Real Estate - Understanding Active Adult Residences
For Active Adults (55+) making the decision to move can be both difficult and daunting. Sharing the reasons for moving by the active adult with family members, close friends, advisors and their real estate agent can provide a broad array of options and ultimately make the process as easy as possible. A choice of housing should meet, as much as possible, current and anticipated future needs. This alone can be challenging and may require a significant monetary investment depending on the level of care and life style desired.
What are the various types of residences available in today's market? At one end of the spectrum, there are active adult communities, such as the various Leisure World® and Rossmoor developments through out the United States, that offer independent living with little or no care. At the other end of the spectrum, there are centers that provide continuous care and, in some instances, medical services. Between these two extremes what are the various housing choices available to active adults?
First, there are the age restricted (55) communities, where mature adults are able to care for themselves. Many communities provide a vast array of amenities-such as: swimming pools, golf courses, club houses, tennis courts, etc.. Housing can be single family units, multi story condominiums, co-ops, townhomes or senior apartments. Ownership can be either by purchase or lease.
Second, assisted living centers-provide active adults with support services in a community type environment. Some residents might have medical challenges, which do not require continuous skilled nursing care. Housing can be single family homes, or apartments, which provide board and care. Costs vary based on the type of service and care provided.
Third, nursing -homes-these provide 24-hour care, have doctors, nurses and care providers on-site. They can be expensive based on the nature of services or full time care provided. They are more of a hospital type setting and limited in the amenities provided.
Finally, there are continuing care retirement communities, where all occupant needs can be provided in one facility. The spectrum of residences range from independent, assisted to continuous care living facilities. Based on a person's health and physical condition, they can be moved to another level of care as required. Occupied on a rental basis, with fees based on services and care provided.
Frank Hill
Century 21 Rainbow Realty Broker/Owner
Leisure World® Specialist
