For the over 50 Baby Boomer, would you invest in a retirement community?

Question

I've always had this idea that a collective group of baby-boomers could put their minds and cash together and create a rural or urban living center that would be maintained and purely for the benefit of the occupants...us! Wondering if any seniors out there might have some input as how to start and what it would take for a private effort. Not looking for a Del Webb or Sun City type of situation, rather a community (not a hippie ranch, although hippies would be welcomed) with retired and working seniors who didn't plan for rich retirement but are real earners and workers that have a small amount of creativity. Or if this place already exists, where is it

Answer 1

In theory, it sounds great. I've always thought it would be a great idea if even a small group got together 4-5 couples, bought some land, put in a community pool, but each person had their own land to keep up.

However, after living in a senior community (FL Mobile Home park) I'm not so sure it would work, unless you had a set of bylaws that covered everything!!! What if one person wants out? Someone dies and leaves the property to their kids? Most (but not all) did all the work?

It may already exist, but I am not aware of it. Our Mobile Home park has problems you would never imagine with a group of adults. The worst is probably the tattletale people. For some reason they think that it is their God-given right to turn people in to the office for even looking like a rule may be broken.

I think it could work, but cover all your bases and have contingencies or a board to cover everything you didn't think of, and there will be many.

Answer 2

Have you ever been to ARIZ, they have those old fogie places all over the place - I'm an old fogie, in my mid 60's.

Answer 3

I wouldn't, but it sounds like a great idea. I don't want to be stuck in any one place. We plan to travel the US when he retires. I'm also taking Spanish lessons in case another Republican gets in.

Answer 4

You are referring to a Condo like situation. Be aware there will always be one owner that will not go along with the majority.

Answer 5

I live in an "active adult" community with about 1000 residents. It is a community planned and sold by experts. It is not as big as most senior communities, and I know most of the people. It takes a lot of expertise, and a professional to run this community, and a lot of volunteers to run the committees and clubs that keep the place fun to live in. It was priced at the area's median home value, and it sold out in 1 1/2 years. We need a professional property manager as we don't want to do landscaping, snow removal, common area repairs and maintenance, maintaining our pools, replacing our fitness equipment, scheduling time in our clubhouse, etc.

Answer 6

Would I? Yes, Could I? Yes, Will I? Yes Did I? Yes. Like it? Yes. Geezer World In the OC.

Answer 7

Absolutely no way would I get involved in such a thing.  I owned a condo (paid for in full) and learned many lessons from that experience.  You cannot imagine all the complications.  I sold my condo, and am now using the interest earned from the banked proceeds of the sale to pay my rent.  I went from a 2 bedroom condo to a nice but inexpensive one bedroom apartment.  Life is great.  I don't have a care about maintenance or bad-news condo owners who are intent on abusing the community.  When you become part of a community of that type, everyone living there becomes family.  If a member is so ignorant as to allow his unit to burn to the ground, you all have to contribute to pay for the replacement.   Well the insurance company pays for it, but you pay the increased premiums (assuming any insurance company will be willing to even insure you.)  Unbelievable nightmares.  I am so relieved to be out of that.  Please remember the old saying .... fools rush in ....

Answer 8

They are called co-housing units and there are plenty of them.  

Answer 9

I want to live in my own house as long as possible

Answer 10

I have reservations but its an interesting enough idea Id at least look at it.

Answer 11

I like living in my own home. Sometimes I am not a happy camper and people tend to bother me in close places. Not that I don't have friends, they just see me once in a while. I am such a home body, I like my own space.