Choosing the perfect option for you among all the senior communities in Florida depends on so many factors: location, amenities, long-term security and the big one—cost. It’s easy to get overwhelmed by so many numbers and contract details, so here is a clear breakdown of different residency agreement types and examples of how these options can perfectly fit varying financial situations.
Most of the senior communities in Florida provide a choice of several residency agreements, and it’s normal for a community to charge a standard entrance fee—especially if the community offers the assurance of long-term healthcare access. The entrance fee is a one-time payment that not only covers the cost of your new residence, but also guarantees access to on-site healthcare should the need ever arise.
It’s crucial to note that the entrance fee completely depends on the specific residence and contract type you select. You may also want to consider a couple of other factors, regardless of the residency agreement you choose:
- First, for couples, the entrance fee does not double. Typically, adding a second person to an entrance fee will only add 5 percent to 10 percent to the total cost. At Lakeside at Waterman Village, there is no extra entrance fee for a second person.
- Second, substantial tax benefits can be associated with your move, depending on the healthcare options available to you at the community and what is specifically outlined in your contract. It’s advisable to bring a sample contract to your tax advisor to see your options. Knowing how your tax liability may change can give you much more flexibility when addressing the entrance fee.
For a community like Lakeside at Waterman Village, a soon-to-be-built expansion of Waterman Village that’s coming to Mount Dora, Florida, there will be three primary residency agreement plans. We’ve already helped more than 100 people secure a future in our exciting new neighborhood, so we’re sure that we can help you find the perfect plan for your needs and financial situation.
Three residency agreement plans offered at Lakeside at Waterman Village
The high-refund (75 percent to 85 percent) agreement
In this case, “high-refund” means that upon leaving your residence, you or your estate will receive 75 percent to 85 percent of the original entrance fee you paid—guaranteed. And for a limited time, Lakeside Depositors will receive an additional 5 percent refund, making this an 80 percent to 90 percent refund plan! Contact us to learn more about this offer.
With the high-refund plan, there is a larger upfront cost, which also depends on the specific residence you choose. However, this residency agreement is best for those seeking to preserve and protect their assets as much as possible, while enjoying the Lakeside at Waterman Village lifestyle and the peace of mind of a secure future.
The reduced refund or reduced monthly fee agreement
Lakeside at Waterman Village will also offer a middle-of-the-road option: the “reduced refund” option. It’s a great choice if perhaps, for example, you have three major financial goals when moving into one of the senior communities in Florida:
- Move into a community like Lakeside at Waterman Village, but for a lower cost and with a lower monthly fee
- Keep a significant portion of your assets in your control (i.e., for reinvestment or continued investment or in interest-bearing accounts)
- Maintain the guarantee that your estate will be refunded a large portion of your assets, no matter what
Choosing an option like the reduced refund plan accomplishes all three of these goals, covering both the short and long term. And just as with the high-refund option, it is still key to note that your exact entrance fee will depend on the size and location of the residence you choose. At Lakeside at Waterman Village, this could be one of the brand-new, customizable homes that have been getting reserved at a record rate.
The traditional declining balance or 30% discount agreement
Simply put, this residency agreement is the most affordable. It offers the absolute lowest upfront cost—a major reduction in the entrance fee—making this the smallest initial investment you can make when moving into one of the senior communities in Florida.
The structure of this residency agreement plan allows the amount refundable from your entrance fee to decline over time (hence the “declining balance” nomenclature) until no balance remains. That said, this plan does not guarantee that an amount will be returned to your estate when you leave, but it does provide an excellent option for those who have alternate arrangements made with their assets or are not focused on their estate.
Depending on your financial situation, the traditional declining balance option may also let you move into a community like Lakeside at Waterman Village without it depending on the timing of the sale of your current house. And like the other residency agreement plans, the traditional declining balance plan also bases your entrance fee on the specific size and location of your new home.
Remember that as with any major financial decision, it’s wise to consult your tax advisor or financial planner first. And if you have any questions about the residency agreement options at Lakeside at Waterman Village, our team is here to help. Simply click here or call 352-385-1120 to get in touch for exact pricing, timelines and more.