Can You Buy a Home in a 55+ Community?
Understand the unique considerations for acquiring property in 55+ age-restricted communities. Navigate this specialized housing market.
Buying a home in a 55+ community offers a distinct lifestyle tailored for adults. These communities provide unique living arrangements, often characterized by specific amenities and a focus on social engagement. This guide clarifies the definitions, eligibility criteria, and common rules associated with purchasing property in such communities.
Defining 55+ Age-Restricted Communities
Fifty-five plus (55+) communities are specialized residential areas designed for older adults. These communities are legally permitted to enforce age restrictions due to the Housing for Older Persons Act (HOPA) of 1995. HOPA provides an exemption to the familial status discrimination prohibitions of the Fair Housing Act, allowing these communities to set age limits. The purpose of HOPA is to ensure housing options exist specifically for older persons.
These communities often feature low-maintenance housing options, such as smaller homes, townhouses, or condominiums. Many also provide amenities like clubhouses, fitness centers, swimming pools, and various recreational facilities. The design and offerings foster an active and social lifestyle for residents.
Eligibility for Residency
Residency in a 55+ community primarily hinges on age requirements, though specific rules vary between communities. Generally, at least one person in the household must be 55 years or older.
The Housing for Older Persons Act (HOPA) mandates that at least 80% of occupied units must have one resident aged 55 or older. This “80/20 rule” allows for flexibility, meaning up to 20% of units may be inhabited by residents younger than 55. Communities must also publish policies demonstrating their intent to operate as housing for older persons and comply with HUD age verification rules.
Exceptions to the age requirement commonly include spouses or partners of the qualifying resident, even if younger than 55. Some communities may set a minimum age for such spouses, often around 40. Adult children may also be permitted to reside with the qualifying older adult, though this varies by community. Live-in caregivers may also be allowed under specific circumstances.
Common Community Regulations
Beyond age restrictions, 55+ communities typically establish various regulations to maintain their environment and lifestyle. These rules are outlined in the community’s Covenants, Conditions, and Restrictions (CC&Rs) and Homeowners Association (HOA) bylaws. Prospective residents should review these documents thoroughly before purchasing.
Many communities have specific rules regarding guests, particularly younger visitors. Grandchildren and other younger family members are generally welcome to visit, but often with limitations on stay duration, such as a maximum of 15 to 30 days per year. These rules help ensure the community remains primarily for its age-qualified residents.
Other common regulations cover pet policies, including restrictions on number, size, or breed. Landscaping and exterior home maintenance responsibilities are frequently managed by the HOA, ensuring a consistent aesthetic. Rules also govern shared amenities, noise levels, and parking.
Navigating the Purchase Process
Purchasing a home in a 55+ community follows the general real estate transaction process, but includes unique considerations. A primary step involves verifying age eligibility for all prospective residents. This verification typically requires providing official documentation, such as birth certificates, driver’s licenses, or passports, for each occupant.
During the due diligence period, thoroughly review the community’s governing documents. These include the Covenants, Conditions, and Restrictions (CC&Rs), HOA bylaws, and any specific rules. These documents detail age restrictions and common regulations concerning pets, guests, property maintenance, and amenity usage.
Potential buyers should also inquire about financial requirements beyond the purchase price, such as HOA fees, capital improvement fees, or minimum reserve requirements. These fees contribute to the maintenance of common areas and amenities, and they can vary significantly between communities. Confirming these financial obligations ensures they align with your budget.