Questions to ask before you buy in an active adult community

[admin]

Our editors have created a list of 10 questions you should ask, before you sign on the bottom line to buy a home in an active adult community. This is the place where you can make your own suggestions, or debate the ones we came up with.

Here is a link to the Tips and Picks article on "Questions to ask before you buy in an active adult community"
http://www.topretirements.com/tips/Choosing_a_Community/Ten_Questions_to_Ask_Before_You_Buy_in_an_Active_Adult_Community.html

[ctyankee]

Now that there is so much bad news in the real estate market, particularly in condos, another question becomes more important. It could become very worrisome if too many people have their homes foreclosed or fall into arrears on their association dues or fees. That probably means the people remaining will have to pick up the slack, which could more exits and panic. My recommendation is to probe on this issue.

[papajuan]

The most important question you can ask before you move into an active adult community is what is the HOA (Home Owners Association) like. Is it made up of energetic, forward thinking individuals - or is it lethargic. Will they spend money on necessary maintenance projects, or do they hope they will go away. Do they create a lot of strict rules, or do they try to establish cooperation and responsible members. Save yourself a lot of trouble by researching this first

[Richard]

Especially the question about the foreclosures is really important nowadays. We were looking at some property in Florida but the high rate of foreclosures was kind of a turn off so we are looking for somewhere else. Maybe we will find something in South Carolina, I always liked Charleston a lot.

[62andout]

good point about the foreclosure issue and what happens when the remaining owners have to pick up the tab. We are now asking pointed questions about foreclosure rates wherever we look. thanks

[Cparkinson]

hello all,
Well, this is great advice for community living. I think you are correct about checking what the association is like, before considering a purchase with them. I never even thought of that and I am grateful to have this tip----will pass it along to my sister who wants to buy something soon!



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