Choosing a gated retirement community can provide you with a quiet, comfortable place to enjoy your time after retiring from work. These communities come with a lot of benefits, from luxury amenities to planned community events. However, you'll want to make sure the community you choose offers everything you want. Here are a few things to consider before you purchase a home in a gated retirement community.
Understand The By-Laws
The by-laws for gated communities can differ greatly, and you'll want to make sure the rules are in line with your expectations. Some may restrict the presence of children, so if you have grandchildren who might want to spend the summers with you, make sure that this is allowed before you buy. You may also want to investigate whether or not you can rent out your home. This is important to know, as it means that you won't be able to lease our your home should you decide to move or spend your winters in a different city.
Check Out The Amenities
Make sure that the gated community has the amenities you want before you consider purchasing a home. Some come with swimming pools and gyms, while others have community rooms that can be used for parties or other events. If you play tennis, you may want to choose a home with easy access to a tennis court, and golfers may want a community with privileges at the local country club. In addition to shared amenities, you'll also want to look at what the individual houses have to offer. You may need a home that a walk-in bathtub or other accessibility features, or you might want a home with a heated garage for your dream car. Make a list of the features that are most important to you, and choose a community that aligns with those wishes.
Investigate The HOA Fees
Moving into a gated community can mean having to pay HOA fees in addition to your monthly mortgage. These fees typically cover landscaping, lawn maintenance, and repairs for shared facilities. You'll want to know what the expected fees are in advance, as this will help you to determine if you can afford the actual cost of living in the community, particularly if you will be on a fixed income after retirement. Your real estate agent can help you to assess average HOA fees in the area you are hoping to purchase in.
You'll be part of a tight-knit neighborhood when you move into a gated retirement community, so be sure that the home, the neighborhood, and the neighborhood itself fit with your lifestyle and personal needs. Once you find the right community, you can begin to enjoy your retirement.