Property Q&A in Barnegat>Question Details

Ajmnterprises, Other/Just Looking in Barnegat, NJ

I have inherited a single family home in a nj 55 adult community but I am only 51.

Asked by Ajmnterprises, Barnegat, NJ Thu Dec 10, 2009

I have tried for over 16 months to sell the house but cannot due to the real estate market downslide. What are my options? Specifically, what are the ramifications of my living in this home as underage for a few years until I am 55?

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I have inherited a single family home in a nj 55 adult community but I am only 51. this property is located in Texas.
0 votes Thank Flag Link Mon Apr 22, 2013
Larry's answer is correct. and I reposted it from below.

"Usually the occupancy restriction is capped at 80%, I believe this to be a law. If you have kids under 19 living then that may be a problem living there for more than a month, but I've seen the guide lines stretched there also Look at the bylaws. You will see a clause 20% can be under 55, I have never seen one without this.I believe this a federal law. See the covenants, conditions & restrictions in HOA .

Federal law states that 100% of the resident in a community built for occupants 62-years of age or older must be 62-years of age or older. Whereas, communities intended for residents 55-years of age or older, only need to have 80 % of the residents and one person per household be 55-years of age or older."

You should speak to a local attorney and have him/her contact the association and discuss the 20% number and what the development holds. You definately have options. And if you choose, you can rent it out until you decide what to do or wait out the market.

John Sacktig
Broker / Manager
Orange Key Realty
Office: 732-863-6969
Cell: 732-213-1409

JSacktig@orangeKeyrealty.com
0 votes Thank Flag Link Fri Dec 11, 2009
Hi there, the association will be able to clarify your options - to live there yourself or to rent. I've seen examples of both in adult communities so I am optimistic that you will have options.

Best,
Jeanne Feenick
"Unwavering Commitment to Service"
Find success at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Fri Dec 11, 2009
I am an agent here in Ocean County. As mentioned in some of the other answers you got on here, you have to speak with the AC Association. Depending on the Adult Community, you may be able to rent it out to someone who is 55+ till you reach that age and live somewhere else untill that time. You can use the rental income to finance wherever else you live. Any other questions...give me a call

Stephen Chmielowiec
Gloria Nilson Real Estate
732-278-3605
0 votes Thank Flag Link Fri Dec 11, 2009
If you can let me know in which community the home is located, I can forward you the by laws and help you come up with a solution.

Laura Giannotta
Keller Williams Realty - Atlantic Shore
609-384-6121
Laura@JerseyShoreViews.com
0 votes Thank Flag Link Fri Dec 11, 2009
The guide lines of the 55 age is in the bylaws. You will see that if there is a certain occupancy within the dev tract then the age restriction is lifted. This is for all adult communities. The law allows for these restrictions based upon occupancy.
Usually the occupancy restriction is capped at 80%, I believe this to be a law. If you have kids under 19 living then that may be a problem living there for more than a month, but I've seen the guide lines stretched there also
Look at the bylaws. You will see a clause 20% can be under 55, I have never seen one without this.I believe this a federal law. See the covenants, conditions & restrictions in HOA .

Federal law states that 100% of the resident in a community built for occupants 62-years of age or older must be 62-years of age or older. Whereas, communities intended for residents 55-years of age or older, only need to have 80 % of the residents and one person per household be 55-years of age or older.
0 votes Thank Flag Link Thu Dec 10, 2009
Hi Ajmnterprises

Absolutely check with the association bylaws.
I sold a unit in a 55+ community to a couple who were in their early 50's. The sale was allowed because a certain percentage of homes had already been sold to over 55 purchasers. Similar rules might apply in your community.

Best wishes......
Debbie Rose
Prudential NJ Properties
0 votes Thank Flag Link Thu Dec 10, 2009
Hi Ajm,

I'm sure you can approach the Homeowners Association and get permission to occupy given the circumstances and the fact that you are closing in on 55. If that does not work, review the offering plan and amendments with your attorney and seek a legal loophole that will allow occupancy. I'm sure you can find one. If all else fails, consider renting the unit to a senior. Good luck!

-Marc

Marc Paolella
Relocation Director
Member, Worldwide ERC
Licensed Realtor NJ
Licensed Appraiser NJ & NY
Century 21 Joe Tekula Realtors
Agent of the Year 2008
Agent of the Year 2009
Owner: Sands Appraisal Service, Inc.
Phone (direct): (973) 584-4235
Search the Garden State MLS: http://www.marcpaolella.com/SearchMLS
0 votes Thank Flag Link Thu Dec 10, 2009
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