When selecting a residence at Fountaingate Gardens for your active retirement future, you’ll have choices when deciding which entrance fee refund option is best for you. Fountaingate Gardens currently offers three refund options, which allow you to determine how much of an initial investment in the entrance fee you wish to make. For more general information on entrance fees, click here to read our blog on the topic.
80% Refundable Option
The 80% refundable option is a great choice for residents who would like to preserve more of their assets. There is a larger upfront cost, but you’ll know that, upon leaving your residence, either you or your estate will receive back 80% of the entrance fee paid. The average 80% refundable entrance fee – when paired with a modified contract – is $859,000. Depending on the specific residence selected, the actual amount will vary, as the entrance fee is determined by residence type and location.
The traditional option – sometimes referred to as the declining balance entrance fee – is the least expensive option because it does not guarantee a certain percentage will be returned to you or your estate when you leave Fountaingate Gardens. The refund amount will decrease over time and eventually reach a point where no refund remains, depending on how long you reside at Fountaingate Gardens. This is a great option for those who aren’t focused on their estate or have already made plans for additional assets. The declining balance entrance fee is the smallest upfront investment you can make. The average entrance fee for this option – when paired with a modified contract – is $505,000, which is less than the average home value in the Commack area.
50% Refundable Option
The 50% refundable option is the middle-of-the-road option compared to the traditional and 80% refundable options. With this option, you are also protecting your assets – guaranteeing that 50% of the entrance fee will be returned to your estate – but the smaller percentage returned means the initial entrance fee is lower. The average 50% refundable entrance fee – when paired with a modified contract – is $644,000, or a 25% decrease from the 80% refundable option. As noted above, your actual 50% refundable entrance fee may be higher or lower based on the specific residence selected.
One key to remember about all entrance fees is that they do not double for the second person. Below is an example of the entrance fee costs for a couple to live in a two-bedroom Birch apartment.
First Person Entrance Fee (modified contract, traditional option): $465,000
Second Person Entrance Fee (modified contract, traditional option): $27,300
In this example, the second person only causes a 6% increase in the entrance fee.
The best way to determine your best option is to visit with our team of lifestyle consultants. They will help you assess and customize everything about your move to Fountaingate Gardens, including residence size and location, contract type, and refundability of the entrance fee. To start planning your future, call us today at (631) 715-2693, or click here to schedule an appointment.
What happens to the 20% that the community retains? What is it used for?
To answer your question, the percentage retained is used for the care and well-being of both the individual and community while he/she resides at Fountaingate Gardens. As you see from this blog, we offer a number of contract choices that offer different refundability options — we would be happy to provide you with a more thorough explanation. Please feel free to contact us at 631-715-2693 to speak directly to a member of our sales consultant team. We look forward to hearing from you!