The search for a maintenance-free lifestyle pays off

Searching but not finding? So was my client, Kim. After moving out of her single-family home, she was targeting a simpler lifestyle within a maintenance-free community and wanted a very specific type of floorplan. It was a long shot as homes of that style rarely came on the market. It took several months but persistent networking and my personal outreach to local owners paid off—we were able to strike a deal with a seller and closed on the home in mid- November. It had been beautifully remodeled by the owner and Kim is now looking forward to making a few more cosmetic updates to truly make it her own. Inspired to start your search? Here are some important things to consider when looking for a home that is part of a maintenance-free community:

WHAT DO THE HOMEOWNERS’ ASSOCIATION FEES COVER? This can vary significantly; while fees in one area might seem high compared to another, they may include basic utilities such as water or garbage. If there are shared amenities such as pools, workout facilities, or golf or beach access, this can increase the costs—so make sure this is something that you will use and benefit from.

ARE THE FINANCIALS IN GOOD SHAPE? Check the reserves and the history of any special assessments to make sure you are not setting yourself up for any unexpected costs after closing.

ARE RENTALS ALLOWED? If you see yourself living in the unit long-term, you may want a community that does not allow rentals. If this is a temporary situation for you, it might be better to give yourself the option to rent it out if the market isn’t great when you are ready to sell, and add some rental income as part of your portfolio.