Everything Hamilton County
Everything Hamilton County
Curated by Susan Roberts
Downsizers & 55+

Is 55+ living right for me, and what does it really cost?

By Susan Roberts

Great question! A 55+ community can be a wonderful fit. But it's not right for everyone. Let's look at both parts.

The full answer

First, what is a 55+ community?

It's a neighborhood made for adults age 55 and up. Under federal law, at least 80% of the homes must have at least one person who is 55 or older. Many have a clubhouse, a pool, walking trails, and lots of planned activities. Most also handle yard work and snow removal for you.

One tip: Some neighborhoods are built for buyers 55 and up but aren't age-restricted. Ask which kind it is, because the rules are different.

A great fit

It may be a great fit if you:

  • Want less upkeep and more free time
  • Like a ready-made social life with neighbors in a similar stage of life
  • Want a home all on one level
  • Travel a lot and want someone else to watch over the yard
Not the best fit

It may not be the best fit if you:

  • Love working in your yard and garden
  • Want grandkids or family to stay with you for long stretches (check the visitor rules)
  • Don't want to follow HOA rules about paint, fences, or decor
The real costs

What does it really cost?

Think about more than just the price of the home.

  • The home: In Hamilton County, recent new 55+ homes have started in the high $300s and gone well over $700,000. Renting is also an option, with 55+ apartments in Noblesville listed from about $1,500 to $2,700 a month.

  • HOA fees: These can be much higher than in a regular neighborhood because they cover more. Ask what's included. Is it just lawn and snow? Or also the clubhouse, pool, and outside of the home?

  • Surprise costs: Ask if the HOA has had any special charges in the past few years and how much money it keeps in savings.

  • Property taxes: Indiana offers some tax savings for homeowners 65 and older. Ask your county about what you may qualify for.

Explore the 55+ Communities Hub

My tip:

Before you buy, ask for the HOA rules, the budget, and the last few meeting notes. Then visit on a weekday and a weekend. You'll get a real feel for the place.

Thinking about a move but worried about selling your current home first? My Sell & Buy at the Same Time guide shows you how to avoid getting stuck between homes.

Get the Sell & Buy at the Same Time Guide

I'd love to help you compare 55+ options side by side. Call or text me at 317-777-9146.

Where this answer comes from

Sources

The sources behind this answer, exactly as Susan shared them.

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