Demand for age-restricted communities continues to rise, and now older adults have more options than ever, with communities that fit every lifestyle.
The National Association of Home Builders estimates that the number of households headed by someone age 55-plus will increase through 2019 to account for more than 45 percent of all U.S. households. Increasingly, more developers offer amenities that lead to an active and healthy lifestyle, including classes, spa centers and hiking trails — along with a home design that focuses on making the living space fully accessible to people of all different ages and abilities
With more options to choose from, experts say that it’s crucial for consumers to perform their due diligence in selecting a community.
“We saw people in horrible situations when the real estate market collapsed and some of the communities shut down,” says Michael Smith, corporate director of communications at the Pennsylvania-based ACTS Retirement-Life Communities.
Sometimes buyers fail to look into the financials of the company that is building or managing the community that they’re interested in. This is a must-do before buying.
Lee Ratta, a senior vice president at Front Porch, a nonprofit support system in California for a network of active adult and retirement communities, says age-restricted communities are intended to provide seniors with services and support that will help them live happier, healthier and longer lives.
“It’s very important to know as much as possible about what services can be expected at different stages of retirement,” she says.
Of course, when researching age-restricted communities, buyers should consider factors like proximity to family and friends, services and amenities and cost of community.
Smith also recommends asking some of the following questions:
Is the owner/manager a nonprofit or a for-profit?
Is the community accredited for meeting high standards in resident services, operations and financial stability?
How long has the managing organization been in business?
Are health care services provided on campus or nearby?
What are the details of fees and what do they include?
— Patricia V. Rivera
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