12 Hidden Costs of Living in an Age-Restricted Community

Are you ready to leave the single-family home behind and move into a retirement community with everything you need in one place? 

These age-restricted communities are popular thanks to their one-stop-shop living, but those amenities and perks come with a cost, and many people don’t realize that they’ll have to pay more than their rent or mortgage each month. 

The privilege of living in one of these communities comes with an understanding that there could be fees at every turn, making it hard to maximize your retirement savings. Want to see things clearly? Here are 12 of the hidden costs of living in an age-restricted community.

If you’ve lived in a single-family home independent of any homeowners’ association, you may not be accustomed to paying dues on top of your mortgage. Depending on the level of amenities, your HOA could range from the low hundreds annually into the thousands monthly.

Some healthcare costs, including basic doctor appointments, may be covered within a retirement community. But it’s important to understand the full scope of what is covered versus what you’ll need to pay extra for. Specialists and other appointments may be an additional charge, or you may need to go to a doctor off-site.

There may be maintenance costs associated with home ownership in a senior community. These could be a large-scale renovation project or a one-time assessment for something like a roof replacement. Renting could take this cost off your plate.

Meeting a friend for lunch? Your meal might be on the house, but your guest’s meal likely isn’t. Expect to pay a guest fee whether a family or friend is joining you for dinner or an afternoon at the pool.

You may decide to upgrade the level of care that you receive as time goes on. Whether that’s a nurse checking in once a day, an assisted living hall, or full-time care, you will likely have a fluctuating bill depending on what kind of care you require.

Whether there’s a pool, a gym, or a club room, there could be additional fees for amenities. Think about it like a resort — you have to pay for all the extra perks that you get to enjoy during your time there.

From yoga to dinner parties, many retirement communities have a busy social calendar ready for residents to make the most of their golden years. Depending on the activity, there may be an extra charge. Always ask before signing up.

Many communities want to make everyday living as easy as possible for their residents, including services like housekeeping, grocery shopping, or checking your mail. However, these may not be included, so make sure you understand the additional charges you’ll incur.

If you need to get around town, whether to the bank, the doctor, or the grocery store, there’s probably a transportation service in your retirement community. Sometimes that’s included, but sometimes it’s not. Get a clear understanding before you hop on board.

Utilities may be included in your monthly payment at a retirement community, but that’s not a given. You could expect to pay an additional monthly fee depending on the electricity and water you use, just like when living alone.

If you prefer your streaming networks over cable or have strong opinions on your internet speed, you probably won’t mind that cable and internet aren’t always included in your retirement community’s monthly package. But, if you prefer that someone else handle those expenses, check the fine print.

It’s nice to have a beauty salon or a barber shop on site, but don’t expect that you’re getting your haircuts comped. You’ll typically need to pay extra for these services — but at least you won’t have to go far to get them.

Living in a retirement community comes with major perks, so if you’ve prepared yourself financially, you could be set up to enjoy the ease of living that comes with having everything in one place.

These communities are also a great way to surround yourself with others in a lonely season of life — and that can be worth more than any pension.