After a certain age, people and couples start to feel like their current homes and neighborhoods just don’t fit their lifestyles anymore. This is especially true for those who have retired and are far from their kids. With no need to commute to work or participate in active and busy city life, many people choose to move. One great option is a home in a 55 community, which begs the question:
Can anyone buy a house in a 55 community? Technically, yes, anyone can buy a property in a 55 community; however, one of the individuals living in the home must be over 55.
Read below to find out more about who can buy and own a house in a 55 community and details on how old the occupants need to be to live in these homes, whether you can inherit a 55 community home, and if your grandkids can visit!
What is a 55 Community?
A 55 community is a kind of intentional community that is meant to accommodate the needs of older retired individuals. The atmosphere, amenities, and blueprint of individual homes are specifically designed to make these communities welcoming for older individuals. Often the neighborhoods are gated for added safety, and homes can include condos, apartments, but most often, single-family homes.
For the most part, seniors living in 55 communities are retired, but that is not always the case. The main restrictions when it comes to these locations is age. While they are called 55 communities, some may have more demanding age restrictions than others. However, for the most part, these communities are reserved for seniors 55 and older in an effort to create a space with people who have similar interests and can easily socialize.
Over 55 neighborhoods are also very lively. In other words, this isn’t like a nursing home. These are actual properties that people purchase and live in as they would in their previous homes. The only difference is that you are surrounded by like-minded people who are roughly the same age as you. You can still drive or walk to shops, churches, restaurants, theaters, and, if need be, a local hospital.
The atmosphere is also very health-focused, meaning there are a lot of activities for seniors and couples to do as it relates to health and fitness. Some communities have pools, tennis courts, and yoga zones. Sometimes you can find a community with a man-made lake where seniors can fish and walk around. On top of that, you are constantly socializing with other people, which significantly improves your mental capacities and quality of life.
Even the floorplans in many 55 communities are made to accommodate seniors with a low-maintenance vision in mind that both cut bills and costs and saves people time from cleaning and chores.
Can People Under 55 Live In a Retirement Community?
What if you or your partner are 55 and older and have a kid under the age of 18, can he or she still live with you? This is where things get a little bit more complicated. For the most part, it is rare to find someone that is young living full-time in a 55 community. In fact, most communities have rules prohibiting non-adult children from living full-time in their neighborhoods.
However, the rules are a bit more lenient when it comes to adult-children 18 or older.
Most communities establish that a majority of the properties have to be occupied by people over a certain age limit, which can go as low as 45 or as high as 60, but on average, it’s around 55.
What Is The 80/20 Rule?
Each community has its own set of homeowner association rules and regulations that regulate how occupants should care for their homes. For 55 communities, the homeowners association also sets the rules for how old people have to be to live in the properties, what percent of the homes need to be occupied by a certain age group. And in some cases, individual people, applicants, and families are reviewed for admission.
Most communities follow a simple 80/20 rule, meaning that at any given moment, the full-time occupants have to be 80% seniors, at or above the specific age limit, and can be up to 20% non-seniors or young adults. This means that as long as the 20% barrier has not been reached, a young family can purchase a home within a 55 community and move there as long as the homeowner’s association approves and the children are not too young.
In some rare cases, rules can be broken if the community is open to changes; however, this is rare in most instances.
Can My Kids Inherit A 55 Community Home
So what if you live in an age-restricted community, can you leave your property to your kids? You can definitely pass down your home to your children. The question becomes, are they able to live in it, or will they have to sell the property? Again, you have to refer to the 80/20 rule.
As long as when you inherit the property, the overall occupancy of non-senior full-time occupants is below 20% you should be able to live in the new property. Luckily, it’s very rare that a 55 community reach its 20% young adult limit. Surprisingly as it may seem, young families just don’t want to live in a neighborhood made specifically to accommodate those two to three times older than they are… who knew!
That being said, there are instances where the 20% limit has been breached or individual cases where the homeowners association reviews the case and doesn’t approve of families who have inherited a 55 community property to move in. In these instances, the new owners may be required to sell the home.
Can My Kids and Grandkids Visit?
No matter how great a community is made, nothing beats having your family over for dinner or the holidays. Since 55 communities are made to promote the health and wellbeing of occupants, there are no rules that prohibit guests from visiting you. Your family, friends, and loved ones are more than welcome to visit you throughout the year and even stay over! Just keep the music down ok, you party animals?
Keep in mind that while children under the minimum age requirement can visit, they can’t stay as full-time occupants. In fact, most communities have a limit for the number of days your under-age guests can stay. While you have to check with the homeowner’s association rules, most communities limit visits to 15 days twice a year. Which if you factor in work and school comes out to your family visiting you on major holidays and on some weekends. What could be better?
What About My Spouse or Partner
You may be wondering to yourself, “well, I’m over 55, but my spouse is much younger, is he or she allowed to move in with me?” Of course! It’s not like these communities want you to be alone. This is a retirement community made to accommodate you and make your stay as relaxing and welcoming as possible.
The 80/20 rule stipulates that at least one of the people living in the home has to be 55 or older in 80% of the properties, meaning your younger spouse or partner can stay with you!
There you have it! While anyone can buy a 55 community house, not everyone is allowed to live in these types of properties full-time. These rules and regulations are made to improve the lives of those living in the community as a whole and make retirement all the more convenient and relaxing.