Hi! I’m 62 and retiring soon. I’m looking over 55+community homes to decide which to buy. Is anyone here an expert on any traps or misconceptions I should be aware of in my search? I’m going to get a real estate lawyer to check the paperwork, but is there anything else I need to watch out for? Or does the new construction industry have enough consumer safeguards “built in” so that my risk is relatively minor? Any thoughts?
Thanks,
CM
To buy for yourself to live in?
The negative that I’ve heard is that is it very depressing to have so many of the neighbors dying all the time.
Values don’t go up as well as the surrounding communities because the pool of potential buyers is small, so it is not a place where I would be putting investment money.
The plus side is that it would sure be nice to live where there are no screaming kids and teens burning rubber and blaring their car stereos.
Some of the larger over 55 areas (e.g., Arizona) have lower taxes because of no schools, lower crime rates, reduced need for police, etc.
Keith