By Jim Cook, Sr. Mortgage Loan Officer
Perhaps you have successfully raised your family and are now watching your children establish their own homes, or maybe you’re beginning to think about downsizing and reducing the demands of home maintenance as you finish your working years. If any of these situations sound familiar, you may be considering purchasing your next home in a retirement community (sometimes called age-restricted, 55-plus, independent living, or active-adult community). But is this type of purchase for you?
As the nation’s population ages, the options for downsized property have steadily grown. The U.S. Census Bureau expects 1 in 5 Americans to be over 65 years of age by 2030, and the housing market is responding to the changing expectations of older adults. Because this group of homeowners may not be ready to sit and watch the world go by just yet, these communities are now offering a wide variety of amenities beyond pools and golf courses. These communities focus on active lifestyles with amenities for walking, hiking and biking, arts, culture and social activities. In addition to these “lifestyle” amenities, most of these communities also provide access to landscape and exterior home maintenance, which are paid for through a home owner’s association fee.
If you are beginning to think about your next home in one of these communities, consider some of the pros and cons.
As you try to imagine the way your life will look in this next phase, ask yourself these questions:
Once you’ve considered your answers, research and solicit opinions from friends and peers who have been through this process already. Whatever you choose, enjoy the next adventure and rely on the experts at Michigan First Mortgage to guide you in your next home purchase.