5 Questions to Ask Before Moving Into a 55+ Community

  1. What amenities does it have? And do those amenities meet my needs and interests? If the community boasts tennis courts and everyone plays in the weekly league but you don’t even own a racquet, it may not be right for you. Look for amenities that correlate with your hobbies such as an indoor or outdoor swimming pool, fitness center or fitness classes, walking paths or clubhouse. I can tell you if these perks are included in your common fees or you have to pay extra for them. And I’ll help you find a community that offers physical or social activities matching your interests.
  2. Does it make sense for me financially? Remember that it makes financial sense to pay for what you will use. So if you’ll take advantage of say, the fitness center, you’re likely getting a good deal. But if you have no interest in golf and your community boasts sprawling greens, it may not be right for you (unless you like a pretty view or you’re interested in the golf course to boost your home’s resale value). Also consider if buying a home here would be in line with your financial goals. If your mortgage will be so high that you can’t take that annual trip to Europe you desire, then you may need to find a more affordable community.
  3. How are the community’s finances? You want a community in good financial standing. Find out if the community has a lot of foreclosed units or how many residents aren’t paying their dues or mortgages on time. Check if there have been any recent assessments or if they have a reserve fund for emergencies. Look at the grounds and buildings to see if see if any major renovations, such as a new roof for a clubhouse, have been put on hold. I can help you find out these answers by getting and helping you understand past financial statements, budgets, condo or Home Owners Association documents and the minutes from any meetings.
  4. Are there any age restrictions? Maybe you have young grandchildren who spend summer weekends with you. But if they can’t use the pool, you will have some sad faces. Or what if your daughter wants to move in with you after college graduation so she can save for her own apartment. I can find out the community’s rules on having an adult child live with you.
  5. What rules will you need follow? I’ll tell you what kind of rules and restrictions you’ll have to abide by. You may have to paint your home’s exterior a certain color or landscape a certain way. Maybe you can’t have pets or are restricted on the number of pets you can have or how much the pet weighs. I’ll find out all this information for you so you aren’t taken by surprise.

Source: Albert Clark’s November 06, 2017 Newsletter

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