There are many reasons why people may want to move into a dedicated retirement community. These communities come in many shapes and sizes and offer different amenities to help you live your best life.
Some retirees may want to move to a more desirable climate, while others may choose to “retire in place” and avoid a big long-distance move; both can be accomplished by moving to a retirement community.
It’s important to perform a thorough assessment of every possible retirement community on your list. The living arrangements, costs, amenities, security, and healthcare options will differ drastically from place to place. And with such a variety of options available, it can be difficult to weed through all the possibilities and narrow it down to a community you love.
The good news is there a lot to choose from, so I am confident that if you put a little effort into finding the right one for you, you can find the perfect fit.
Nationally, 55+ communities continue to experience development and growth, and Las Vegas is no different. I’ll share some of the most important things to consider when looking at retirement communities.
At the bottom, you will find some Las Vegas specific retirement communities.
1. The cost of various Las Vegas retirement communities
The total cost of staying in a retirement community depends on the individual community structure and the living arrangements. Simply put, there are a lot of individual factors that can greatly affect your costs.
Living arrangements can vary from apartments and condos to single-family homes. Therefore, housing fees can be similar to a monthly rent payment or if you buy a home, you will have the typical home purchase costs.
In addition to the housing costs, monthly fees can range from $1,500 to $6,000 depending on whether or not you want healthcare services. Las Vegas specifically has an average ‘independent living’ community monthly expense of $2,500.
Make sure that you don’t only focus on costs, however. You want to know that you are going to be comfortable and have enough space as well.
Entry fees for Continuing Care Retirement Communities (CCRCs) require a large fee upfront along with monthly expenses. The entry fee itself can start at $100,000, and some communities reach a fee of a million dollars! These also fluctuate depending on the type of housing you choose, the number of residents in the community, and the service contract you sign.
Don’t forget that there are additional items to consider that would involve a fee: Homeowners Association (HOA) dues ($50-$150/month), extra amenities (golf course, tennis courses, etc.), and application fees. Again, it all depends on the community you’re in.
Along these lines, it is wise to consider reviewing the HOA minutes and financial statements of the community to get a pulse of how the residents like living there. If the community seeks to make renovations and repairs there could be a potential of a rise in membership dues. Seeking out current residents and asking all of your questions upfront will remove any surprises later on.
The expenses that you have while owning a home in a retirement community need to follow your goals and your values. If the community offers everything that you’re looking for but costs a bit more than you planned, you will have to weigh your options.
Is the extra cost worth it? Spending time with an advisor to review your options and come to a solution that matches your goals is worth the time.
2. Las Vegas retirement communities refund policies
Even if you spend hours researching and visiting different retirement communities, you won’t know if you are going to be happy living there until you are actually there.
So, what if you don’t like it? What are you going to do?
At this point in your life, you shouldn’t have to tough it out.
Therefore, before committing to a place, ask about refund policies and fees for wanting to get out. Knowing this information beforehand may save you a lot of money down the road.
Some communities may offer a 100% refund if you decide to leave within the first 1-2 weeks, otherwise, you can probably bet that you will not get all of your money back.
Really dig into the fine print of any community on your list and learn about all of the rules, costs, and fees so that you can make the best decision.
3. Las Vegas retirement communities potential resale value
As part of an independent living community, you have the option of buying a single-family home or a condominium. Although not the most important factor to consider, think about whether or not the home you purchase will hold its value. Of course, the prices of homes in retirement communities can fluctuate along with the surrounding housing market.
Retirement communities offer some great benefits that maintain home values:
- Usually in desirable locations
- Lots of amenities
- Discounted home prices
- Communities designed for the aging
- Upkeep maintained as part of living in the community
Like any other large purchase, do your due diligence to see if homeowners in the community are having difficulty keeping up with their mortgages or association dues. Foreclosures can lead to falling prices in the community and can yield a loss in the long run.
5. Safety Details
Speaking of homes, it’s also a good idea to think about the aging process and having a home that facilitates an aging body.
Some important structural details include:
- Wide hallways and doors
- A single floor home
- Ramps or the ability to install
- Non-slip floors
- Easy to enter showers with non-slip mats
These features will help prevent accidents and also allow for the use of walkers, wheelchairs, and even special beds if necessary.
Another important safety feature to investigate is the presence of security. Ask if there are dedicated guards, law enforcement patrols, and security systems installed within the living arrangements.
6. Local Las Vegas health care
Health care is vital during this stage of life, so it’s a good idea to see what kind of medical care there is around the community. Having medical services on community grounds more often raises the cost of membership.
Another recommendation is to review ratings of the local hospitals and make sure that any specialty physicians that you may need are present in the area.
Choosing to live in a Continuing Care Retirement Community is also an option for receiving healthcare services since these communities are specifically designed to provide retirees with healthcare services. Many communities have contracts with different healthcare providers in which doctors, nurses, and other health professionals make visits, or have on-site facilities, to check in with patients.
7. Retirement communities accreditation and business history
Most retirement communities are non-profits which enables you to see their financial records and get a feel for if the community is in stable financial status. This goes along with vetting the total cost of a community.
Since the records are transparent, you can review the business history as well as any recognized accreditation. Communities that follow the Commission on Accreditation of Rehabilitation Facilities standards allow you to see which places pass the state requirements.
The standards are helpful indicators but they should not be the sole means of deciding, rather they should be icing-on-the-cake of a well operated, caring, and affordable community.
You can also check out simple consumer reviews on Google and even Yelp. Take the comments that you see with a grain of salt however—we all know that usually, the most negative comments are the ones to make it onto internet pages. However, do pay attention to any troubling themes that come up within the comments.
8. Additional regulations for Las Vegas retirement communities
Some communities have specific regulations around visitors, groundskeeping, maintenance standards, and what changes can be done to the property. They’re akin to your standard agreements you may see on a lease at a rental property. These regulations can include:
- Amenity access to non-residents
- Home customization restrictions (change the paint color, landscaping)
- Restrictions on pets
- Visitation rules and overnight guests
Make sure you are familiar with the rules of the community before committing to live there. It would be disappointing to find out you can’t host parties, if that is something you always saw yourself doing in retirement, because of the rules of the community.
Notable Las Vegas retirement communities and Henderson retirement communities
Las Vegas keeps climbing the charts of top cities for retirement. With its tax-friendly status, top-notch entertainment, and warm weather, the city is a great spot to put down roots.
Here are some communities worth seeing. For comprehensive lists, visit:
- 55Places.com, a website that highlights age 55 and above retirement communities throughout the U.S.
- Great Las Vegas Homes
- Milliefine.com
Here are is a select list of some of the many highly rated Las Vegas 55+ communities
Offers Independent Living and short term stay options. A variety of floor plans to match your lifestyle along with many wellness activities.
Monthly rent rates of $870-1250. A great affordable 55+ independent living community with many communal areas.
Nevada’s only Life Care community that offers residential, assisted, skilled nursing, and memory care to ensure the best lifestyle you want to live.
An exclusive all in one community which offers high-class amenities and care.
Any really decent retirement community is going to offer amazing amenities including, but not limited to:
- Access to golf courses
- An on-site gym
- Indoor courts
- Mental health and well-being programs
- Full kitchens
- Pools and jacuzzis
You deserve to live in a community that is located in a beautiful and safe place that offers the style of living that you desire. This may be one of your last moves, so make sure that it is suitable for your needs and tastes.
Make sure to consider your spouse’s and your health as well as other amenities that will keep you both active and healthy.
If you ever need help looking deeper into the financials of retirement communities, I am always here to help. Don’t hesitate to reach out and contact me!
Courtesy: Milliefine.com
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