Top 3 Factors Contributing to the Cost of a 55+ Home.

Ever wondered what goes into the cost of a 55+ community or home? Here are the top 3 factors.

Location

Location is the number one factor affecting the cost of a home in a 55+ community just as it is for any real estate. Not just the price of the home but location often dictates the cost of real estate taxes and homeowners insurance.

Amenities

The quantity and quality of the amenities a community has is a major contributing factor to the cost of homes in a 55+ community. In premier communities, up to 20% of the cost of the home is attributed to the amenities. Ongoing maintenance and reserves to cover major repairs and updates as required also contribute to the monthly HOA dues.

Size

The size of your home as in any community contributes to the overall cost of your home in a 55+ community. Size also affects upkeep and utility costs.

These are the top 3 factors that determine not only the initial cost of the home but also the monthly expense of owning the home. You may need to make compromises as to one or more of these factors to fit your budget for buying and maintaining your home. The first step is to prioritize these three factors .