Buying a home in an age-restricted community is much different from buying a normal single-family home. Knowing what to expect can help you prepare for the purchase process and what comes after. If you're a home buyer, here's what you need to know.
Buyers Must Budget for HOA Fees
Most age-restricted communities have homeowner's associations (HOA). Buyers who are looking to buy in one of these communities must budget for the HOA fees, which can go up depending on the property amenities and the kind of work that needs to be done.
There is Likely an Application Process
The HOA may have an application process, which could require the buyer to go through an interview. Pets and certain activities may be restricted in these communities, so the buyer should know about the HOA's rules and regulations before the interview. Learning about the rules can prevent the buyer from wasting their time and the time of the HOA.
Home Buying (and Home Selling) Can Take Longer
Seniors who want to buy in an age-restricted community have a limited number of choices when the time comes to buy a home. Finding the property that's right for them, at the right price and with the right amenities, can take some time.
For related reasons, selling a home in an age-restricted community can also take longer. This is to be expected, and buyers who are not comfortable with this may be happier buying a home in a community without age restrictions.
Work with an Experienced Real Estate Professional
Some real estate professionals specialize in helping people buy Sherwood Park homes in age-restricted communities. These real estate agents are usually very familiar with age-restricted communities and their different sets of rules. They also know which age-restricted communities offer certain amenities and have knowledge of which homes are available in each location. If you're thinking about buying a home in an age-restricted community, talk to a real estate agent with knowledge of these communities.
By Justin Havre