<p>My mother is thinking about moving into one of these. Can you get your money out of this investment when you want to move out? She has the money to stay where she is living, and it keeps going up in value. Her current home is a decent situation for an elderly woman. She lives in a condo that has a doorman, and everything is on one floor (no steps). She is still very physically and mentally able.</p>
<p>The reason that she is tempted to move is for more social potential if there are other widows/widowers that move into this development. She is a bit on the lonely side now, but she has plenty to do each day. She has a routine, but I think that she would like instant friends to go to a dinner with everyday, at a moment’s notice. She wants friends who are willing to go 2-4 times/year on a senior trip somewhere (she usually organizes this successfully once per year now).</p>
<p>Marite, thanks. I never heard this term before, so I just did some reading on it. She would not be interested in cooking for a community, or a common dining hall (I know that sounds surprising from my description). I asked her if she would be looking for some community meals, and she said no. She wants to be able to drive with 3-4 others, and eat dinner out daily (she does this now and enjoys it). Thanks though, I learned something new.</p>
<p>She is interested in one of the over 55 communities because they offer a large club room (place for socializing). She plays lots of table games (various card type of games). They also offer a small golf area (she might use this a bit). They also have pools, bocci ball, and tennis courts which she would definitely not use at all. I can picture sitting for several hours/day in a club room with others. She does this currently at various senior centers.</p>
<p>I have several friends in a local over 55 community (Trilogy). They love it.They own their houses (can sell for full price) and also pay a community fee for the group facilities.</p>
<p>My mother was in an assisted living community. In that one, you paid your way in, paid a large monthly fee (it amounted to her entire social security check), but everything was covered. No money back if you moved out. </p>
<p>The rules vary; it’s important to look at the age cohort, the activities, the people who are joining. My mother’s was subsidized by the southern Baptists, they gave a discount to ex-ministers, and my atheist mother found herself surrounded by devout Baptists for the last 12 years of her life… After she died, one of them actually described her as “their cross to bear” to my sister and me.</p>
<p>They vary all over the lot and you should be clear about the differences between assisted living, life care, and age-restricted condominiums. </p>
<p>There are some lovely communities that are age-restricted. Aside from normal condominium association rules, the age-restricted ones generally require that one resident (not necessarily the owner) be over a certain age. In many cases a younger person can be “grandfathered in” if the older person leaves. The facilities also vary. Anyone considering such a community should check out a variety of them, from a variety of builders, as well as existing communities. The municipality where the condo is located essentially writes its own rules – in terms of ages etc – so don’t assume they are all 55.</p>
<p>I am closing on a lovely townhouse condo in an age restricted community <em>this morning</em>. We feel it’s a great investment and we have seen substantial appreciation in value in the year it’s taken to build. This community is selling very well, although there are no resales to date. The first phase is just starting to close, and they’ve opened the third phase for sales. It’s more than 75% sold in a year.</p>
<p>Hi northeastmom,
I have twice dealt “in-family” with this situation. My mother bought into a brand new luxury 55+ community which had a 6 story condo as well as townhouses and single family homes. While there was no communal dining, the complex had everything from a jitney to take people shopping, etc. to concierge service, a fitness center, card rooms, indoor and outdoor pools, a cafe, etc. That was an excellent investment as when the condo unit was sold, it had appreciated greatly in value, probably because it was the only thing of it’s kind in the area.</p>
<p>My MIL moved into something different. A 62+ community where you pay an entrance fee to obtain an apartment and then pay monthly maintenance. When you move out, you get your original money back minus a “refurbishing” fee. This community has step-up care, so that if you are no longer able to live independently you can move within the complex to housing where you are taken care of. It is a beautiful community geared towards the middle-class supposedly. They have great facilities which are included in the entrance fee/montly maintenance. There are several communal dining rooms at which you can eat either lunch or dinner included in your price. There is a performing arts center, a bus to shopping, a gazillion scheduled activities, a TV studio for the residents to produce shows, a library, a bank on site, a pharmacy, a convenience store and various doctors come to the complex for regular office hours. The place looks like a beautiful hotel. </p>
<p>These two places are both in the northeast, so PM me if you’d like to let me know what general area you are thinking about.</p>
<p>Thank you all for your replies here, as well as PMs. I feel that I can let down my guard just a bit. I was mostly worried about resale of these units. I know that I would want to buy a brand new unit if I were in my 70s, so that I would not need to begin to spend more money on the roof, new furnace, A/C units, etc. I guess some of these can be resold. She is looking at something similar to what momof3son’s mom purchased.</p>
<p>northeatmom
don’t discount the sociability aspect of the 55+ setting.We just visited my mother in law ( 78 and healthy except for losing her layrnx to cancer and now having no voicebox-talks with a handheld device).she recently moved from a small rented bungalow to a small over 55 building in a smallish Minnesota town.Her entire world has changed ,surprisingly b/c the bungalow was withing a 3 block range of the 55+ building.She is happier,looks healthier than I’ve seen her in years.There’s people to say hello to, she has a new best friend,theres a communal social/card room and small gym…even the laundry room is social. The town senior jitney stops at the building,whereas she didnt have that service in the bungalow.We were regaled with stories/gossip about all of the building residents (about 50 apartments).
She resisted moving,but the town had condemned the property the bungalow was on (eminent domain?) so was forced to.She says its the best move she ever made in her life and says although she was busy before,she didnt realize how lonely and dependent on my b-i-l she was.We likened it a bit to a college dorm situation.</p>
<p>cathymee, I am happy to hear that your mother is so happy, and looking healthier. I am not discounting the social aspect. This is why she wants to make the move. The main thing for her is their large clubhouse/social hall, and the fact that it is a new devleopment, so that there are no cliques yet. I am concerned about resale should she not like it (which I doubt will happen), or if she needs to go into an assisted living situation at some point (not the case at this time). If she needs to pull out her money because she needs it for assisted living, I wonder how easily they can be sold. This one is pricey IMO, as it sits in the NE (what else is new). I guess that it is inexpensive for new construction, but it costs as much as a 60 year old home in our area.</p>
<p>One thing to consider when looking at the “pricey”-ness of one of these houses is to remember that the real estate market is very down and the builders are hungry for customers - especially if the complex is new, since they need to get a lot of “seed” customers. We have been looking at them in our area (New Jersey) and have noticed that not only have the list prices come down, but the “immediate occupancy” houses that have been built on spec have additional huge discounts (approximately $90,000 off the “list” price in one case). In talking with some current residents, they say that the talk in the club house amongst newer residents is “how much they were able to negotiate off the list price”. So, don’t be afraid to negotiate for a significant discount off the list price.</p>
<p>From an appreciation perspective, I would think that these house will eventually appreciate. However, if your time horizon is short, you should probably not assume that they will approciate in the next year or two - and may actually decline in price if the market continues to go down. But, then again, so would the price of her current house.</p>
<p>Everyone who we have encountered who has moved into one of these communities is VERY happy about their decision and love the social aspect.</p>