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The Pros and Cons of Adult Communities for those of us 55 years old and Up

By Barbara Corcoran
Published Jan 23, 2012

Real estate expert Barbara Corcoran on Adult Communities

Adult communities can call to mind images of old age homes. But today they are anything but. Many are for the very active 55-year-old and up set—folks in their prime and on the go who enjoy maintenance free living and being among their peers. The important thing is what to look for and what questions to ask BEFORE you buy in.

Some adult communities maintain their value year in and year out whereas others are very popular when they first open but lose their charm and their value, quickly. The most important call to make with an adult community is how much you like the people living there. If you see people you instantly feel comfortable with, chances are you can quickly make them your friends.

When it comes time to assessing the actual adult community, there are a few key questions you should ask:

  1. Is everybody here local? A good community should be a magnet that draws people from farther away than just the next street over. If everybody is from the same area the place may be cliquish.
  2. How long has it been open? Generally the longer a community has been open the more stable it is financially, but that may also mean the residents tend to be older.
  3. What does the annual home-owner's fee cover? It should, but sometimes doesn't, include the use of the swimming pool and clubhouse, as well as all basic amenities, including golf.
  4. What kind of "mental" activities do you provide? Active adult communities tend to play up golf and tennis, but you can play only so much before your mind goes. The better communities now offer activities that include arts, crafts, and continuing education classes.
  5. What kind of medical facilities does it have? Some active adult communities have an on-site medical room or doctor. If not, they should provide access to quick and easy transportation to a nearby hospital.
  6. Can you open up your books for me? Don't be afraid to ask the management of the community for financial information. Those budgets are public documents, and will paint a clear picture of the financial health of the community. You especially want to look at how often they've raised fees on home owners; the hikes should be no more than the rate of inflation.
  7. How convenient is it to get downtown from there? No matter how great the community seems to be, you'll need to get out among other people to maintain your sanity! Make sure transportation to the nearest downtown area is accessible and quick.

Be sure to check out Barbara's video about buying into adult communities!

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