Sarasota 55+ Community Homes For Sale

There are some great aspects to living in a 55+ community. The cost of living is typically less than a comparable condominium which is not age-restrictive. Residents tend to feel safe and secure, with many neighbors who are willing to watch out for them. Also, property taxes may be a little lower in 55+ communities. There are also social activities and ample amenities available in many 55+ communities.

Some residents miss the interactivity with a diverse range of age groups. Also, living spaces might need more updating compared to non 55+ communities. Homes might be a bit smaller in 55+ communities compared to other neighborhoods.

Typically, only one owner must be over 55 years of age in order to qualify to purchase a home or condo in a 55+ community. In some communities, there is an allotment for a limited number of owners to be under 55 years of age for circumstances where a property is passed down to heirs. It is important to check to rules and regulations of the association to be sure before committing to a purchase. (the 80/20 guideline)

The 80/20 rule found in many 55+ communities specifies that at least 80% of all residences must be occupied by at least one person 55 or older. The remaining 20% of households in the community may be available for persons of any age. However, this should be verified for each specified community being considered. Many times this allotment is used for passing down an estate to heirs purposes.

The short answer is probably not. This is a specific question that can only be answered in the condo rules and regulations for the condo that interests you. Ask your Realtor for help with this.

Many 55+ communities have enhanced security, gated entry, and neighbors who tend to look out for one another. This is a big advantage of a 55+ community if safety is a concern.