Buying a Home in a 55 Community: Understanding the Rules

When you're looking to purchase a home in a 55 community, there are certain rules and requirements you need to be aware of. This article aims to clarify these rules, including who can buy and live in these communities.

Who Can Buy a Home in a 55 Community?

Technically, anyone can buy a house in a 55 community, but there are caveats. The key requirement is that there must be at least one resident who is 55 or older. This means that while you can purchase a home in the community, you might not be able to live there if you are under 55. However, some communities may have additional rules or restrictions, so it's important to do your research.

Important Considerations

Before making a purchase, it's crucial to understand the specific rules of the community you are interested in. Here are some key points to consider:

By-Laws and Constitutions: Not all communities follow the same rules. Some may have by-laws that require the homeowner to be 55 or older, while others might be less strict. It's important to have a legal expert review the by-laws and constitutions to ensure you meet all the requirements. Age Verification: Depending on the community, an adult living in the home must be 55 or older. This rule applies to both individuals and couples. If the home is passed on to a younger individual through inheritance, they will have to sell the home or move out. Potential Screening: Some communities may screen potential buyers. This means that even if you are 55 or older, the community might still reject your application for a variety of reasons.

Personal Experience

My personal experience also highlights the importance of understanding the rules. I bought and lived in a 55 community when I was 50. The community initially stated that we were not allowed to buy or live there. However, we managed to do so nonetheless. We not only lived there but also owned and rented out multiple units in similar 55 communities.

From my experience, I strongly advise anyone interested in purchasing a home in a 55 community to consult a legal expert. They can provide valuable insights into the specific rules and regulations of the community you are interested in. This is not legal advice, but it does bring to light the potential loopholes and complexities involved in buying and living in these communities.

Residency Requirements

It's worth noting that even if you buy a home in a 55 community, you need to ensure that there is always a resident who meets the age requirement. If someone under 55 were to inherit the property, they would likely have to sell or vacate the home, which could create significant legal and financial issues.

For instance, consider taking your parents who are 70 or older, as they could buy a property in a 55 community that you can eventually rent. However, if they were under 55, they would not have the same privileges.

Conclusion

In conclusion, while anyone can buy a home in a 55 community, the ability to live in the community depends on meeting the age requirement. It's always best to consult with an attorney to understand the specific rules and regulations of the community you are interested in purchasing.

By doing your due diligence and understanding the full scope of the rules, you can ensure a smoother and more informed purchasing process.