Moving to an “Active Adult” Community? Review These Seven Considerations

Relocating to an "Active Adult" community is a significant lifestyle change that warrants careful consideration. Many older adults downsize into shared communities by buying a condominium or moving into a 55+ community. Here are seven critical factors to keep in mind:

1)?Understand the Homeowner’s Association (HOA) Realities

Rules and Regulations: HOAs come with a set of rules, regulations, and bylaws. Note that individuals who seek positions on HOA boards often take their responsibilities very seriously, sometimes overly so.

HOA Fees: These fees are usually paid monthly to cover common area maintenance and landscaping. Understand which amenities and repairs are included in this fee.

Management: Determine whether the HOA is managed by owners or an outside company.

Participation Costs: Even if you don’t use certain amenities, you will still be paying for the option to participate.

2) Assess the Association’s Financial Health

Fee History: Investigate the history of fee increases and review the minutes of past meetings.

Financial Statements: Ensure the association’s income can offset its expenses.

Reserves: Check if there are adequate reserves for future capital improvements and unforeseen expenses. A recent capital reserve study should have been completed within the past two years.

Special Assessments: Frequent special assessments indicate poor financial oversight.

3) Owner Occupancy Rates

Renters vs. Owners: Verify the percentage of homes that are rented versus owned by occupants. Check the bylaws for rentership thresholds.

Subletting Policies: Understand if you can rent or sublet your home and know that you are responsible for ensuring tenants adhere to association rules.

Land Ownership: Confirm who owns the land the property sits on.

4) Visitor Restrictions

Age Limitations: Some 55+ communities have restrictions on children visiting or staying. This could be a positive or negative aspect depending on your preference.

Space Needs: Consider if you will actually need extra bedrooms, as your children may not visit as often as anticipated.

5) Vehicle Restrictions

Vehicle Types: Some communities restrict the presence of Recreational Vehicles (RVs) and commercial vehicles.

Parking: Parking is often an issue. Be aware of street parking rules and assigned parking spots.

6) Pet Policies

Type and Number of Pets: Some communities limit the type and number of pets allowed.

Weight Restrictions: Certain communities enforce weight limits on pets, sometimes even weighing them.

7) Town or City Inspections

Septic Systems: Check when the last septic inspection was done.

Water Quality: Ensure the water quality is regularly tested and review the results.

Structural Integrity: Investigate the condition of common areas such as outdoor porches, foundations, and exterior walls.