In 2019, my
husband and I purchased a brand new home in an age 55+ community located in Ocala,
Florida. With five years of experience living here, now is a good time to
reflect on this experience. Below are some insights for others who might be
considering a similar move:
HOA
Living- Our homeowners’ association (HOA) fee includes two
community clubhouses; amenities (e.g., spa, pool, bocce and pickleball courts),
landscaping, and a lifestyle office that organizes dozens of monthly events for
residents. Cable, internet, and lawn mowing are not included. In 2019, our HOA
fee was $200. Today, it is $245, a relatively modest $45 (22.5%) five-year
increase driven by inflationary trends and improvements and additions to community
amenities. There are many rules (e.g. no political lawn signs and specified house paint colors) and changes to landscaping and house exteriors
require HOA approval.
Transitory
Residents- I’ve been amazed at how many residents have moved
away from- or even within- the community in just five years. Common “triggers”
for moving have included an unhappy spouse, desire for a larger house or more
land or a smaller house, inability to afford and/or maintain a home following widowhood, desire to live closer to
family (especially following widowhood or the birth of a first grandchild), illness,
and just plain aging and a need for assistance with activities of daily living.
Plentiful
Activities- There is literally a formally organized club or
interest group for everyone. I joined several that reflect my interests (bocce,
computer, culture vultures, and travel). In addition, there are plays put on by
community residents, concerts, music bingo games, food truck nights, seminar
speakers, and more. On top of that, the city of Ocala has so many events and
cultural activities, all within a short drive, including those at the World
Equestrian Center.
Conversation
Topics- People don’t
spend a lot of time talking about work they used to do or, like me, are still
doing….unless it is a conversation with someone who is also working. It turns
out, there are a number of us. We now have a Facebook group just for residents
who own small home-based businesses and I was amazed to see the variety (e.g.,
artists teaching painting classes, hairdressers, real estate agents, pet
sitters, airport drivers, etc.). Top conversation topics among those who are
not working include family members, health issues, community events, HOA rules,
the price that departing neighbors’ houses are listed and selling for, and
travel.
Peace,
Quiet, Security, and Socialization- My community is located
away from major roads and gated, which provides a decent level of security. Compared
to our New Jersey house, it is also very quiet. There is no street noise or
wild parties by neighbors with teenagers. Our houses are only 10 feet apart
from each other so people know their neighbor’s names and often help each other
out. We also have monthly ladies lunch groups to socialize with neighbors.
It
May Be Temporary- Many people leave when their health deteriorates. Age 55+ communities are great when
people can live independently. Not so much when they have major health issues,
especially when they are solo agers (i.e., people without a spouse and children) or have family members that live far away. My husband and I have
already made plans to move into our final home in a continuing care retirement (a.k.a., lifecare) community in 2033 for a seamless continuum of care in later life.
This post provides
general personal finance or consumer decision-making information and does not
address all the variables that apply to an individual’s unique situation. It does
not endorse specific products or services and should not be construed as legal
or financial advice. If professional assistance is required, the services of a
competent professional should be sought.
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