What are retirement communities?
An adult lifestyle community provides the benefit of home ownership along with recreational and social activities. With the proliferation of these communities in the last few years, the choices are better than ever.
You can choose from several different ownership options, each of which has different benefits for the individual owner. When comparing adult lifestyle communities, make sure you know which title you will be assuming and understand its advantages and disadvantages.
- Fee simple – The highest form of ownership with minimal restrictions.
- Condominium – You own, and are responsible for, the interior area of your unit (everything from the plaster in). The condominium association, funded by monthly fees, is responsible for the upkeep of the building and grounds.