Should You Choose a New or Existing Retirement Community?

Should you buy into an existing retirement community or one that’s brand-new and in development?

If you buy into a developing retirement community, you may be able to customize your home. From choosing floor plans to light fixtures and appliances, you’ll be able to move into a home that suits both your personality and lifestyle. You may even have some say in your landscaping! A newly constructed home, designed and decorated to your specifications, can be a wonderful way to begin this new phase in your life. The very definition of a fresh start!

However, many seniors would rather move into a fully decorated and landscaped home with a homier, permanent feel. If you decide to settle into an existing 55+ community, you can find resale homes with established lawns with fully-grown trees and shrubs. Not to mention all the additions and home improvements former owners made! You’ll also avoid the noise and inconvenience of ongoing construction and can move into a quiet, settled lifestyle immediately.

Now that we’ve established some of the pros and cons, let’s delve into a few more together.

Social Opportunities

Another positive aspect of buying in a new 55+ community is the opportunity to meet other new residents. If residents are all moving in within a few months of each other, you’ll have countless opportunities to meet people and make new friends. An older, more established community may already have groups of friends and social circles. This, in turn, may require more time, effort, and personal investment before newcomers feel like accepted members of the community.

On the other hand, when you look into an existing community, you can meet potential neighbors before making your decision. This may help you get a good feel for the social atmosphere. Furthermore, there may be existing clubs and social organizations that you can join, as well as an established network of community services. In other words, you won’t have to do a lot of research and create your social network from scratch!

Financial Considerations

In all likelihood, older homes in existing retirement communities will be more affordable than newly constructed homes. The homes for sale in established communities will be resale, which may make the sellers more negotiable on price. Consider choosing a good real estate agent to help you find a home at a great price. You may know upfront what homeowner association fees and property taxes will be, too, because they are already set.

In addition, renting a home is sometimes an option in established communities, while most newly developed 55+ communities are looking for prospective residents to buy the home and property. Renting can be a good way to get a feel for the neighborhood if you aren’t 100 percent certain of your decision to move.

Location

Location is important. Many newly developed or developing retirement communities are located close to state-of-the-art healthcare centers, shopping districts, and downtown life. On the other hand, existing communities may have an advantage in established neighborhoods with mature surroundings. Also, if you opt to move into an existing community, then your new neighbors may be acquainted with the area and help you settle into your new home and area more easily.

When looking at both new and existing communities and their respective locations, consider what’s important to you personally. Do you like shopping and trying a wide variety of restaurants? Do you want to be closer to the hustle and bustle of downtown life or as far away as possible? How far away will your friends and family be? Make sure that you consider all these things and choose accordingly!

Amenities and Maintenance

Consider the level of services and maintenance provided by each community. Newer communities may have more efficient and modern infrastructure while existing ones might have a more established track record in terms of maintenance and service quality.

Not all retirement communities are created equally in terms of amenities, either. Some communities may have a pool, fitness center, clubhouse, and more, while others may offer on-site maintenance and housekeeping. When trying to choose between a new and an old community, make sure they offer amenities that fit into your current lifestyle. A beautiful new home or friendly neighbors won’t make a lick of difference if you don’t have entertainment and hobbies to partake in during your downtime!

Resale Value

It happens. Sometimes, we move into a retirement community and quickly find out that active adult living isn’t for us. Of course, then you have a problem on your hands—a home that you’ll have to sell! That’s where resale value comes in.

If you’re considering purchasing a property, think about the potential resale value. Newer properties might appreciate faster initially, but existing properties in well-established communities might hold their value better over the long term due to location and reputation. Additionally, make sure you research the reputation of the developers or management companies behind both new and existing communities. A strong track record for quality construction and management can provide reassurance regardless of whether the community is new or established. You won’t be able to sell your home if the neighborhood or developers have a bad reputation. Always think about the future before you make any major decisions in the present.

Takeaway

Whether you opt for a new and modern retirement community or an established and settled one, you will be moving into the next exciting phase of your life. The most important factor to consider when choosing a home and neighborhood is how your surroundings will complement this new retirement lifestyle. Make sure you research every aspect of a community. No detail is too small! Above all else, enjoy the process. Remember—you’ve earned it!