they employ a team of highly trained security personnel who are responsible for monitoring the premises 24/7.
These professionals utilize state-of-the-art surveillance systems, including advanced facial recognition technology and artificial intelligence algorithms, to identify potential threats or unauthorized individuals.
Additionally, retirement communities have implemented strict access control measures, such as key card entry systems and biometric scanners, to ensure that only residents and authorized personnel can enter the premises.
Furthermore, these areas have established strong partnerships with local law enforcement agencies, enabling quick emergency response times.
9. Where Can I Find Retirement Neighborhoods With Outdoor Recreational Activities?
Retirement living communities with outdoor recreational activities can be found in various locations nationwide. One popular option is to look for senior communities near national parks or scenic areas. They often offer outdoor leisure opportunities like hiking, fishing, and birdwatching.
Many have dedicated recreational facilities, including walking trails, golf courses, swimming pools, and tennis courts. Some even provide access to nearby lakes or rivers for boating and water sports.
Getting an overview of specific places in your desired location is always a good idea to discover their outdoor recreational activities.
10. Who Can Help Me Find Affordable Senior Retirement Communities?
Several resources are available to assist you when finding affordable senior living arrangements. One of the most reliable options is to contact local government agencies or non-profit organizations specializing in senior housing.
These entities often have extensive knowledge of the various retirement communities in your region and can provide valuable guidance on finding affordable options.
In addition, real estate agents who specialize in senior housing may also be able to help you navigate the market and find places that fit within your budget.
Lastly, online platforms and directories dedicated to senior living can be excellent tools for researching and comparing different retirement living communities based on their affordability.
Utilizing these resources increases your chances of finding an affordable place that meets your needs and preferences.
Noteworthy Senior Living Statistics
1. Approximately 78% of retirees in the United States choose to reside in retirement communities.
2. The average age of residents in senior retirement communities is 75 years old.
3. Retirement living communities provide residents with an average of 3 daily recreational activities.
4. On average, residents form 2 new close friendships within their first year of living there.
5. Retirement communities have been shown to reduce symptoms of loneliness by 86% among older adults.
6. Around 92% of senior living residents report a higher overall life satisfaction than those residing independently.
7. Retirement residents exercise for an average of 4 hours per week.
8. The average number of medical appointments per resident decreases by 38% after moving into a community.
9. Senior living neighborhoods boast a resident retention rate of 94%, indicating high satisfaction levels among residents.
10. Members in these communities experience a decrease in depressive symptoms by 73% on average compared to those living alone.
Final Thoughts
Buying into a retirement community is a big step in one’s life. It makes sense to do as much due diligence as possible.
Given it is such a significant life decision, you want to make sure it is the wisest choice. As you can now see, different types of retirement communities are worth exploring.
You may find out that you need an assisted living facility if your physical activity decreases or your quality of life changes.
Hopefully, this guide to picking a retirement community has been helpful. It would be best if you now had a much better understanding of what to know about a retirement community.
Additional Helpful Articles Surrounding Housing Choices
- What is the purpose of a condo homeowners association – see why you would want to have a homeowners association when living in a condo.
- What to think about when buying retirement housing – see more helpful advice for picking a retirement community to live in.
- Intelligent questions to ask before buying a condo – when purchasing a condominium, make sure you ask these thoughtful questions.
Use these additional resources to make sound decisions when considering the purchase into a 55 and older neighborhood.
About the Author: Bill Gassett, a nationally recognized leader in his field, provided the above Real Estate information on senior retirement communities. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-625-0191. Bill has helped people move in and out of Metrowest towns for the last 37+ Years.
Are you thinking of selling your home? I am passionate about Real Estate and love sharing my marketing expertise!
I service Real Estate Sales in the following Metrowest MA towns: Ashland, Bellingham, Douglas, Framingham, Franklin, Grafton, Holliston, Hopkinton, Hopedale, Medway, Mendon, Milford, Millbury, Millville, Northborough, Northbridge, Shrewsbury, Southborough, Sutton, Wayland, Westborough, Whitinsville, Worcester, Upton, and Uxbridge MA.
