Purchasing real estate in 55+ communities is similar to purchasing any other type of property, however, there are a few differences. 55+ communities may offer unique features, amenities, and rules. The following covers an overview of purchasing real estate in 55+ communities in MA.
What Defines 55+ Communities
55+ communities are age-restricted. The explicit rules are based on the particular community. Some require at least one member of the household be at least age 55 while others are stricter and require all residents to be over 62 years old, making it a 62+ community. Some permit minors while others exclude them. It is important to learn about all of the restrictions prior to continuing with a purchase.
Common Amenities Of 55+ Communities
55+ communities are intended to provide maintenance-free living for its residents. Most come with certain conveniences. Tennis courts, golf courses, pools, fitness centers, and game rooms are very typical. An association is generally in charge of routine maintenance of land, property exterior, and shared amenities. Many may also offer special activities. Be sure to inquire about the fees for these things.
Properties within 55+ communities often come with particular features. Examples are a first floor master suite, smaller plots of land, and energy efficient products. If buying new construction properties, some features may cost more. Model units are commonly enhanced to highlight bonus amenities. It is thus wise to get details on what is included.
Purchasing Real Estate In 55+ Communities In MA
Each community has something unique to offer. This is influenced by age restrictions, rules, amenities, property styles, location, and population. It is worthwhile to review and weigh all of this information. Working with a real estate professional who understands this type of property may be an added benefit in your purchasing experience. Your real estate professional will assist you with evaluating financials and other documentation, suggest things to ask about, and help you come to an informed decision about purchasing real estate in 55+ communities in MA.