Moving Sooner Rather Than Later Makes Sense Financially,
Emotionally, and Physically for 55+ Adults
Make the move when you are in control, rather than an ill bystander.

Many people in good health assume that they will stay in their own homes until the end of their lives. There are many reasons, though, that encourage singles or couples 55 + to investigate an apartment community of friends who are celebrating life and the wit and wisdom they have acquired at this stage in their lives.   These attractive communities can make your life more enjoyable and include a group of other residents who offer friendship, support, and company for shared interests and activities.  Many residents report that the companionship of others is one of the best features of this type of living, not to mention, no more maintenance problems, overwhelming yard work, or the isolation experienced in a primary residence. 

The recognition of the enjoyment of likeminded friends with shared life experience is, in part, one reason for the growing development of friendly, apartment neighborhoods with amenities and services designed to attract those who want a neighborhood where individuality is valued and friends are next door.

The apartment homes are maintenance-free living with your lifestyle in mind.  No more ladders to climb for cleaning gutters and no more leaves in the fall.  When a storm stops a town’s electrical service, these residential complexes have their own generators, so you are not sitting in the dark, alone, with no water or heat.

Financially, it makes sense.  In non-profit communities, there is typically an entrance fee that secures a life lease on the apartment.  The entrance fee can range from as low as $199,000 for a one-bedroom home to upwards of $700,000 for a home that includes three bedrooms.  It all depends on the market you are looking in and is based somewhat on the average home value in that market.  In a Deaconess Abundant Life Community in Massachusetts, a non-profit organization, 90 to 100% of the entrance fee is returned when the resident leaves the complex.  The entrance fee payment can be customized to meet the resident’s needs, such as deferring a portion or all of the entrance fee until the sale of a primary residence. 

Many such complexes feature well-appointed apartment homes with full-size kitchen appliances, large closets and handicapped-equipped bathrooms.   A monthly fee (ranging from) covers 24/7 staffing, transportation for medical appointments and groceries, activities both at the community and outside, housekeeping services, elegant, restaurant-style dining services, fitness center, crafts and art room, library, comfortable lounges, salon, and access to rehabilitation and nursing services if they are needed. The fee also pays for electrical, water, sewer, heat, and air conditioning, surface parking, snow removal, emergency apartment maintenance, as well as year-round maintenance.

“I find that many clients who can afford an apartment complex with amenities were skeptical that the move would work for them,” says Janice Gray, CFP, South Dennis financial advisor working through Ameriprise.  “Once relocated, however, clients seem surprised and delighted with the social aspects of new friends, activities, and conveniences. Their children are also surprised at the appetite that their Mom and Dad have for their new life.

Beloved pets are welcome as well in many of these full-service apartment complexes.

Prospective residents may also be waiting for the real estate market to rebound before selling their current primary residence.  “Experience shows,” says Charles Lawton, Century 21-Shoreland, Provincetown, “that when the house you have to sell has a lower value than in the past, the apartment complex you have identified for your next home may be willing to negotiate price as well.  Some folks decide to leave their home on the market until it sells at the price they want, a dismal scenario given the current sales environment.  Such homes become “stale” and realtors know they are not priced correctly.  Lawton says it is far better to sell at a price that creates interest with buyers, sell when you want to, rather than keep a house that delays your plans for a move. 

Moving to a maintenance-free community is the right answer for many 55-plus adults who want to be property-free and enjoy their independent lives, their activities, and their friendships going forward.

Kevin Comick, Seashore Point, a non-profit 55+ lifestyle apartment complex with personal services as needed, two blocks from the vibrant heart of the Provincetown, MA.  kcomick@nedeaconess.com, or 508-487-0771

Trends from Ink&Air --Editor: Lisbeth Wiley Chapman, beth_chapman@inkair.com, 508-479-1033.