QUESTION:

Advantages and Disadvantages of a Resident Owened Community

My wife and I are looking to retire in Florida next year. Some of the communities we are visiting talk about the benefit of their being a "resident owned community with no community development fees ever." This, I am told, can save thousands of dollars over the course of one's retirement. But, what are the disadvantages? Most retirement communities have, I assume, the continuing presence and support of the developer (e.g.,Dell Webb communities) and ongoing mandatory fees to keep up the golf course, pool, entry way, etc. What happens when the builder and developer walk away and it is all in the hands of the residents? Anyone out there who has a thought on this or has had experience here?
asked by Drickyboo, 2/29/2008
Categories: Retirement Communities
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