Entrance fees for retirement communities can range from $0 to $500,000, depending on the type of community you’re interested in.
Entrance fees are a key consideration for many individuals and couples who want to move to a retirement community. It’s important to budget appropriately so that you, your relatives or spouse will be able to enjoy the rest of their lives in a stable, comfortable home environment with all the services and amenities they want.
Retirement community pricing varies greatly across the country and even across each individual state. And while most people think only of monthly costs, it’s also important to understand that many retirement communities require an entrance fee as well.
An entrance fee is a one-time cost that covers administrative fees and helps lower the monthly payment. Higher retirement community entrance fees are applied to continuing care retirement communities (CCRCs) that provide a full range of support from assisted living to skilled nursing. The entrance fee helps cover the cost of care throughout the individual’s life in the community.
In Virginia, entrance fees for retirement communities can range from $1,000 to $500,000.
Six-figure entrance fees are unattainable for many adults. Even for those that can afford them, it’s typically not a financial move they want to make. Aside from CCRCs, most retirement communities will charge smaller entrance fees. For example, Aspire at Belmont Bay is designed for active adults who want an independent living environment with luxury housing and services. Our community entrance fee is a one-time charge of only $2,500 and will secure your place along with all our amenities and services.
When deciding what your budget can afford for a long, thriving retirement, you’ll want to remember that aging in place is not cheap. In fact, many are surprised to learn that the retirement community cost – especially those outside of a CCRC – can actually be less expensive than staying in a standalone home.
For example, homes usually require retrofitting to provide for safety. Residents may need to install grab bars, change bathroom layouts to improve safety and accessibility, upgrade to better lighting and sometimes install indoor and outdoor ramps in order to live independently. Other services, including snow removal, also come at an extra cost.
Retirement communities are built with layouts and accommodations that are already accessible. They also include services to ease the burden on residents, which include:
These services make life easier and can save residents a significant amount of time and energy. Instead of focusing on upgrading their homes or dealing with chores, residents can simply enjoy their amenities and services. That’s why so many people consider these communities and the associated senior living cost structures to be an investment into long-term health and lifestyle. There’s much more time to enjoy retirement when you’re not worried about daily chores or the responsibilities of homeownership.
If you’re interested in learning more about how residents in Virginia, Washington, D.C. and Maryland can find more joy in their retirement without paying high entrance fees, consider scheduling a tour of Aspire at Belmont Bay. Located in Woodbridge, Virginia, our community is designed for adults who want to do more with their retirement years, not less. Contact us today for more information.