Published in the March 29, 2018 edition
By EDDIE MADDEN
Realtor, Farrelly Realty Group
NORTH READING — The population in the United States is getting decidedly older by the day. By the year 2030 it is estimated that 20% of the population will be 65 years of age or older. That equates to approximately 70 million people. My wife and I fall into this category, but please do not tell her that you heard this from me.
We have two sons in college and a daughter who will be entering her senior year at NRHS this coming fall. For the better part of twenty years we have enjoyed our current home and it has provided us with a tremendous amount of comfort and wonderful memories. However, the reality of it all tells us that in just a few short years we will no longer need so many bedrooms, a large yard, or such a large tax bill. Does this sound familiar?
If it does, then you are probably considering your options for the future as well. One of the hottest current trends in the housing market are the active adult communities for folks who are 55 or older. There are also communities where the minimum age is 62, but the majority tend to be 55-plus communities. These communities have been very popular for years in “retirement states” such as Florida and Arizona, but they are now exploding here in the Northeast.
EDDIE MADDEN Farrelly Realty Group (Courtesy Photo)
If you would like to sell your house and downsize, but do not want to move away from the area year-round, then you may want to consider one of these communities. If you do, then here are some things that you should take into consideration before making such a move.
Each community has its own “personality” so you will want to know ahead of time what type of community will best serve your needs. Will you want a community that hosts social activities, provides for your physical fitness needs, or hosts events to enrich your mind? Your concerns will not be limited to just the number of bedrooms and bathrooms in each unit.
The homeowner’s association plays an integral role in all of these communities, so you will need to be comfortable with how they operate as well as their financial stability. It was one thing to laugh at the trials and tribulations that Jerry Seinfeld’s parents faced when they lived at Del Boca Vista, but it’s an entirely different kettle of fish when it comes to you and your spouse. You will need to be comfortable with how the association spends the fees they will collect from you each month. The financial stability of the association will also play a key role in your long-term enjoyment of the property.
One of the most common laments from the residents of these communities is the number of rules and restrictions that must be followed. For the past several decades you never had to worry about things such as exterior house decorations, the size or number of pets you wanted, or if an adult son or daughter wanted to live with you. These things and many other considerations are addressed differently at each location, so you will need to do your homework.
Lastly, do your best to think long term when you are looking at a community. Will this home and community still meet your needs ten years from now? You may end up living there longer than expected so make sure that it meets your needs today as well as down the road.
Units in communities that are newly constructed will be sold directly by the construction company. Therefore, you will need representation as the buyer. Buyer representation will cost you nothing but will instill confidence and security that you have someone working for you and in your best interest. Let me know if I can be a resource for you as you explore your options. I can be reached at eddie@farrellyrealty.com or by calling me directly at 781-962-7269.
