Info & Definitions for 55 Plus !
Many People either don't know or, don't understand what 55+ means in Real Estate. Here are some of the major terms and definitions that you need to know.
55+ is an Age restriction on Who can live in certain designated properties or Communities. Like the term implies, you must be a minimum of 55 years of age to qualify for these places. But, like everything, there's a lot more to it than that.
How do I Qualify for a 55 plus community in Florida?
In Florida 55+ communities there is a federal law that governs all our age-restricted communities. According to this law, at least 80 percent of the occupied units must have at least one resident who is 55 years of age or older. Now this is a simplified version & the full Legal version is quite extensive, but there are exceptions & other considerations on a case by case basis.
Are there any advantages of buying in a 55+ community?
Amenities And Low-Maintenance. Perhaps the best perk of living in 55+ communities is that they provide amenities galore. Plus, home and community maintenance is usually taken care of, including home and landscape maintenance. Your HOA dues and fees will go toward covering maintenance costs.
The Gulf Coast of Florida has a large variety of retirement homes, from large active adult communities loaded with amenities, to 55+ condos restricted to adults only.
Is there a difference between 55+ and retirement village?
For over 55 communities, the agreement is over the land. In retirement villages, the agreement is over the building. So despite the various ownership structures & names used, the Main difference between over 55 (55+) communities and a retirement village is with the loan, license or lease arrangement that is used.
See 55+ Listings for Sale Here !