If you've been thinking about selling your home in favor of investing in 55 plus real estate, there are a few things that you might want to think about. Remember that the rules and regulations for properties like these are often very different than ones for your traditional homeowner's association, so you'll need to be fully prepared for those differences. Before you list your home, here are a few things that you might want to think about.
What Is The Current Legal Status Of The Community?
Before you invest in any property, it's important that you fully understand what the legal status is for the community. A rash of foreclosures, unpaid dues, or legal issues between the residents may indicate that there are problems within the community that could leave you with problems down the road. The last thing you want is to invest in a property that you will end up losing due to legal woes within the community.
What Are The Rules About Visitors?
You might think that investing in property in a 55-plus development means that you won't ever have to worry about children or young adults running around or causing noise and commotion. The truth is, unless the community restricts visitor ages entirely, you may still have some younger people in and out of the community. Ask about the regulations so that you know whether there may be younger visitors staying for short periods.
Some developments say that only one resident in a household must be over 55 and that others can be younger. Other properties restrict younger visitors to between certain hours of the day. In still other properties, they can visit and even stay the night, but only for a certain number of days. Clarify this before you invest so you can be sure that the property you buy will work for your needs.
What Are The Plans For Surrounding Property?
When you find a great property, the only other thing you will need to consider is what surrounds it. If there are empty lots around the development, ask about what the plans are for them. If the association doesn't own that surrounding property, you'll need to be prepared for the possibility that you may have high-traffic developments or other property built around you. The more you know now, the easier it will be to make a determination about your investment when you're ready to buy.