Home Buying in 33446>Question Details

Liwoman, Home Buyer in 33446

I'd like to buy a condo as an investment and rent it. I am 50 years-old. Can I buy a 55 community condo and rent it to someone over 55?

Asked by Liwoman, 33446 Wed Feb 29, 2012

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Answers

9
Two parts to your questions: 1. Yes, you may buy in a 55+ community. Anybody, any age may buy. 2. The restriction for this type of community is for OCCUPANCY, not OWNERSHIP. Most associations have restrictions regarding rentals and it may not be the most desirable type of investment, since you may have to wait one year or two before renting. This requirement is found in their Documents.
55+ communities must be registered with the State of Florida and must renew their status every two years. They must maintain at minimum 80% of their units OCCUPIED by at least one person who is 55 years old.
I have a Community Association Manager license as well.

Naomi Motta
Prudential Florida Realty
(561) 246-2125
1 vote Thank Flag Link Wed Feb 29, 2012
To sum it up: Yes, you can buy. No, its not a good investment. It makes sense to buy strictly an investment in all ages for now and then when you are over 55 and ready to buy for yourself, buy a place where you want to be not the place that you want to rent.
0 votes Thank Flag Link Mon Feb 18, 2013
In 99 percent of the cases the answer is NO. So you'd be looking for a needle in a haystack. Actually all age condos are a better investment anyway. When the market returns, and it already has started, all age condos will appreciate much more!
0 votes Thank Flag Link Sat Mar 3, 2012
Liwoman,

There are some wonderful opportunities in age restricted communities as prices in many are lagging behind the overall market which is very strong in many market segments. You certainly can purchase and rent the unit to someone who meets the requirement soy that community and its bylaws. As pointed our below make sure of any rental restrictions in the communities you are contemplating. Also pay very close attention to the association fees as in many of these communities they can be high due to the many services and amenities available to residents.

Not sure the numbers work out in most places as rents, like prices, in these communities tend to be lower. If you are looking for solid cash on cash returns and looking for opportunities in the best areas where potential appreciation is the highest please feel free to contact me and I would be happy to send you some examples of deals that work.

I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com -
Web Reference: http://www.tompriester.com
0 votes Thank Flag Link Wed Feb 29, 2012
L- It is true that there are communities that will allow a person to aquire a unit
being under 55 and having the intention to rent the unit out. But there are many
that have " restrictions " on ownership,renting , or both!! Only a thorough review of
Community " Docs " will provide the assurance you need!
An agent familiar with a prospective community and the management can give
some guidance- but you need to review the "Doc"s on the requirements.
You may want to looki into " traditionally over 55 " communities that have recently
"de-controlled " .as well. Best of luck! Contact me directly -Glad to help!

BOB BRUBAKER HIGHLIGHT REALTY PALM BEACH COUNTY FL. 561-876-6649
Web Reference: http://pbc-realcam.com
0 votes Thank Flag Link Wed Feb 29, 2012
each 55+ community has their own set of requirements. Some allow under 55 to purchase and rent to over 55 while others do not. The rental rules can range from renting right away to having to own the property for anywhere from 6 months to 2 years. There are also different restrictions on the length of rentals some say minimum 30 days other are 90 days and a very few will allow 30 day rentals.

As you can see there are a large number of variables and the best thing to do is to contact me and I can do some research based on some specific requirements of yours.

Leslie Hamilton
realtor
561-568-7231
Keyes Real Estate, Mortgage and Title Services
South Florida
0 votes Thank Flag Link Wed Feb 29, 2012
Yes but make sure that the development allows renting your condo out the first and/or second year if your intention is do so. Some developments do not allow renting the first year of ownership. If you like, I will be more than happy to help you find the right condo for you.

Marci Blicher
Luxury Partners
Delray Beach, FL.
561-376-9294
Web Reference: http://marciblicher.com
0 votes Thank Flag Link Wed Feb 29, 2012
Yes, you can. Every association is a little different but many just require one resident to be above 55.

Good idea! Good luck!
Susanna Grubb
Illustrated Properties
Jupiter, FL
0 votes Thank Flag Link Wed Feb 29, 2012
There are a few 55+ communities that allow you to own under 55 as long as you rent to one person over 55. And some allow you to rent right away Give me a call or e mail me and I will do a computerized search for you
0 votes Thank Flag Link Wed Feb 29, 2012
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