5 minute read
- Can I Rent a Home in a 55+ Community?
- Will I Have Access to All the Community Features if I Rent?
- Can I Rent Out My Home in a 55+ Community?
- What Are the Pros of Renting Out My 55+ Community Home?
- What Are the Cons of Renting Out My 55+ Community Home?
- How Do I Advertise My Rental?
- Finding the Right Community
Renting is a big part of our culture now. For some people, it’s a preference. Others rent their own home as a way to make extra income. For those who live in a 55+ community, or wish to do so, renting isn’t quite as straightforward as putting an ad in the newspaper. So, can you actually rent a home in a 55+ community? Are there any hoops you need to jump through in order to do so? Read on to find out.
Can I Rent a Home in a 55+ Community?
If you’re interested in staying in a 55+ community for a few weeks, then the answer will greatly depend on the specific community you wish to stay in. There are many communities that don’t like the idea of people dropping in and out, even if you wish to rent long term, and will not allow it.
Others will be open to allowing others to rent within the community but will only offer rentals that last for weeks or even months.
You also need to take into consideration that if you aren’t 55 or older, you probably won’t be allowed to rent. With that being said, the only way to know for sure is to speak to someone at the 55+ community you wish to stay at.
Will I Have Access to All the Community Features if I Rent?
That’s an excellent question, and again, one that you’ll need to discuss with the community you wish to rent from. Some communities may not have a problem with you using the outdoor pool. Others may make it clear that only residents have access. The same applies to other amenities in a 55+ community.
Can I Rent Out My Home in a 55+ Community?
This really depends on the community you live in. Some areas, such as Florida where everyone tends to come when the temperatures get cooler, may be more open to owners renting out their homes than a community in New York. This doesn’t mean that you can’t rent out your home in New York. It simply means that the guidelines may be very different.
Speaking of guidelines, even if you’re allowed to rent out your home, there are rules in 55+ communities. When you sign on the dotted line to purchase a home there, you’re also agreeing to the guidelines and restrictions. It’s very much like a homeowners’ association (HOA).
Some of the restrictions you may expect to come up against include renting only to someone who is 55 and older. This means you may not be able to rent to your beloved nephew who needs a place to stay for a few days.
Another potential restriction is that only so many homes can be rented out at a time. If your neighbors have already signed up to rent their homes out, your request may be rejected.
Finally, you may have to find someone to rent your home out for a specific amount of time. This means they’ll need to agree to rent it for several weeks, or even months. Those who seek to live in a 55+ community do so because they want stability. Having families move in and out every week isn’t exactly stable. Residents don’t want their neighborhood to turn into a vacation community.
What Are the Pros of Renting Out My 55+ Community Home?
If you’re planning to use your retirement to travel with your dog, then renting out your home just makes sense. The first step is to get approval from your community. After that, enjoy the numerous pros.
The main one is that you won’t be responsible for maintenance. This is handled by the crew working for your community. In other words, you don’t have to travel back every other weekend to mow the lawn.
Another pro is that the target niche isn’t into partying, so you don’t have to worry about your home being destroyed while you’re away. This also makes it easier to develop a marketing plan.
Finally, 55+ communities are often located in very desirable locations where many people want to live. You won’t have to worry about trying to find reasons to convince people to rent your home.
What Are the Cons of Renting Out My 55+ Community Home?
While there are plenty of reasons why renting out your 55+ community home is great, there are a few cons to consider before you actually do so.
The first is that you may not be able to rent to anyone who is under 55 years old. So your potential renters are limited. If there are no age restrictions in your community, then this won’t apply to you.
Secondly, if you can’t find someone to rent your home, there are still monthly dues to be paid. If you don’t have that source of income coming in, then you may have to find another way to fund your latest adventure.
How Do I Advertise My Rental?
The best way to rent out your home is to advertise it online. Airbnb is the most popular site for this, although there are others such as Booking.com, Expedia, VRBO, TripAdvisor, and FlipKey. You’ll need to add pictures. And you’ll want to focus on getting good reviews from the people who stay with you so that others are more likely to come.
It’s important to remember that given the small nature of the 55+ community that word of mouth is also a great way to land renters. By talking to your neighbors, you may be able to find someone who is looking for a temporary home in this area.
Finding the Right Community
Are you more interested in buying a home in a 55+ community but aren’t quite sure where to start? If that’s the case, then we’re here to help. Here are 55places, we partner with local agents who are experts in the field. They know their communities well. We’ll pair you with someone who will be able to find the ideal location for you and walk you through the entire process.
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To learn more information or connect with a real estate expert, contact us today.