Tips for Home Buyers Purchasing In An Age-Restricted Community
Age-restricted communities are developments specifically designed for seniors. Often, these communities have amenities designed to provide recreation and to promote a sense of community among residents. Knowing what to expect in an age-restricted community can help Silverton home buyers decide whether this type of development is right for you.
Make Note of Amenities
Age-restricted communities often have amenities for residents. Buyers thinking about purchasing a condo in an age-restricted community should find out what kind of amenities are available before making an offer on a property. Below are some examples of amenities that are common in these developments:
- Pools and hot tub
- Sewing room
- Community room for holiday parties and other events
- Walking trails
- Art studio
- Exercise room
- Dance room or ballroom
Knowing what amenities are available at each age-restricted community in your area can help you decide which type of community is right for you.
Research (and Budget For) HOA Fees
Most age-restricted communities have a homeowner's association and related fees. Typical HOA fees range between $100 and $700 per month. Buyers who are thinking about purchasing in an age-restricted community should be aware of the current fees for the age-restricted community where they're thinking about buying. More than that, they should find out how often HOA fees go up, and by how much.
Having this information before making an offer can help home buyers create a home buying budget. Buyers who are on a tight budget will need to shop around for an age-restricted community with affordable fees and a reasonable expectation that the fees will not be raised too high in the future.
Be Prepared for an Interview
HOA's usually interview people who want to live within the HOA's borders. Usually HOA interviews are low-stress affairs, not like job interviews, but people who are applying for a place to live should be aware that this will likely be a step to take before they can close the deal. During the interview, members of the HOA are likely to discuss the rules of the HOA and ask the home buyer questions to ensure the home buyer is a good fit for the community.
Find Out the Rules
Many HOAs have rules that residents are expected to abide by. Rules for members may include:
- Types of decorations that can be put on the lawn
- Where the homeowner can park
- Windows of time when the homeowner can have outdoor parties
- Whether the homeowner can have pets, and if so, what kind
It's important for the home buyer to become familiar with all of these rules before making the home purchase.
Work with a Real Estate Professional
Buying a home in an age-restricted community, or buying a home anywhere, can be a challenge. Many people are unaware of what's involved in purchasing a home. If you're a home buyer who would like to purchase a home in an age-restricted community, contact a real estate professional in your area.
Your real estate agent can help you decide which age-restricted community would be right for you, and can also help you negotiate a purchase price for a home that is reasonable and fair. For more information about purchasing a home, make an appointment with a real estate agent to start today.