If you're in the market for a new condo you have most likely seen ads stating that you must be of a certain age to live there. For example, you might have seen a condo building that only accepts residents that are 50 years of age or older. If you are 49 years old and know that your birthday is coming up in 6 months, you may think that you might be accepted even though you haven't officially reached the bi-centennial mark yet. Unfortunately, you'll have to prove that you have reached the required age in order to be accepted as a resident in that condo.
Age Restrictions in Condos
Condominium corporations are legally allowed to set age restrictions. When you run into these age restrictions, they have been set up as a bylaw for a particular reason, and if you don't agree with it you'll need to look elsewhere for a new place.
Most corporations with these restrictions in place require all tenants to be over the specific age listed in the rules and regulations. If the bylaw states that you must be 50 years old and you are, you'll be allowed to move in but you won't be able to take your 25-year-old son with you.
How Age Restrictions Can Affect Young Adults
This brings up an important point. More and more young adults are deciding to move back in with their parents after they have finished their post-graduate schooling and are working towards getting established with a new job. If there is any possibility that your children could move back in with you in the future, you'll want to take this into account when you're looking at condominium buildings that have set age restrictions. At a later date the odds are high that you won't be able to move anyone under the specific age into the condo with you.
Why Do People Choose Age-Restricted Communities?
There are quite a few benefits to living in an age-restricted community, which is why they remain popular despite putting limitations on who can become residents. Many people enjoy living in a quiet and relatively peaceful environment, and families with children tend to generate a little more noise than their single or retired neighbors. Being surrounded by a pool of people with a similar age range to yours can also make it easier to find new friends. These communities leave home and yard maintenance up to the owner, but they do tend to be built with minimal maintenance in mind so you can spend more of your time enjoying your retirement.
Extra activities are commonly offered by these communities than you might find at those catering to younger families that already have busy schedules. Finally, some age restricted communities offer optional assisted living opportunities so you don't have to transition into a different home when your needs change. This varies greatly between communities, so don't assume any care is available unless it's specifically advertised.
Most condominiums do not set any type of age restrictions for residents. If you are looking for a condo that does have a restriction in the bylaws, however, you can simply ask your real estate agent for a list of buildings that are geared towards older adults. In some cases it can be quite peaceful and relaxing to be away from the noise and confusion that go hand-in-hand with living close to young families.