According to the AARP, 87 percent of adults who are 65 and older would choose to age in their current home or community. This new trend is called "aging in place", and can have its benefits like avoiding high costs of senior living communities, the potential frustration of moving, and being able to age in a comfortable environment.
When an individual decides to age in place, they're choosing to age in a home where they're surrounded by memories and familiarity. This means that your community will see an increase of senior homeowners.
These aging residents who wish to remain in their own home put HOA communities in a unique situation. Addressing this topic can be complex, and that’s where an experienced property management company can help.
- Legal Issues. As homeowners age, personal disabilities may emerge. In fact, nearly 40 percent of adults over the age of 65 are living with a disability. Some of these issues include vision impairment, arthritis, and cognitive decline. All of these health challenges bring the possibility of legal concerns.
Your property management company can help you and your aging residents by carefully analyzing new state and federal laws and reassuring that their care is a top priority.
If desired, your property management company can also help your homeowner’s association hire a lawyer. This could be another step to guarantee that your association is adequately providing for each member of the community.
- Policy Implementation. Your community association management company is responsible for making sure all of your neighborhood's guidelines are followed. As the age of your homeowners increases, some may not be able to perform tasks that are a part of your community’s CC&Rs like keeping up with residential landscaping.
Your community management company can help by hiring a landscaping company for your neighborhood.
With the assistance of your HOA board, your association management company can implement a policy that requires all community members to supply an emergency contact. Your HOA community can take it one step further and ask that the list be updated every so often.
Requiring that the contacts remain updated ensures that if an emergency happens, you'll be able to get in touch with a family member or close friend. This will allow your community managers to have a contact if an unexpected situation arises.
- Community Support. The main task for your association management company is to be there for your community 24/7. Their role is to ensure that the needs of your community and its residents are being met. If you have seniors within your community who need extra assistance, community managers can develop a subcommittee or volunteer group to help them.
An association management company can also create community events that are specialized for the seniors in your community, including a cookout, game night, or arts and crafts evening. Community events geared toward your seniors help them remain active and prevent social isolation.
Studies have shown that the senior citizen population is growing at a steady pace. AARP states that by 2030, 1 in 5 citizens will be over the age of 65. With the combination of a larger senior population and the trend of aging in place, every HOA community should think about how they’re going to serve their aging-in-place residents.
If your community would like more information, check out our white paper, An HOA’s Complete Guide To Helping Aging-In-Place Residents by clicking below: