Are There Equity Options at Senior Living Communities?
If you’re looking to maximize your retirement lifestyle, our community will help you do just that. When you compare senior living in Virginia Beach, you’ll discover that Atlantic Shores is unique for its innovative residential contracts. Because we’re a cooperative, our different contract options, called Resident Memberships, give you a choice of equity ownership, lease, or lease/bundle packages. Our contracts are explained in detail by Director of Marketing Cameron Gwaltney in this informative video.
Depending on your intended lifestyle and how you’d like to structure your finances, these options give you greater flexibility when planning your future. (If you’d like to know more, please call one of our Sales Counselors at (757) 275-8705 who’ll walk you through the specifics.)
How equity works.
When you choose equity ownership, you own your residence and are able to resell it. You pay a monthly fee for the services and amenities provided in the community. Just like any other type of residential real estate, your home may increase or decrease in value and proceeds from its sale belong to you or to your heirs. As a homeowner, you’re also eligible for tax advantages.
What you get.
Equity ownership in a senior living community allows you to become part of something greater beyond monetary returns. By purchasing your home, you’re also investing in the community. You become a shareholder of the community cooperative, with the ability to influence what goes on where you live. You can vote on community matters and/or become involved in governance as a board member. You have a direct hand in the growth and success of the community around you, not just for yourself, but for all the people who live and work there.
As a resident, you can use all available community services and amenities, and have the security of access to future health care all on-site. You have the confidence of knowing your home is bought and paid for. Your monthly fee includes everything you need for a carefree retirement, including chef-prepared meals, housekeeping, and on-campus amenities such as a fitness center, pool, beauty parlor and more.
What are the benefits of equity options?
When you’re looking for independent living in Virginia Beach, make sure you check out the equity ownership options at Atlantic Shores. It could be ideal for you if you want to:
- Purchase and own your own home in retirement
- Renovate your living space to suit your taste
- Pay less for your monthly fee
- Vote on community matters or be an active board member
- Lock in priority access to health care
- Profit from your home’s appreciation
- Add the proceeds of your home sale to your estate
Rental and equity: Both have their advantages
Rental contracts are usually the least expensive option in senior living. The main difference is there’s no large upfront investment. At Atlantic Shores, leases are renewed annually. There’s a low, one-time community fee, along with a monthly fee for use of community services and amenities. A rental option is ideal for seniors who aren’t interested in renovating their living space and/or prefer not to make a large deposit that might impact. The tradeoff is that the monthly fee will be higher than for equity ownership.
Most communities providing senior living in Virginia Beach will offer independent living and many do have assisted living services on campus. But residents of some area communities will have to move elsewhere if they need a higher level of care. In most rental communities, residents also don’t have priority access to on-campus health care services and pay full market rate for any care they may eventually need.
We offer a plan for life.
Atlantic Shores offers a unique variety of choices when it comes to senior living in Virginia Beach. We cater to seniors who are deciding between an equity or a rental lifestyle. Since we’re a continuing care retirement community, no matter which residential contract you choose, you’ll never have to move, or worry about where to turn for health care. While you live your active lifestyle, a full continuum of health care — assisted living, skilled nursing, rehabilitation and memory care — is here if you ever need it.
Making an informed decision.
Working on a five-year plan? Or playing it by ear? Is it important to you to express your personal style in a space you call yours? Or are you after a home base where you can lock your door and go? There’s no one size fits all when it comes to retirement – at Atlantic Shores, we realize this.
Our Resident Memberships allow you to design the retirement lifestyle you want, with the flexibility you deserve. Plus, if you’re interested in equity ownership, we offer addenda that can further lower your purchase price and remove the hassle of home resale responsibilities.
Give us a call at (757) 275-8705 to learn more about our independent living in Virginia Beach, and find out how flexible and fun your retirement can be!