Active Adult 4 Less 

"Lifestyle for Less" . . . In the current economic times some of our savvy boomers and active seniors have discovered ways to enjoy the active adult community lifestyle for less.  Some cost effective housing options that they have discovered are:

• Active adult rental communities

• Homes purchased in conjunction with a land lease arrangement; and

• Lease/purchase or rent to own options within some active adult communities

As you reach your retirement years, typically income is reduced from your peak earning years and it may make sense to use your assets in other ways to your best advantage. 

An active adult rental community gives you the option to enjoy the lifestyle and amenities that the community has to offer without you having to bear the expense of purchasing your residence.  Age-restricted & age-targeted rental communities are available now in a variety of lifestyles and dwelling options - ranging from apartments to condominiums to bungalow or ranch style homes.  (Scroll down to see the links below for some examples of each).

A home purchased in conjunction with a land lease allows you to own your own home for true privacy and independence while keeping funds normally spent on purchasing the land available for discretionary or emergency purposes.  In addition, when buying into an active adult leased land community, you have the assurance that community standards will be carefully maintained (which is in the best interest of the lessor) allowing you to enjoy the community social and recreational amenities for less cost per month (versus the cost of purchasing a home and lot together).

Of course there are some obvious advantages to owning the land your house is on.  However, in some communities, a developer can take advantage of your desire for a prime lot location or unique characteristics of a particular home site and put an over-value price tag on it.   Paying an over-valued amount for the lot also subjects you to higher than necessary property taxes.   It can tie up funds that you can only get back by selling the land or taking out an additional mortgage which may then subject you to interest charges.

When you’re considering a lot purchase versus a leased development lot, you need to consider the entire picture.  You need to look at your finances and lifestyle.  Before you purchase be sure you know if the utilities are installed, whether there are sewer and water impact fees, what landscaping (if any) is included, who pays for the clubhouse, trash pickup, street paving, tree trimming, etc.  Those are important to know whether you lease or purchase as improvements will be taxed back to the land.   In some communities, there may be several different charges for different services.  When you lease, the services are usually all in one fee.  Granted those fees can increase yearly, but most lease contracts cap the yearly fee increase, if there is any. 

It is important to figure out what is best for you over a given period of time – owning the land and paying the related fees and taxes or having the availability of the cash and being able to invest it or use it if you choose to.  Remember that the developer of a leased lot community has the responsibility to fund the community’s repairs and maintenance forever.  In an owned lot community, the developer will transfer the operational and maintenance responsibilities to the lot owners once the community is built out.

Perhaps the biggest draw of a leased land community is that the homes are a fraction of the price that they would be if the land were deeded with it.  In some developments, that can be 10’s of thousands of dollars of savings.  It allows for a wonderful lifestyle for far less than if the land price was included.  The links below will show examples of a few of the myriad of land lease communities for active adults.

More ways to get into your retirement dream house now are a lease/purchase, a purchase option (also known as a lease option), or a rent to own contract.  There are several reasons why a buyer might want to enter into a lease/purchase arrangement.  Some buyers may need to resolve credit issues but want the home and the lifestyle now.  Others may need the time during the lease period to build up their down payment so to obtain the best interest rate.  Or, it may be that the buyer is currently stuck in a home that isn’t selling and needs time to get it sold. 

A lease option is a way to live in a home for a period of, say 1-3 years - depending upon the contract, before you have to decide whether to exercise your option to purchase it or not.  A lease option may be especially poignant for people who are moving far away so they can make sure the area (or the community itself) is really right for them before jumping into buying a home there.  Generally, the seller will want the prospective buyer to give them a non-refundable payment to “purchase” the option to buy the property within a specified time.  If properly written, that option can be transferable. 

There are several active adult communities we know of who are currently offering lease/purchase or rent to own arrangements (Scroll down to see the links below for examples). 

As always we welcome your questions and comments.  Watch for the next in our series of articles on ways to live large for less coming in our July 22nd edition.

Dee Chandler, Editor
dee@activeadultliving.com
 

Southern Meadow, Magnolia DE

It’s all about the active life style at an affordable price at Southern Meadow. All of our amenities are completed, so there is no wait to begin enjoying everything that your new community has to offer. Check out our clubhouse or our resident’s activities blog to see what is going on this week at Southern Meadow.

From day trips visiting the quaint towns of the Delaware beaches or the Eastern shore of Maryland, to golf outings with your new neighbors, to the local theater or continuing education opportunities at some of Delaware’s finest Universities and Colleges, you can find links and information at our lifestyles section on our web site.  Who know there was so much to do in and around Delaware?

Contact Jill Sussman for Community Information
(302) 677-0800
Email JSussman@I-Realty.com  (1 of 2)
 

Rental / Leased Land / Lease Purchase or Rent to Own

Rental apartment or apartment home communities:

• FountainGlen at Anaheim Hills (Anaheim Hills, [Southern] California)

• 1375 High Street (Denver, Colorado)

• Reunion at Redmond Ridge (Redmond, Washington)

• The Evergreens at Smith Run (Fredericksburg, Virginia)

Rental condominium communities:

• Versailles (San Mateo, [Northern] California)

• Kings Park Manor (Kings Park, New York)

Rental ranch style or bungalow homes:

• Trilogy at Vistancia (Peoria, Arizona)

• Gardens of De Cordova (Granbury, Texas)

*For our complete list of active lifestyle or age-restricted rental communities, click here

Leased Land Communities:

• Southern Meadow (Magnolia, Delaware)

• Plantation Oaks (Flagler Beach, Florida)

• Noble’s Pond (Dover, Delaware)

• Pine Meadows (Ontario, Canada)

• Pine Lakes (Prescott, Arizona)

Lease/Purchase or Rent to Own Opportunities:

• Abbott Village (Concord, New Hampshire)

• Villas at Fox Run (Plainfield, Illinois)

• Villas at the Sonatas (Woodstock, Illinois)

Lisa & Stephan's Pick Communities<

Lisa & Stephan's Pick Communities<

Lisa & Stephan's Pick Communities<

Lisa & Stephan's Pick Communities<

Reverie on the Ashley, Charleston SC

Reverie on the Ashley Offers Discovery Visit Tours of the Only Private Marina Condos in Charleston, SC

Reverie on the Ashley, Charleston’s only private waterfront condo and marina community, is offering Discovery Visits this spring. Packages include preferred pricing at the elegant Charleston Place hotel (as low as $179.00 a night), complimentary dinner at McCrady’s Restaurant, a complimentary carriage ride through downtown and a private tour of Reverie on the Ashley.

Charleston, South Carolina – April 6, 2009

Reverie on the Ashley, a waterfront condo community in Charleston, is hosting exclusive Discovery Visits this spring, offering prospective buyers the opportunity to tour the community and experience the lifestyle of Charleston for as little as $179.00 a night. Buyers can enjoy the full experience of life in one of America’s most beloved cities, recently named #2 in Condé Nast’s “Top 10 Travel Destinations” and the #4 “Best City in America” by Travel+Leisure Magazine.

Reverie on the Ashley offers the only private marina condos in Charleston, South Carolina. Just ten miles from downtown, Reverie rests on 32 acres of wooded waterfront real estate, featuring luxury riverfront condos with spacious interiors, high ceilings and large windows throughout. Every single residence at Reverie boasts a unique view of the Ashley, from private rooftop terraces or tiled patio balconies that all overlook the preserved wetlands and river.

Residents enjoy exclusive access to a private marina on the Ashley River, riverside pool and gazebo, scenic boardwalk and walking trails that wind through 22 acres of preserved forest and marsh. The private marina features 40 deepwater boat slips along one of the widest points in the river, offering access to downtown, Charleston Harbor and the Atlantic Ocean.

This spring, Reverie on the Ashley is hosting Discovery Visits for prospective buyers. The Discovery Visit package includes preferred pricing at the award-winning Charleston Place hotel and resort. Stay in the heart of downtown Charleston with rates as low as $179 a night Sunday through Thursday, and $279 a night Friday and Saturdays. The Discovery Visit package also includes a complimentary dinner for two at the world-famous McCrady’s Restaurant (up to $100) and a complimentary carriage ride through downtown.

During their visit, prospects will receive a private real estate tour of Reverie on the Ashley, with an opportunity to preview the deepwater marina, riverfront pool and boardwalk, and the last 8 residences left in Reverie’s latest release.

“Spring is the perfect time of year to visit Charleston and see the incredible beauty of this setting,” said Chuck Dennis, Director of Sales at Reverie on the Ashley. “With preferred pricing at one of Charleston’s most luxurious hotels, complimentary dinner and even a romantic carriage ride through downtown, this is truly worry-free living in one of America’s top destination cities. And with only 8 condos remaining in Charleston’s only waterfront marina condo community, we may not be hosting these visits for long.”

Request a brochure and reserve schedule your Discovery Visit today at www.reverieontheashley.com/discoveryvisit.

About Reverie on the Ashley

Surrounded by hundreds of live oaks, marshland and a preserved natural habitat, Reverie on the Ashley is a community of 88 luxury waterfront condominium homes situated on the Ashley River in North Charleston. It is conveniently located 15 minutes from downtown Charleston – and even less by boat. The North Charleston Performing Arts Center, the Charleston International Airport, and a brand new shopping district are just moments away. Reverie is one-quarter mile off of I-526 at exit 14, Leeds Avenue.
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Our Feature Community Four Seasons Charlottesville,  VA

Extravagant club house with a full time Activities Director.  Cyber café, fitness center, card tables, billiards room, library, sports TV area, bocce and croquet lawns, tennis courts, lake, gated entrance, indoor and outdoor pools and spa, putting green, five miles of paved walking trails, and more.  Nearby shopping.

For helpful information on Charlottesville and the surrounding areas, please visit my web site www.findhomesincharlottesville.com.
 

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