The Retirement Living Community

Retirement Communities

Here we will explain the many variations of the retirement living community. The phrase "retirement community" is a broad term for planned developments. They cater to easy living and attractive surroundings. In a given retirement community, any number of housing options may be available to select from...big high-rise apartments, smaller condo developments, townhomes, also single-family homes in the community setting. See more descriptions below.

Senior retirement communities may offer amenities, such as their own shuttle or bus transportation, planned activities, clubhouse, swimming pool, many concierge type services, perhaps a golf course, or even shops and a church. Many are built around the all-important location, location, location concept.

The retirement living community is usually governed by an association or board of directors, with members having voting rights. There are established rules regarding guests, pets, and additional vehicles such as RVs, campers and boats. Some retirees find this lifestyle restrictive. There are also age restrictions, and usually are designated for ages 50 or 55 and up. So a senior retirement community lacks the traditional neighborhood age mix. Make sure you understand the rules and regulations in advance.

Like hassle-free living? Condo housing is very convenient apartment or townhome living that you purchase and own instead of rent. Condo developments may be strictly retirement living communities, or they may have the traditional family mix. Make sure you ask if this matters to you. As you know, with retirement some seniors prefer the peace and quiet of an all-adult property. Condos have common areas that are shared with the entire retirement living community, which offers a great way to make friends.

But again, there are strict regulations and policies that you'll want to check into to make sure it's a fit. An association made up of the condo owners is governed by an elected board of directors. All condo owners have voting rights.

Some practical matters -- A monthly association fee is assessed to cover community costs, including maintenance of the grounds and common areas; exterior of the buildings such as siding and roofs; typically water, sewer and trash; and often insurance on the buildings. Condo insurance on the contents of the home is separate and paid by the owner. Ask your insurance agent about providing interior wall-to-wall coverage should a disaster hit. If damage occurs anywhere within your condo, you are responsible, no matter how serious. Make sure you have enough replacement coverage.

If the community is older, it may be necessary to replace roofs or siding, it may have street or sewer issues, etc. Often there is not enough money in the association account to cover these costs, so an extra assessment is imposed upon each owner. This is required. And it may be thousands of dollars out of each owner’s pocket. Refusal or inability to pay can cause legal action against you and a lien against your property. So do your homework and research the possibility of any upcoming assessments in advance. You don’t want your retirement living to be suddenly upset with this type of surprise.

Co-ops are ideal if you really want to be taken care of with the perks of ownership. They are corporations that provide a buy-in ownership opportunity with the purchasing of “shares.” Your “share” is dependent upon the size of the unit you purchase, and will slightly increase in value each year.

Co-ops are a retirement living community that offers the benefits of home ownership, personal taxes benefits, and are operated by the members themselves. Buildings are usually structured like an apartment complex, with both exterior grounds, and interior common areas such as a library, party room, and computer room. A member must make an initial investment, similar to a down payment. The amount depends on the square footage of the chosen apartment. It also, of course, depends on the local economy, but $30,000 to $100,000 gives you an idea of the investment range.

In addition, an ongoing monthly fee is paid, which is used for the monthly operating expenses, including principal, interest, taxes, utilities, etc. The co-op is responsible for maintaining not only the grounds, building exterior and interior including common areas, but also everything within your unit. So if your major appliance goes on the blink, you call the manager and it is taken care of. (This is not the case in condo living). Co-ops often have a true community feel, where residents get to know each other well and participate in activities together.

In the event that you are no longer able to live independently and must move to a different type of retirement living community, the co-op may sometimes buy back your unit, and re-sell it for you (make sure you ask). You will receive your original investment back, plus the minimal annual increases that have accrued. These models are often called “limited equity.” It is often seen as a combination of renting and owning. This type of ownership provides complete freedom from maintenance, as well as a tax break. Every co-op varies, but this will provide you with a framework for asking questions.

Senior apartments are a retirement living community designated usually for ages 50 and up, or even 62 and up. They have the rental apartment building set-up with a building manager, and caretaking and maintenance staff.

Many buildings offer a nice selection of amenities, such as a clubhouse, pool, party room, guest room, computer room, free laundry facilities, or even in-unit stackable laundry units, car wash, and underground parking. Although senior apartment buildings are independent living communities, services for a fee may be available for housecleaning, grocery delivery, meal service, transportation, etc. Some also provide referrals for personal care and health services that can come in to help you.

Again, it is highly advisable, sometimes even required, to have renters insurance to cover both contents and liability, including for your guests. Some senior apartments may also offer subsidized housing for which you must qualify.

Ask about deposit requirements such as both first and last month rent – it varies greatly. Also ask about giving notice. Many buildings require a 60-day notice, even in the event of an emergency, and you must pay for the full 60 days, even if you have to move away. There may be restrictions on pets as well. Some buildings, for instance, do not allow dogs at all, or only small dogs that must be under a certain weight.

Independent living communities are senior apartments that are usually part of a continuous care concept in a larger retirement living community, or campus. Independent living is very similar to senior apartment living, with a few added benefits. And many buildings do allow pets. A campus may also include assisted living, nursing home, or memory care. You must qualify to live in independent living for seniors, because it means exactly that. Should an emergency occur, you are responsible for yourself.

Most independent living communities on a campus include emergency pull cords within the units. Other services may be purchased either from the community facilities itself, or from an outside agency. In the event of a fire, tornado or other disaster, you are responsible for your own safety.

What to be aware of... When applying, the manager will explain the building’s independent living guidelines. If management believes you do not qualify for this type of retirement living community, you could be declined unless you arrange for additional outside services to assist you. If you are dealing with certain elderly problems that you need assistance with, it is far more affordable to contract for a few services than move to assisted living.

The average hourly rate for a home health aid, for instance, is $20. Services may be contracted with the campus facilities, or through an outside home healthcare agency.

Independent living communities must adhere to certain policies due to liability. You may also be offered an assessment with a nurse to qualify for the assisted living area of the campus, should you so desire.

When considering independent living communities, it is important to honestly communicate any problems or elderly issues you may have. It is within the right of management to give notice that you need to vacate your apartment should they perceive independence problems, and advise you move to more appropriate housing arrangements. The next stage in a retirement living community would usually be assisted living, or perhaps even memory care or nursing home. There is often a waiting list for these openings, and you may find yourself not only having to move out, but to move into an area far from where you desire to live.

Read about senior retirement communities that offer long term care, and specialize in elderly health care. These include Assisted Living, Nursing Home, and Memory Care. You need to wisely assess what you are getting into. There are huge variations in what you will find and need to know.

In Beautiful Minnesota - near the Twin Cities
Looking for an alternative to seniors-only rental housing in Minnesota? Check out Oak Pointe Apartments (excellent amenities, located in the serenity of the Highland Park Reserve), and Tanager Creek Townhomes (large, one-level patio homes with 2-car attached garages). Visit Park Avenue of Wayzata Rentals.

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