There are more than 20 active adult communities in the Washington metro area offering options for adults ages 55 and over who do not want to include home maintenance in their menu of activities.
These developments offer homebuyers a tight-knit, amenity-rich neighborhood and perks such as fitness centers, clubhouses, dining and golf courses.
While most buyers consider the neighborhood when choosing their next home, it is even more important to do so when considering a purchase in an adult community.
| Leisure World auction on the horizon |
| Thirty luxury condominiums in Riverview, a buildling in the Leisure World active adult commuity in Lansdowne, Va., will be auctioned off on May 22. Ten of the one-, two-, and three-bedroom condos in the 242-unit residential building will have a minimum bid of $95,000 according to the real estate auction firm Sheldon Good & Company. For more information visit www.VirginiaCondoAuction.com or call 800-480-0062. |
“Don’t view this as a real estate transaction,” said Steve Gurney, publisher of the “Guide to Retirement Living Sourcebook.” “This is a lifestyle transaction.”
Gurney said his in-laws love living at the Heritage Hunt active adult development in Gainesville, Va. “The amount of friendships they’ve formed is mind-blowing.”
He cautioned however, that there are downsides to an age-restricted environment. Residents will not often hear the sounds of children playing, be able to watch young families interact or get the annual barrage of trick-or-treaters in the fall.
He said Leisure World in Montgomery County is a top pick for adult communities and is home to 8,500 people who live on a 610-acre parcel. Amenities include an 18-hole golf course, indoor and outdoor swimming pools, tennis courts and a medical center with a pharmacy.
At least one unit resident must be 55 years of age with the other at least 50 years old. Heritage Hunt has similar requirements, with at least one unit occupant over the age of 55 and no permanent residents under 18.
“For active adult communities, it’s often individual developers that decide the minimum age and not the market as a whole,” said Joel Danick, co-owner of Transitional Assistance and Design, a company providing downsizing assistance to Washington area retirees.
Health or mobility issues also should be considered before buying into one of these communities, because they are not the same as an assisted living facility where residents get help with medications and health issues.
“The thing people have to understand about the active adult lifestyle is that there is no health assistance,” Gurney said.
Sue Heyman, a seniors and relocation specialist in Silver Spring, said buyers should look at the programs and services a community offers, including building and grounds maintenance, as well as its financial health and occupancy rates.
Costs to buy into a community vary widely. Heyman said an efficiency condo can range in price from $40,000 to $700,000. Additional monthly charges to cover utilities, maintenance and other expenses can range from $425 to $900 per month.
Evaluate active adult communities the same way a high school senior looks at colleges, Gurney recommended. “The first thing you really want to look at is the other people that live there,” he said.
To get a feel for a community, schedule a visit during an activity or upcoming event of interest.
“Many communities have lunch orientations that are low pressure, high information sessions,” Danick said. “You get to talk to the residents who are walking around, meet the staff and actually see what goes on day to day.”
