55 and Over Communities Not always What They Appear

When you hear someone say “That’s a 55 and over community” or “That is an active Adult Community” the first assumption you have, assuming that you are under 55, is that you can not live there.  That may not be true.  Have you ever heard of the 80/20 rule.  If not, here is what it says.  By law, every development that dictates 55 and over must allow 20% that does not follow that rule.  You will still have to follow the guidelines in the Home Owners Association, which in most cases dictate that you cannot have someone living in the house for a given period of time under the age of 17 or 18 (every HOA is different) but other than that, you can buy the home.  You will need to check with the sales staff regarding where they are with their “quota” and you will not know unless you ask.

There are many benefits to living in this type of community.  There are usually many activities available such as golf or boating, and the homes are usually maintained externally by the association.

So next time you are in the market for a house, especially in the Tampa Real Estate Market or even the Tampa Foreclosures market, take another look at the 55 and over communities, you may just find what you are looking for.

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~ by ToughGuy on June 11, 2008.

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