Know What Will Be Required Of You In A 55+ Community
When deciding to live in a retirement community, you’ll probably sign an agreement which states what you can expect from the community and what the community will expect from you. If you have never lived in a home or condo with a community organization, like a homeowners association (HOA), you may be surprised to discover yourself limited in more ways than you anticipated. Rules for parking, decorating your home, lawn maintenance and more may be in place.
Living in an HOA or Condo community is like politics. Some things you will like and some things, not so much. All of that being said, the overall intent of community associations are to make policies that are best for the community.
Some 55 and over communities have rules in place restricting who can live in the property. For example, you may find out that both a husband and wife need to be at least fifty-five years old. Some retirement communities do not allow kids to be residing in the property at all. 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.
You may be wondering how it is lawful for a community to be able to discriminate based on age. There is an exception in the fair housing act called The “Housing For Older Persons Exemption”. You can read more about this on HUD.GOV website.
Make sure you are OK with the answers before you buy.