Purchasing a property in a 55 plus development involves understanding specific age restrictions designed to create a community of residents aged 55 and older. These restrictions are set by federal laws and local regulations to ensure compliance and community harmony.
Understanding Age Restrictions
Most 55 plus communities require at least one resident to be aged 55 or older. Some communities may have additional rules, such as a minimum age for all residents or restrictions on younger family members living on the property.
Legal Framework
The Fair Housing Act and the Housing for Older Persons Act (HOPA) govern age-restricted communities. These laws allow communities to limit residency to older adults while prohibiting discrimination based on age.
Purchasing Process
Potential buyers should verify the community’s age restrictions before purchasing. This includes reviewing community rules, disclosures, and possibly consulting with a real estate agent familiar with age-restricted properties.
Important Considerations
- Check community eligibility requirements.
- Understand the rules for household members.
- Review the community’s compliance with federal laws.
- Be aware of potential resale restrictions.