55+ Senior living home suggestions?

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55+ Senior living home suggestions?

Post by Vanguard User »

I am 44 but considering living in a 55+ senior living home later.

In my area I see prices as low as under $400 for 1 bedroom apartment (is it shared)

As low as $800 a month for a 1 bedroom apartment. They are fairly new and in good neighborhoods.

What’s the catch? Why is it cheaper than apartments where there is no age limit?
adamthesmythe
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Re: 55+ Senior living home suggestions?

Post by adamthesmythe »

Maybe subsidized for those with low income and with a waiting list?
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Garco
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Re: 55+ Senior living home

Post by Garco »

First of all, you may be overlooking monthly or annual membership fees required of residents. These would cover common events, services, parking, and access to space.

Second, I bought a unit in a 55+ community. The individual units vary greatly in price, associated with the size of the unit as well as how the unit itself is set up -- number of bedrooms, location, etc. While all residents pay the same fees for the common services (e.g., trash, internet, parking), the individual units vary in size (number of rooms, overall square footage, and location within the property). So I might buy my unit for, say, $250K; then I owe monthly membership fees, as well as costs of utilities and other services. Somebody else in the same 55+ community might buy their unit for, say, $500K. It's likely to be larger and perhaps have more bedrooms and bathrooms, be in a preferred location, or perhaps have some added amenities.
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Re: 55+ Senior living home suggestions?

Post by Vanguard User »

adamthesmythe wrote: Fri May 13, 2022 6:33 pm Maybe subsidized for those with low income and with a waiting list?
Could be. Not sure.
Weathering
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Re: 55+ Senior living home suggestions?

Post by Weathering »

I’ve seen 55+ communities actually being more expensive than non-age restricting. This is happening in the Raleigh, NC area.
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Re: 55+ Senior living home

Post by Apathizer »

Garco wrote: Fri May 13, 2022 6:36 pm First of all, you may be overlooking monthly or annual membership fees required of residents. These would cover common events, services, parking, and access to space.

Second, I bought a unit in a 55+ community. The individual units vary greatly in price, associated with the size of the unit as well as how the unit itself is set up -- number of bedrooms, location, etc. While all residents pay the same fees for the common services (e.g., trash, internet, parking), the individual units vary in size (number of rooms, overall square footage, and location within the property). So I might buy my unit for, say, $250K; then I owe monthly membership fees, as well as costs of utilities and other services. Somebody else in the same 55+ community might buy their unit for, say, $500K. It's likely to be larger and perhaps have more bedrooms and bathrooms, be in a preferred location, or perhaps have some added amenities.
I think he's talking about rentals not something to purchase.

This is a topic that interests me as well. I'm 50 and my home is almost paid off. But I don't actually like being a homeowner. If I qualify for this type of situation when I'm 55 and it seems good I'll certainly consider it.

I think the main disadvantage is that you're only living with other seniors. While that might appeal to some it doesn't to me. While it's not exclusively seniors the average age in my area is about 55, and I don't particularly like that. I like diversity. Ethnic, cultural, philosophical, chronological, and economic.

I'm sure there are great economic benefits to living in senior housing, I think it would get really stale after a while. I don't think I'd want to live in a building with so little age diversity.
ROTH: 40% AVUS, 20% AVDE, 15% AVEM, 25% BNDW. Taxable: 50% BNDW, 30% AVUS, 12% AVDE, 8% AVEM.
w5000
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Re: 55+ Senior living home suggestions?

Post by w5000 »

55+ communities can have a deal on real estate taxes, since they're not sending children to the public schools, so that's a reason they could be cheaper.
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Re: 55+ Senior living home

Post by Vanguard User »

Garco wrote: Fri May 13, 2022 6:36 pm First of all, you may be overlooking monthly or annual membership fees required of residents. These would cover common events, services, parking, and access to space.

Second, I bought a unit in a 55+ community. The individual units vary greatly in price, associated with the size of the unit as well as how the unit itself is set up -- number of bedrooms, location, etc. While all residents pay the same fees for the common services (e.g., trash, internet, parking), the individual units vary in size (number of rooms, overall square footage, and location within the property). So I might buy my unit for, say, $250K; then I owe monthly membership fees, as well as costs of utilities and other services. Somebody else in the same 55+ community might buy their unit for, say, $500K. It's likely to be larger and perhaps have more bedrooms and bathrooms, be in a preferred location, or perhaps have some added amenities.
I will have to check how much membership cost.
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Re: 55+ Senior living home suggestions?

Post by Vanguard User »

Weathering wrote: Fri May 13, 2022 11:13 pm I’ve seen 55+ communities actually being more expensive than non-age restricting. This is happening in the Raleigh, NC area.
How much for a 1 bedroom?
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Re: 55+ Senior living home

Post by Vanguard User »

Apathizer wrote: Sat May 14, 2022 12:42 am
Garco wrote: Fri May 13, 2022 6:36 pm First of all, you may be overlooking monthly or annual membership fees required of residents. These would cover common events, services, parking, and access to space.

Second, I bought a unit in a 55+ community. The individual units vary greatly in price, associated with the size of the unit as well as how the unit itself is set up -- number of bedrooms, location, etc. While all residents pay the same fees for the common services (e.g., trash, internet, parking), the individual units vary in size (number of rooms, overall square footage, and location within the property). So I might buy my unit for, say, $250K; then I owe monthly membership fees, as well as costs of utilities and other services. Somebody else in the same 55+ community might buy their unit for, say, $500K. It's likely to be larger and perhaps have more bedrooms and bathrooms, be in a preferred location, or perhaps have some added amenities.
I think he's talking about rentals not something to purchase.

This is a topic that interests me as well. I'm 50 and my home is almost paid off. But I don't actually like being a homeowner. If I qualify for this type of situation when I'm 55 and it seems good I'll certainly consider it.

I think the main disadvantage is that you're only living with other seniors. While that might appeal to some it doesn't to me. While it's not exclusively seniors the average age in my area is about 55, and I don't particularly like that. I like diversity. Ethnic, cultural, philosophical, chronological, and economic.

I'm sure there are great economic benefits to living in senior housing, I think it would get really stale after a while. I don't think I'd want to live in a building with so little age diversity.
How would the younger generation help you there?
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Re: 55+ Senior living home

Post by Apathizer »

Vanguard User wrote: Sat May 14, 2022 12:31 pm
Apathizer wrote: Sat May 14, 2022 12:42 am
Garco wrote: Fri May 13, 2022 6:36 pm First of all, you may be overlooking monthly or annual membership fees required of residents. These would cover common events, services, parking, and access to space.

Second, I bought a unit in a 55+ community. The individual units vary greatly in price, associated with the size of the unit as well as how the unit itself is set up -- number of bedrooms, location, etc. While all residents pay the same fees for the common services (e.g., trash, internet, parking), the individual units vary in size (number of rooms, overall square footage, and location within the property). So I might buy my unit for, say, $250K; then I owe monthly membership fees, as well as costs of utilities and other services. Somebody else in the same 55+ community might buy their unit for, say, $500K. It's likely to be larger and perhaps have more bedrooms and bathrooms, be in a preferred location, or perhaps have some added amenities.
I think he's talking about rentals not something to purchase.

This is a topic that interests me as well. I'm 50 and my home is almost paid off. But I don't actually like being a homeowner. If I qualify for this type of situation when I'm 55 and it seems good I'll certainly consider it.

I think the main disadvantage is that you're only living with other seniors. While that might appeal to some it doesn't to me. While it's not exclusively seniors the average age in my area is about 55, and I don't particularly like that. I like diversity. Ethnic, cultural, philosophical, chronological, and economic.

I'm sure there are great economic benefits to living in senior housing, I think it would get really stale after a while. I don't think I'd want to live in a building with so little age diversity.
How would the younger generation help you there?
By providing a variety of perspectives and attitudes. That's always important no matter how old you are.
ROTH: 40% AVUS, 20% AVDE, 15% AVEM, 25% BNDW. Taxable: 50% BNDW, 30% AVUS, 12% AVDE, 8% AVEM.
pshonore
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Re: 55+ Senior living home suggestions?

Post by pshonore »

w5000 wrote: Sat May 14, 2022 10:39 am 55+ communities can have a deal on real estate taxes, since they're not sending children to the public schools, so that's a reason they could be cheaper.
Depends on the state. In CT there no property tax reduction for folks without kids (Senior or otherwise).
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Re: 55+ Senior living home

Post by Vanguard User »

Apathizer wrote: Sat May 14, 2022 12:48 pm
Vanguard User wrote: Sat May 14, 2022 12:31 pm
Apathizer wrote: Sat May 14, 2022 12:42 am
Garco wrote: Fri May 13, 2022 6:36 pm First of all, you may be overlooking monthly or annual membership fees required of residents. These would cover common events, services, parking, and access to space.

Second, I bought a unit in a 55+ community. The individual units vary greatly in price, associated with the size of the unit as well as how the unit itself is set up -- number of bedrooms, location, etc. While all residents pay the same fees for the common services (e.g., trash, internet, parking), the individual units vary in size (number of rooms, overall square footage, and location within the property). So I might buy my unit for, say, $250K; then I owe monthly membership fees, as well as costs of utilities and other services. Somebody else in the same 55+ community might buy their unit for, say, $500K. It's likely to be larger and perhaps have more bedrooms and bathrooms, be in a preferred location, or perhaps have some added amenities.
I think he's talking about rentals not something to purchase.

This is a topic that interests me as well. I'm 50 and my home is almost paid off. But I don't actually like being a homeowner. If I qualify for this type of situation when I'm 55 and it seems good I'll certainly consider it.

I think the main disadvantage is that you're only living with other seniors. While that might appeal to some it doesn't to me. While it's not exclusively seniors the average age in my area is about 55, and I don't particularly like that. I like diversity. Ethnic, cultural, philosophical, chronological, and economic.

I'm sure there are great economic benefits to living in senior housing, I think it would get really stale after a while. I don't think I'd want to live in a building with so little age diversity.
How would the younger generation help you there?
By providing a variety of perspectives and attitudes. That's always important no matter how old you are.
Would you be interacting with them?
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Re: 55+ Senior living home suggestions?

Post by Vanguard User »

pshonore wrote: Sat May 14, 2022 1:08 pm
w5000 wrote: Sat May 14, 2022 10:39 am 55+ communities can have a deal on real estate taxes, since they're not sending children to the public schools, so that's a reason they could be cheaper.
Depends on the state. In CT there no property tax reduction for folks without kids (Senior or otherwise).
This is for rent only.
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Re: 55+ Senior living home

Post by Apathizer »

Vanguard User wrote: Sat May 14, 2022 1:14 pm
Apathizer wrote: Sat May 14, 2022 12:48 pm
Vanguard User wrote: Sat May 14, 2022 12:31 pm
Apathizer wrote: Sat May 14, 2022 12:42 am
Garco wrote: Fri May 13, 2022 6:36 pm First of all, you may be overlooking monthly or annual membership fees required of residents. These would cover common events, services, parking, and access to space.

Second, I bought a unit in a 55+ community. The individual units vary greatly in price, associated with the size of the unit as well as how the unit itself is set up -- number of bedrooms, location, etc. While all residents pay the same fees for the common services (e.g., trash, internet, parking), the individual units vary in size (number of rooms, overall square footage, and location within the property). So I might buy my unit for, say, $250K; then I owe monthly membership fees, as well as costs of utilities and other services. Somebody else in the same 55+ community might buy their unit for, say, $500K. It's likely to be larger and perhaps have more bedrooms and bathrooms, be in a preferred location, or perhaps have some added amenities.
I think he's talking about rentals not something to purchase.

This is a topic that interests me as well. I'm 50 and my home is almost paid off. But I don't actually like being a homeowner. If I qualify for this type of situation when I'm 55 and it seems good I'll certainly consider it.

I think the main disadvantage is that you're only living with other seniors. While that might appeal to some it doesn't to me. While it's not exclusively seniors the average age in my area is about 55, and I don't particularly like that. I like diversity. Ethnic, cultural, philosophical, chronological, and economic.

I'm sure there are great economic benefits to living in senior housing, I think it would get really stale after a while. I don't think I'd want to live in a building with so little age diversity.
How would the younger generation help you there?
By providing a variety of perspectives and attitudes. That's always important no matter how old you are.
Would you be interacting with them?
I hope so, at least to some extent. That's not to say I wouldn't interact with some people my own age. I like variety.
ROTH: 40% AVUS, 20% AVDE, 15% AVEM, 25% BNDW. Taxable: 50% BNDW, 30% AVUS, 12% AVDE, 8% AVEM.
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Re: 55+ Senior living home

Post by Vanguard User »

Apathizer wrote: Sat May 14, 2022 2:24 pm
Vanguard User wrote: Sat May 14, 2022 1:14 pm
Apathizer wrote: Sat May 14, 2022 12:48 pm
Vanguard User wrote: Sat May 14, 2022 12:31 pm
Apathizer wrote: Sat May 14, 2022 12:42 am
I think he's talking about rentals not something to purchase.

This is a topic that interests me as well. I'm 50 and my home is almost paid off. But I don't actually like being a homeowner. If I qualify for this type of situation when I'm 55 and it seems good I'll certainly consider it.

I think the main disadvantage is that you're only living with other seniors. While that might appeal to some it doesn't to me. While it's not exclusively seniors the average age in my area is about 55, and I don't particularly like that. I like diversity. Ethnic, cultural, philosophical, chronological, and economic.

I'm sure there are great economic benefits to living in senior housing, I think it would get really stale after a while. I don't think I'd want to live in a building with so little age diversity.
How would the younger generation help you there?
By providing a variety of perspectives and attitudes. That's always important no matter how old you are.
Would you be interacting with them?
I hope so, at least to some extent. That's not to say I wouldn't interact with some people my own age. I like variety.
But you can do that outside of the apartments.
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Re: 55+ Senior living home

Post by Apathizer »

Vanguard User wrote: Sat May 14, 2022 4:01 pm
Apathizer wrote: Sat May 14, 2022 2:24 pm
Vanguard User wrote: Sat May 14, 2022 1:14 pm
Apathizer wrote: Sat May 14, 2022 12:48 pm
Vanguard User wrote: Sat May 14, 2022 12:31 pm

How would the younger generation help you there?
By providing a variety of perspectives and attitudes. That's always important no matter how old you are.
Would you be interacting with them?
I hope so, at least to some extent. That's not to say I wouldn't interact with some people my own age. I like variety.
But you can do that outside of the apartments.
True, esp if you live in a building located near other amenities. I guess I'm thinking of gated senior communities; that seems really depressing.
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Re: 55+ Senior living home suggestions?

Post by JoeRetire »

Vanguard User wrote: Fri May 13, 2022 6:24 pm I am 44 but considering living in a 55+ senior living home later.

In my area I see prices as low as under $400 for 1 bedroom apartment (is it shared)

As low as $800 a month for a 1 bedroom apartment. They are fairly new and in good neighborhoods.

What’s the catch? Why is it cheaper than apartments where there is no age limit?
(shrug)

Maybe they are subsidized. Maybe they are poorly constructed? Maybe there isn't a big market for such rentals in your locale. You'll have to do some sleuthing of those specific apartments to find out.

I purchased a home in a 55+ community. It wasn't any cheaper than comparable homes in our area at the time.
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Re: 55+ Senior living home suggestions?

Post by Apathizer »

JoeRetire wrote: Sat May 14, 2022 4:59 pm
Vanguard User wrote: Fri May 13, 2022 6:24 pm I am 44 but considering living in a 55+ senior living home later.

In my area I see prices as low as under $400 for 1 bedroom apartment (is it shared)

As low as $800 a month for a 1 bedroom apartment. They are fairly new and in good neighborhoods.

What’s the catch? Why is it cheaper than apartments where there is no age limit?
(shrug)

Maybe they are subsidized. Maybe they are poorly constructed? Maybe there isn't a big market for such rentals in your locale. You'll have to do some sleuthing of those specific apartments to find out.

I purchased a home in a 55+ community. It wasn't any cheaper than comparable homes in our area at the time.
Why did you buy it then? That seems like a major disadvantage since you can only sell it to other 55+ when the time comes.
ROTH: 40% AVUS, 20% AVDE, 15% AVEM, 25% BNDW. Taxable: 50% BNDW, 30% AVUS, 12% AVDE, 8% AVEM.
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Re: 55+ Senior living home suggestions?

Post by JoeRetire »

Apathizer wrote: Sat May 14, 2022 5:01 pm
JoeRetire wrote: Sat May 14, 2022 4:59 pm
Vanguard User wrote: Fri May 13, 2022 6:24 pm I am 44 but considering living in a 55+ senior living home later.

In my area I see prices as low as under $400 for 1 bedroom apartment (is it shared)

As low as $800 a month for a 1 bedroom apartment. They are fairly new and in good neighborhoods.

What’s the catch? Why is it cheaper than apartments where there is no age limit?
(shrug)

Maybe they are subsidized. Maybe they are poorly constructed? Maybe there isn't a big market for such rentals in your locale. You'll have to do some sleuthing of those specific apartments to find out.

I purchased a home in a 55+ community. It wasn't any cheaper than comparable homes in our area at the time.
Why did you buy it then? That seems like a major disadvantage since you can only sell it to other 55+ when the time comes.
In my area these units are snapped up as soon as they come on the market. It's a beach community highly desirable. No disadvantage at all. Apparently there aren't enough to go around.

For us, it was exactly in the right location, and had HOA rules that we wanted (no short-term rentals, for example).
If I owned a company, my employees would love me. They’d have huge pictures of me up the walls and in their home, like Lenin.
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Re: 55+ Senior living home suggestions?

Post by adamthesmythe »

There is a pretty broad range of 55+ options. I am not familiar with rentals (as I would not consider renting). As far as ownership is concerned, the range is from low-end 55+ trailer parks to relatively posh developments with amenities (golf courses, rec centers, organized activities, etc.).

I would observe that for every person who says there is no way they would buy into over 55 communities, there is another only interested in this sort of community.

Developments that appeal to over 55s tend to have 2-3 bedroom single level houses, relatively large rooms rather than more rooms, better finishes, small lots possibly partly maintained by an HOA, and appropriate amenities.
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Re: 55+ Senior living home

Post by celia »

Apathizer wrote: Sat May 14, 2022 12:42 am I think the main disadvantage is that you're only living with other seniors. While that might appeal to some it doesn't to me. While it's not exclusively seniors the average age in my area is about 55, and I don't particularly like that. I like diversity. Ethnic, cultural, philosophical, chronological, and economic.
I had a relative who visited a friend in a 55+ community one or two time a months. He told me he never wanted to live there since there was often a hearse doing a pickup while he was there. He’d rather see kids playing outside and making noise instead. It was too depressing to live in a neighborhood that was “too quiet”, almost sounding as if it was deserted.
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Re: 55+ Senior living home

Post by Apathizer »

celia wrote: Sat May 14, 2022 7:01 pm
Apathizer wrote: Sat May 14, 2022 12:42 am I think the main disadvantage is that you're only living with other seniors. While that might appeal to some it doesn't to me. While it's not exclusively seniors the average age in my area is about 55, and I don't particularly like that. I like diversity. Ethnic, cultural, philosophical, chronological, and economic.
I had a relative who visited a friend in a 55+ community one or two time a months. He told me he never wanted to live there since there was often a hearse doing a pickup while he was there. He’d rather see kids playing outside and making noise instead. It was too depressing to live in a neighborhood that was “too quiet”, almost sounding as if it was deserted.
I like quiet, but also activity, so prefer active walkable areas over car-dependent ones. That's one of the reasons I'm selling my house in a semi-rural suburb and returning to the city. I miss the diversity and walkability.
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Re: 55+ Senior living home suggestions?

Post by montanagirl »

I've been wondering the same thing.

But there seems to be some sort of tax break that expires in 30 years and I've seen several 55+ complexes morph into expensive non age-restricted units.

The place I'm interested in is close to 30 years old. But I have been unable to find the rules that enable these places and what to expect.

Does anyone know what this might be? I've read about lots of subsidized bldgs in NYC reverting to market rates a few years ago. Might be a state thing too.
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Re: 55+ Senior living home suggestions?

Post by mrsbetsy »

We are currently looking at 55+communities and will make the transition sometime this year.

If you look at the Trilogy homes, these are resort style active living and mostly on a golf course. There are *many* amenities such as indoor/outdoor pool, billiard room, spa, clubs, activities, and a multitude of social offerings. All residents have access to the same amenities regardless of their home price.

Mostly they are priced by "village". Each village was built a few years apart. The older ones (circa 2000) are a bit smaller and dated inside, but the newer ones (about 8 years old) are more livable in their current condition. HOA dues are the same.

The only time one of these comes to the market is if they 1) die 2) transition to assisted living or 3) need to move closer to family for support. This means there are usually only 2-3 on the market at any given time. It truly depends on how eager they are to sell.

Also, in California, we just passed prop 19. This means that while heirs could have rented the house after the passing of their parent, it's usually not financially wise after the prop 19 passed. So there are many factors at play when selling and what the market will bear.
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Re: 55+ Senior living home suggestions?

Post by Vanguard User »

mrsbetsy wrote: Sat May 14, 2022 9:50 pm We are currently looking at 55+communities and will make the transition sometime this year.

If you look at the Trilogy homes, these are resort style active living and mostly on a golf course. There are *many* amenities such as indoor/outdoor pool, billiard room, spa, clubs, activities, and a multitude of social offerings. All residents have access to the same amenities regardless of their home price.

Mostly they are priced by "village". Each village was built a few years apart. The older ones (circa 2000) are a bit smaller and dated inside, but the newer ones (about 8 years old) are more livable in their current condition. HOA dues are the same.

The only time one of these comes to the market is if they 1) die 2) transition to assisted living or 3) need to move closer to family for support. This means there are usually only 2-3 on the market at any given time. It truly depends on how eager they are to sell.

Also, in California, we just passed prop 19. This means that while heirs could have rented the house after the passing of their parent, it's usually not financially wise after the prop 19 passed. So there are many factors at play when selling and what the market will bear.
What is the total cost per month?
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Re: 55+ Senior living home suggestions?

Post by mrsbetsy »

Vanguard User wrote: Mon May 16, 2022 7:48 pm

What is the total cost per month?
Around $300 per month.
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Re: 55+ Senior living home suggestions?

Post by Vanguard User »

mrsbetsy wrote: Mon May 16, 2022 11:10 pm
Vanguard User wrote: Mon May 16, 2022 7:48 pm

What is the total cost per month?
Around $300 per month.
Is there income requirement?
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Re: 55+ Senior living home suggestions?

Post by mrsbetsy »

No - just buy or rent a house in the community.

https://mytrv.org/

https://www.55places.com/california/com ... -vineyards


and lots more places
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Re: 55+ Senior living home suggestions?

Post by Vanguard User »

mrsbetsy wrote: Tue May 17, 2022 8:49 am No - just buy or rent a house in the community.

https://mytrv.org/

https://www.55places.com/california/com ... -vineyards


and lots more places
Why is it so cheap at $300?
moneyman11
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Re: 55+ Senior living home suggestions?

Post by moneyman11 »

Lots of virtue signaling negative comments about 55+ communities in here.

Interesting, people just can’t help themselves knocking the choices of others.
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Re: 55+ Senior living home suggestions?

Post by afr »

Having seen a number of 55+ communities in PA and Fl, it seems that most of the residents appear to be 75 and over. Not sure if this is the case nationwide though.
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Re: 55+ Senior living home suggestions?

Post by tennisplyr »

Obviously, on the positive side, the more expensive places might have better/more amenities, security, be in a more desirable area, be newer, etc.
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Re: 55+ Senior living home suggestions?

Post by Nowizard »

There are many different choices, as you probably know in this growth industry. One consideration is whether you are self-insured for LTC. Many facilities have an initial "deposit" that is significant, $150K or more. On entry, apartments are of varying sizes and rental amounts, along with a choice of a variety of other things such as meal plans. Some have homes on the property that can be purchased for more private living. Amenities such as washing sheets and bringing them to your door occur. The facility may have a large, open area for walking in the fenced complex, greenhouses and many activities. Others may be high rises with limited outdoor or recreational space. The initial "deposit" and expenses monthly are deductible from taxes. The current apartment rent charge for those making initial deposits is the same for assisted care, memory care and nursing home care if needed. If not included initially, it is charged at a much higher level than an initial amount of rent in the neighborhood of $4,000 monthly in our area. Based on what we have observed, there are others that have total care but are located in a high rise that has little area for walking, fishing in a complex lake or other outside activities.

Tim
mrsbetsy
Posts: 354
Joined: Mon Jun 26, 2017 12:16 am

Re: 55+ Senior living home suggestions?

Post by mrsbetsy »

Vanguard User wrote: Tue May 17, 2022 2:16 pm
mrsbetsy wrote: Tue May 17, 2022 8:49 am No - just buy or rent a house in the community.

https://mytrv.org/

https://www.55places.com/california/com ... -vineyards


and lots more places
Why is it so cheap at $300?

Because these are active 55+ resort style living communities. These are not in any way assisted living, memory care, etc

$300/mo times 3000 homes = 90K/month = nearly 11M a year.

This gets you a ton of amenities and social clubs/opportunities.

It does not get you support for living. People in their late 70s/80s will likely not be moving into this type of community and on the other side will be moving out when they need more support.

It's a sweet spot for those of us empty nesters who are interested in a more active life than what can be found - where I live in suburbia.
shell921
Posts: 549
Joined: Fri Jul 06, 2018 5:13 pm

Re: 55+ Senior living home suggestions?

Post by shell921 »

I went to a "preview party" for this senior living facility in 2019. The preview party was interesting -over 100 people there. the price varies by
floorplan. There isn't a "buy in" fee of several hundred thousand but there IS
a "community fee" of between $20,000 - $100,000 based on the size of
the unit you will "rent". It is amortized over 5 years - meaning if you decide
to leave or you die you or your estate gets some $$ back. Let's say after
2 years you want to leave, you would get 3/5ths of your community fee back.

Essentially you are "renting" so do you need
renter's insurance? Your homeowner's insurance expense goes away
of course but i wonder -do you need renter's insurance?

on the website it says this:
"Residents will have the option to select one of two meal plans: All-Inclusive (meals included in your monthly fee)
or A La Carte (pay as you go). We believe this will give residents the freedom to choose what best suits their needs."

had I stayed for the question/answer period after the one hour presentation I would have asked
more about this. I think if you want the pay-as-you-go meal plan, the monthly fee is lower

they have a photo on the website of what the dining room
will look like. it has a huge high ceiling and looks awful to me.
i'd prefer a low ceiling-more intimate and cozy.

they said they will have a "concierge" in the lobby to greet you. this i could do without.
also what happens if you run out of money ? do they kick you out?

if i sold my house i could afford this. if i rent out my house i could also afford this but
why would i rent it out? i would still have the upkeep and property taxes to deal with !!
and the homeowners! best to sell i would imagine.

https://silvergaterr.com/
Topic Author
Vanguard User
Posts: 882
Joined: Wed May 26, 2021 5:46 pm
Location: Sugar Land, Texas

Re: 55+ Senior living home suggestions?

Post by Vanguard User »

mrsbetsy wrote: Wed May 18, 2022 11:19 am
Vanguard User wrote: Tue May 17, 2022 2:16 pm
mrsbetsy wrote: Tue May 17, 2022 8:49 am No - just buy or rent a house in the community.

https://mytrv.org/

https://www.55places.com/california/com ... -vineyards


and lots more places
Why is it so cheap at $300?

Because these are active 55+ resort style living communities. These are not in any way assisted living, memory care, etc

$300/mo times 3000 homes = 90K/month = nearly 11M a year.

This gets you a ton of amenities and social clubs/opportunities.

It does not get you support for living. People in their late 70s/80s will likely not be moving into this type of community and on the other side will be moving out when they need more support.

It's a sweet spot for those of us empty nesters who are interested in a more active life than what can be found - where I live in suburbia.
Makes sense so the key is to move here when 55 and take advantage and stay as healthy as possible for long term.
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