Choosing the right place to call home in retirement is a major decision. For many retirees, 55+ communities present an appealing option. These neighborhoods cater specifically to the needs and preferences of older adults, and ensure you have some neighbors in a similar age range. However, 55+ communities come with their own set of advantages and disadvantages. So what are the pros and cons of buying a home in a 55+ community?

Pros of Buying a Home in a 55+ Community

  • Active Lifestyle 55+ communities often offer a vibrant and active lifestyle tailored to retirees. These communities usually provide amenities like golf courses, fitness centers, swimming pools, tennis courts, and organized social activities. Some communities are situated at a beach setting, or close to hiking or skiing, and attract many residents that share similar interests. Residents can enjoy these resort like amenities just steps from their home, without any upkeep necessary like cleaning the pool, driving to the gym, etc.
  • Sense of Community Living among peers in the same stage of life can create a strong sense of community. It is never too late to make friends that share common interests as you. Beyond the amenities, these communities often have a common room that host various social clubs, classes, book clubs, and events tailored to residents' interests. Whether you enjoy arts and crafts, sports, or educational pursuits, you're likely to find a group that suits your hobbies. 
  • Reduced Maintenance Maintenance-free living is a significant perk of 55+ communities. Many of these neighborhoods provide services like lawn care, exterior maintenance, snow removal, and even housekeeping, allowing you to enjoy retirement without the burden of home upkeep. Some communities also include gated entrances and security personnel, which can provide peace of mind for residents, especially for those who travel frequently once retired.
  • Age-Appropriate Housing Designs Homes in 55+ communities are typically designed with older adults in mind. They often feature single-story layouts with no stairs, wider doorways, and other age-friendly amenities.  

Cons of Buying a Home in a 55+ Community

  • Age Restriction Even though it is beneficial for someone living in a 55+ community to have neighbors in the same age range, there is also a drawback with this restriction if you have friends or family members who are not 55 or older. Often, visitors under 55 are allowed for visits, but they may not be able to live with you permanently. There are also rules for people inheriting a house in a 55+ community, and whether they can live there if they are not at that age. Some 55+ communities also have resale restrictions in place, limiting your ability to sell your home to someone under a certain age. Each 55+ community has different rules, so be sure to check out the rules for any community that may interest you. 
  • HOA Fees Homeowners' association (HOA) fees are common in 55+ communities and sometimes be high. These fees cover maintenance, amenities, and community services, so it's essential to factor them into your budget when considering a purchase.
  • Limited Age Diversity While the sense of community can be a pro, you have to think about whether you would prefer a more diverse age range in your neighborhood. If you enjoy interacting with people of all ages, you may feel limited in a 55+ community.
  • Limited Housing Options Some areas have plenty of 55+ communities, while some other areas do not have many, and you might have limited communities to choose from. Many of the ones located in the New York suburbs were newly built, which is a pro, but may have a high sales price for that reason. 
  • Rules and Regulations 55+ communities often have strict rules and regulations governing everything from home appearance to pet ownership. It is also a community, so compared to a single family home, there are restrictions on whether you can have a fenced in yard for your dog, or whether you can own a pet in general. Make sure you check the rules for each community and that you are comfortable with the rules before buying.

In conclusion, buying a home in a 55+ community offers many advantages for retirees seeking an active and maintenance-free lifestyle. However, it's essential to weigh these benefits against the potential downsides, such as age and community restrictions and HOA fees. Perhaps a general condo community of just a simpler home on one floor with minimum stairs is more suitable. Be sure to carefully research and make visits to different communities so that you can decide whether a 55+ community is the right choice for your retirement years.