Posted: October 18, 2022
People often envision retirement as a time to live in a house with a paid-off mortgage. With this scenario, however, retirees still have to deal with mortgage payments, property taxes, homeowners insurance, maintenance, and all of the other headaches that go along with owning a home. Many retirees are discovering the numerous benefits of renting in a 55+ community.
A 55+ is a community that is open to residents over the age of 55. The rules for different 55+ communities vary. In some, the 55+ age rule is strictly followed; others are more flexible on age as far as younger spouses or other family members who may be living there. But they are all focused on making life comfortable and convenient for older adults. The residences are built to be friendly for aging in place with features such as one-level living and walk-in tubs or showers. The amenities the communities include are also chosen with older adults in mind.
With 55+ communities, residents enjoy the benefits of having their own space combined with some perks specific to older adults. Communities such as Bella Vita, nestled in the quiet Village East neighborhood of Aurora, Colorado, offer secure, active retirement living with on-site concierge services, convenient amenities, and an all-inclusive monthly rental fee. Life is good—and easy!
Renting is a great option for many older adults. It can often reduce expenses and if you have a house to sell, investing the money from selling the home can improve cash flow. For instance, if you own a home with $500,000 of equity, selling the home and renting would free up that money to create a new source of retirement income.
The primary benefit of renting is that you do not have the typical expenses that go along with homeownership, such as maintenance costs, taxes, or renovation expenses. Retiring adults who are house rich and cash poor, in particular, might want to look at renting as an alternative to using a reverse mortgage to pull the cash out of their house.
Just think about all those routine maintenance issues you have to deal with at your house. Mowing the lawn. Raking leaves. Shoveling the snow. Dealing with plumbing problems. Replacing the hot water heater. If just reading those sentences left you feeling stressed, think about how nice it would be to hand off those responsibilities to someone else. When renting at a 55+ community, you can leave these worries behind—and enjoy other benefits.
Moving to a 55+ community means understanding that even if you aren’t as young as you used to be, there is still plenty of good living to do. A 55+ community caters to everything you need to live a full, well-rounded life.
Older adults who “age in place” in the homes they bought when they were younger may have to make modifications to improve safety. Homes in 55+ retirement communities are crafted with these needs top of mind.
Climbing stairs or shoveling a snowy driveway can become more difficult, and the risk of slips and falls becomes a serious reality. In fact, falls are the leading cause of injuries and injury-related deaths among adults age 65 and older, according to the Centers for Disease Control and Prevention.
Other considerations might include getting in and out of the bathtub or shower or sitting down on the toilet. For older adults who aren’t as mobile as they used to be, standard doorways may not accommodate a walker or a wheelchair. Typical doorknobs and faucets can be difficult to use for those who have arthritis.
As people age, living alone may come with increased risk, and this is often a top concern among many family members. Living in a 55+ community often leads to close relationships with others and neighbors keeping an eye out for one another. This can alleviate worries for loved ones as well as the older adult, who suddenly doesn’t feel so alone.
Many 55+ communities offer extra features that can enhance the safety of residents. Such items might include the following:
• Clearly marked exits
• Emergency evacuation maps posted
• Lighted parking lots, sidewalks, streets, and common areas
• Well-maintained fire alarms and smoke detectors
One of the biggest challenges that older adults who live alone is loneliness. And the ramifications of senior loneliness are dangerous. Living in a 55+ community means you never have to go far to keep yourself busy and entertained. Many of the amenities commonly offered such as happy hours, live entertainment and book clubs also serve to bring people together and provide a real sense of community for residents.
Bella Vita is an inclusive, affordable, luxury 55+ community located just outside of Denver with a single monthly fee that covers everything you need to live your best life. Call us today to learn more!
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