Expect to hear this common real estate lingo during your senior housing search.
Searching for a new home always offers up several challenges. From finding the best senior retirement communities in Kenosha, Wisconsin to understanding the senior community real estate lingo, you have your work cut out for you. This guide should help simplify the terminology so you won’t have any trouble finding out what you need to know about your potential new home.
1| Income-restricted housing
Income-restricted housing refers to apartments in which the developer has an agreement with the federal government to offer affordable housing to those with limited incomes. Income-restricted housing is only available to those whose income (including pensions) meets certain criteria, so be sure to ask the property manager if you meet the income requirements.
2| Building amenities
Building amenities include the features and comforts offered at a senior community. At Glenwood Senior Living Apartments in Kenosha and Villa Ciera Senior Housing Apartments, amenities include off-street parking, private patios, walk-in closets, and a business center with internet access, just to name a few. When looking for the best retirement community for you, pay close attention to the amenities each community offers and determine which ones will make you feel most at home.
3| Common areas
Common areas within a senior living community refer to spaces that all residents share. These may include a gazebo, kitchen, meeting room, or patio available for all residents to gather and visit. Common areas effectively extend your living space and give you more options for entertaining guests and meeting others who live in your community.
4| Deposit/security deposit
A deposit or security deposit is an up-front fee required for new renters that protects landlords from the risk of property damage or other losses. Deposits are usually refunded to the tenant after a specified period if they meet the conditions as outlined in the rental agreement.
5| Lease term
The lease term for a senior living community refers to the amount of time for which you agree to rent an apartment there. If you think you may need to move before your lease term expires, be sure to talk with the property manager before you commit to see if there are alternate terms that would meet your needs.
These are just a few of the most commonly used terms you’ll encounter while visiting the best retirement communities in Kenosha, Wisconsin. For more help navigating your property search or to schedule a tour of Glenwood or Villa Ciera Apartments, reach out to our senior housing management representatives online or call 608.354.0900 today.
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