Retirement communities have many housing choices ☘ Hoey Team ☘ eXp Realty

Dated: 05/22/2019

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From 55-plus baby boomers to seasoned seniors in their late 70s, 80s and beyond, older adults span a wide age range. And so do choices in housing for those demographics.

Active adult communities draw the younger baby boomers who are retired or maybe still working. They enjoy home ownership but would like to lighten their home maintenance load. Too, with more leisure time now or in the near future, having resort-like amenities right at their fingertips is desirable.

These independent seniors have an array of housing types to choose from either in an age-restricted 55-plus community or in an age-targeted community, amenable to seniors but not “seniors only.” Housing options include condos, duplexes and single family homes.

Apartments are another option for those who’d rather rent than own. The 55-plus demographic is increasingly opting to rent rather than own their own homes.

No matter the housing type, price points vary and that naturally will impact the decision being made.

Manufactured homes are an option for independent seniors who prefer home ownership with an affordable price tag. Although homes are more budget conscious than traditionally built homes, they still offer floorplans, finishes and upgrades homeowners desire.

At the other end of the spectrum, is the age-qualified life plan or continuing care retirement community with a host of amenities and services under the umbrella of continuum care.

Typically there is a three figure entrance fee in addition to a monthly rate from $2,000 to $5,000. Seniors can enter this type of community when they are active and independent and not have to worry about moving as they go through the life cycle.

Financial considerations will dictate options, but once you decide what you can afford be sure to do your homework.

Speak with people you know who live in a retirement community and ask questions. Visit different types of communities to see what might be the right fit.

Ask questions and review your concerns with the community representative you meet with during your visit. Before making any choice, discuss your options with your family.

Once you’ve done all this, you’ll be more confident in making the right retirement choice that fits your individual situation.

article from SRES Council

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