Are you looking at joining a project someone else is running?
Let us assume you have come across this dream opportunity, a home within a new or existing community. It looks really good, many of the benefits have been pointed out to you. You just need to decide if it is for you.
The best place within this web site to start is with the introduction section as it will help you to identify the advantages, but also look at the negative side, the questions you need to consider before deciding if it is for you.
Consider carefully how large a unit you really need particularly as a retirement home. It is far more economic to have the size property you need and let visitors stay in B&B's locally or maybe they have guest units within the complex, than to have a larger place with unused rooms.
The principle questions on your mind will probably be, will I be happy there and should I wish to move, can I. The next question should be how disputes are settled. If you are a member of New Atlantis you will know about our trusts, and if it is a NA trust many of your concerns will be eliminated, if you are not a member then you may like to see our main web site at www.new-atlantis.org to see how an organization with few formalities and no membership fee can benefit you.
Who is running the project
Often people get bogged down in who is benefiting, if it is a property developer, they will be getting a profit, and in some cases an individual running a group will get a free home out of the project, in exchange for masterminding and managing it. Look deeper and often larger amounts will be being spent on access to land or other items of less direct benefit.
We are not against people benefiting, as they have a reward for staying with the project when problems come up, and some problems will always arise at some time. In many ways for a mastermind to develop a place they want to live, is better than someone who just wants the cash and will then have no more to do with you. What you need most is commitment.
What is available now, what will be in a later phase, will other later developments destroy the view. How is the funding organized, is all that is planned guaranteed or a dream based on some later yet un-funded phase. This is particularly important where facilities are in later phases.
If it is being built when will your unit be completed and when will all the building noise, mess etc be completed.
Once the site is complete if it has facilities provided, how are these to be paid for, maintained and managed. What about replacement, at some later point. what about maintenance of the grounds etc. How much is this going to cost, and what limits are there on this in the future, is it a non profit organization run by occupants or a commercial company. If a commercial company how are fees to be set.
When choosing a retirement home consider what you will do with your time, how you will cope with this home when or if as you get older you become less able, and look at what the community arrangements are to help each other. The suitability for you, only you will know. don't allow yourself to be parked somewhere out of sight, just to release equity in your city property, and concentrate on getting the best you can for you, leaving cash for others after you are gone should not be a major part of the formula, although how to cope with your needs when you are older may be.
For many, a community home is ideal, giving them so many benefits, but you must go into this with your eyes fully open, and understand the limits and other conditions attached.