Inheriting a home in a 55+ community in Port St Lucie can present unique challenges due to the age restrictions these active adult communities enforce. Understanding the specific rules and available options is crucial for heirs and estate planning.
Understanding Age Restrictions in Port St Lucie’s 55+ Communities
Most retirement communities, such as Four Seasons at Wylder, follow the federal “80/20 rule.” This regulation requires that at least 80% of households have at least one resident aged 55 or older, while the remaining 20% may accommodate younger residents. However, each community can implement stricter guidelines if they choose, which can be further explored in our essential homebuyer tips.
Strict Age Requirements
Some communities in Port St Lucie enforce strict age limits, prohibiting residency for heirs under 55, regardless of inheritance circumstances. In such cases, younger heirs must seek alternative solutions.
Surviving Spouse Provisions
Typically, if the homeowner aged 55 or older passes away, the surviving spouse can continue residing in the home, provided they meet age guidelines and no one under 19 resides with them. This helps maintain compliance with the community’s 80% senior occupancy requirement.
Options Available for Heirs Under 55
Heirs who inherit properties in age-restricted communities but do not meet the age criteria have several practical options available to them.
Selling the Inherited Property
The most common and straightforward option is selling the inherited home. Heirs typically retain the right to sell the property to qualified buyers who meet the community’s age requirements, ensuring compliance with local regulations.
Renting the Inherited Home
Some active adult communities permit heirs to rent the inherited property to tenants who meet the age restrictions. However, rental options may be limited by community-specific rules, including caps on the percentage of homes allowed for rental.
Holding the Property Until Eligible
If heirs are nearing the age of eligibility, they may choose to retain ownership of the property until they reach the required age, allowing eventual residency within the community. Understanding the Florida homestead exemption can also be beneficial during this period.
Estate Planning Considerations for Homes in 55+ Communities
Effective estate planning is essential when owning property in retirement communities. Consider the following factors to ensure smooth inheritance transitions:
- Review Community Documents: Carefully examine the Covenants, Conditions, and Restrictions (CC&R) documents specific to your community, such as Four Seasons at Wylder, to understand inheritance and age-related policies.
- Consult with HOA Board: Engage directly with your Homeowners Association (HOA) board to clarify rules and procedures related to inherited properties. For more information, see our detailed explanation of Florida 55+ community HOA rules and regulations.
- Discuss Plans with Heirs: Openly communicate with potential heirs about their intentions regarding the inherited home, including residency, sale, or rental.
- Alternative Estate Planning: If age restrictions prevent heirs from occupying the property, explore alternative estate planning strategies with a qualified attorney.
Insights from Local Real Estate Experts
Local real estate agent Dash Hernandez, who specializes in 55+ communities like Four Seasons at Wylder, emphasizes the importance of understanding community-specific rules. Dash notes that clear communication and proactive planning significantly reduce complications for heirs inheriting properties within these communities.
“Each community has unique guidelines,” Dash explains. “It’s important for homeowners and their families to fully understand these regulations to avoid unexpected issues during inheritance.”
Frequently Asked Questions About Inheriting a Home in a 55+ Community
What is the “80/20 rule” in retirement communities?
The “80/20 rule” means that at least 80% of homes must have one resident aged 55 or older. The remaining 20% can sometimes include younger residents, depending on community rules.
Can someone under 55 inherit and live in a 55+ community home?
Usually, heirs under 55 cannot live in the home unless the community specifically allows it within the 20% exception. Most commonly, younger heirs must sell or rent the property to qualified residents.
Are there rental restrictions in Port St Lucie’s active adult communities?
Yes, many communities have rental restrictions, including limits on the number of homes that can be rented. Always check with your specific community’s HOA for detailed rental policies.
How much time do heirs have to sell an inherited property in a 55+ community?
The timeframe varies by community. Typically, heirs are given a reasonable period—often several months to a year—to sell or rent the property to qualified occupants.
Where are the best 55+ communities in Port St Lucie?
Port St Lucie offers several highly-rated retirement communities, including Four Seasons at Wylder, known for their amenities, lifestyle options, and convenient locations.
Ready to learn more about inheriting property in Port St Lucie’s active adult communities? Download our FREE guide .
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