RunningBum
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Jun 18, 2007
- Messages
- 13,236
My parents are looking at an independent living community. They sent me some info on it, and I thought I'd see if anyone here can help translate it. I'll be going back next month to talk with them about it, and will probably tour it with them and ask questions at the place, but figured the more I could understand it now, the better.
There is an entrance fee based on the floor plan. "The entrance fee, along with a supplemental fee for some residences, is a one-time payment refundable upon transfer to another qualified resident." For the unit they are looking at, the charges are as follows:
Entrance Fee
Alone - With Supplemental
$57,780-101,780
Monthly Charge
Entrance Fee Alone - With Supplemental
1287 884
"The value of a residence at the time of transfer is based on return of the entrance fee, plus any appreciation paid by the incoming resident. The increase in the value of a residence for each year of occupancy (subject to Board of Directors' annual approval) is as follows:
$1060 for their model
The appreciation thing seems straightforward enough. The price is set rather than negotiated, and will increase. Right now they have 100% occupancy and in fact my folks aren't sure when a unit will become available, nor are they in a hurry.
Any idea what this supplemental fee and monthly charge is? It seems pretty hefty. Is that monthly supplemental charge an additional 884 on top of the 1287, or is it a lower monthly charge if you pay a higher fee upfront?
Any other factors to look for? I know they have looked at a lot of places, for a few years, and have evaluated/compared the services like common areas, meals, fitness, etc. Ideally they'd rather be someplace where they could transition to assisted living, but I don't think they've found a place they like and a price they can afford. The location is very good. It's about a mile from where they are now, and a mile from both my brother and sister.
There is an entrance fee based on the floor plan. "The entrance fee, along with a supplemental fee for some residences, is a one-time payment refundable upon transfer to another qualified resident." For the unit they are looking at, the charges are as follows:
Entrance Fee
Alone - With Supplemental
$57,780-101,780
Monthly Charge
Entrance Fee Alone - With Supplemental
1287 884
"The value of a residence at the time of transfer is based on return of the entrance fee, plus any appreciation paid by the incoming resident. The increase in the value of a residence for each year of occupancy (subject to Board of Directors' annual approval) is as follows:
$1060 for their model
The appreciation thing seems straightforward enough. The price is set rather than negotiated, and will increase. Right now they have 100% occupancy and in fact my folks aren't sure when a unit will become available, nor are they in a hurry.
Any idea what this supplemental fee and monthly charge is? It seems pretty hefty. Is that monthly supplemental charge an additional 884 on top of the 1287, or is it a lower monthly charge if you pay a higher fee upfront?
Any other factors to look for? I know they have looked at a lot of places, for a few years, and have evaluated/compared the services like common areas, meals, fitness, etc. Ideally they'd rather be someplace where they could transition to assisted living, but I don't think they've found a place they like and a price they can afford. The location is very good. It's about a mile from where they are now, and a mile from both my brother and sister.