People often move into retirement housing as they grow older. The specific reasons for this type of move vary by person, but in general senior citizens know that senior living communities are designed to meet the unique lifestyle, emotional, physical needs. Senior condominiums are one option for individuals and couples who want to live as independently as possible. With senior condos, a Homeowner’s Association owns the building and sells units within it to senior citizens. If permitted by the HOA, unit owners can also rent these homes to other seniors. Before seniors invest in senior condo units, they should make certain that they have a firm grasp on how these condos differ from traditional ones and other senior housing options.
What makes a senior condo? A senior condo building HOA manages maintenance of the building and outdoor spaces just like any HOA. That said, they differ by setting age and other limits not required in non-senior buildings. For example, HOAs protect seniors by preventing disruptions and stress associated with young people. They set a minimum age limit of 55 or 62, which means that anyone younger can’t own a senior unit. HOAs usually don’t allow children to live on-site either. Some HOAs also don’t permit pets. The only time an HOA might make an exception is for a younger adult who has a permanent disability or a service animal.