I know new jersey has an 80\20 rule on adult communitys. meaning they can take 20% residency under 55. i am 51. will they accept me in toms river?

Asked by marita.annichiarico, Toms River, NJ Thu Mar 13, 2014

This question was asked from http://www.trulia.com/property/3148208249-10-Cedar-St-Toms-R…

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4
Barry Nifous…, Agent, Toms River, NJ
Mon Apr 14, 2014
it is up to the individual associations as to whether they want to attract and permit individuals under 55 years of age and the complexes in toms river simply do not. IT gets complex as to the computations, constant monitoring, etc. the simple answer is no, as regards the resales. You might have better luck on the newer complexes under construction. ie: river pointe in manchester. good luck
1 vote
John Sacktig, Agent, New Jersey, NJ
Thu Mar 13, 2014
Depends upon the development.

Most that I have encountered already have or claim to have the 20% You need to start your due diligence on the communities you want to look in and then move forward. Not a matter of they will "accept" you.
1 vote
I will tell you that you need to look into the development first, then call and inquire about the rule and the percentage already filled. Most of these developments will tell you that the 20% has been filled. As long as you have an attorney that will support you, you can make it happen.
Flag Tue Apr 15, 2014
so, i should check out what im interested in and then inquire or apply?
have you ever represented someone with a purchase who was a few years younger and was accepted?
Flag Thu Mar 13, 2014
Diane Rosetto, Agent, Lavallette, NJ
Tue Apr 15, 2014
Marita...There are some communities that will take you. River Pointe is one of them.
Diane
0 votes
Annette Law…, Agent, Palm Harbor, FL
Mon Apr 14, 2014
Most 55+ communities reserve this 20% for surviving spouse issues.
Nearly all willl also those who are younger to purchase, however they can not live there. Understanding the leasing and rent restrictions becomes critical.

Further, many communities will allow if ONE owner qualifies.
Others may allow an exception if you are within a year. That however does not apply to you.

Your options are:
1. Buy then rent until you are age qualified.
2. Buy in 3 or 4 years
3. Find someone who is age qualified.
4. Buy in an all ages community.
5. Oh, you could buy and leave vacant (pay monthly fees) until you are of age.

Imposing your flagrant disregard to the rules of he community has a tendency to degrade one's quality of life in such communities.

It's rarely worth the battle and the smoldering ruins left in the wake effects everyone who touched the sale.
0 votes
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