Is Retirement Community Living Actually More Affordable Than You Think?
Are you having difficulty visualizing your expenses in a Life Plan Community as compared to staying in your current home? Without firm numbers and a full look at your current expenses, it’s hard to picture a community like Fountaingate Gardens as a good value for your money.
Many families are surprised to discover that retirement community living can actually be financially advantageous compared to maintaining their current home. Let’s break down the real numbers.
The Hidden Costs of Aging in Place
When you add up all the expenses of maintaining your current home—from mortgage payments and property taxes to unexpected repairs and healthcare costs—the total can be eye-opening. Most homeowners don’t realize how much they’re actually spending each month when you factor in:
- Home maintenance and repairs (averaging $458/month for seniors)
- Healthcare accessibility and emergency response systems
- Lawn care, snow removal, and seasonal maintenance
- Rising utility costs and property taxes
- Security concerns and safety modifications
The Modified Contract: Your Best Value Option
Until now, we haven’t shared any pricing on our website; but that’s about to change. You’ll see that you don’t have to choose the highest cost contract to have access to all the services and amenities Fountaingate Gardens will offer.
Using the Modified Contract option, we’ll illustrate the benefits it provides:
- Monthly/annual savings compared to home ownership
- 60 days of assisted living and skilled nursing included at no additional charge
- Lifetime discount on future care services
- Significant long-term value that can add up to hundreds of thousands in savings
Real Numbers: Side-by-Side Cost Comparison
The following two charts highlight projected monthly costs incurred while living in a private house compared to choosing a Modified Contract and living at the Birch residence — one of our popular two bedroom floor plans in the Parkview building at Fountaingate Gardens.
Compare the Value - Single Person
This compares the average costs to live in your home versus Fountaingate Gardens.
| Item | Current Monthly Costs | Fountaingate Gardens Modified Plan - Birch |
|---|---|---|
|
Current home value: |
$550,000 |
Birch |
|
Home equity loan, mortgage or rent |
$1,915 |
Included |
|
Property taxes |
$1,017 |
Included |
|
Dwelling insurance |
$306 |
Included |
|
Association dues & assessments |
$300 |
Included |
|
Utilities (gas, electric, water, sewer, refuse) |
$183 |
Included |
|
Basic cable TV and Internet service |
$100 |
Included |
|
Monthly groceries (50%) |
$300 |
Included |
|
Lawn/garden maintenance/snow removal |
- |
Included |
|
Estimated home repairs (new furnace, water heater, roof, paint) |
$458 |
Included |
|
Housekeeping service (twice monthly) |
$250 |
Included |
|
Flat linen service (weekly) |
- |
Included |
|
Pool service/maintenance |
- |
Included |
|
Health club membership (indoor, heated saltwater pool, spa, athletic equipment, fitness classes, etc) |
$54 |
Included |
|
24-hour security |
$30 |
Included |
|
Transportation |
- |
Included |
|
Social & cultural entertainment |
- |
Included |
|
24-hour emergency call system |
$25 |
Included |
|
60 days in assisted living |
- |
Included ($15,100 Value) |
|
60 days in skilled nursing |
- |
Included ($35,000 Value) |
|
5% discount in assisted living (Lifetime Discount) |
- |
Included ($378/mo Value) |
|
10% discount in skilled nursing (Lifetime Discount) |
- |
Included ($1,700/mo Value) |
|
Standard Traditional Entrance Fee |
n/a |
$465,000 |
|
Total Monthly Costs (Single) |
$4,939 |
$3,980 |
|
Total Monthly Costs (Single) |
$4,939
|
$3,230 |
- Option 1: Assumes a $100,000 increase in entrance fees for a $750 reduction in monthly fees.
- Option 2: Assumes a $200,000 increase in entrance fees for a $1,500 reduction in monthly fees.
Compare the Value - Couple
This second comparison chart shows projected costs for a couple in the same scenario.
| Item | Current Monthly Costs | Fountaingate Gardens Modified Plan - Birch |
|---|---|---|
|
Current home value: |
$550,000 |
Birch |
|
Home equity loan, mortgage or rent |
$1,915 |
Included |
|
Property taxes |
$1,017 |
Included |
|
Dwelling insurance |
$306 |
Included |
|
Association dues & assessments |
$300 |
Included |
|
Utilities (gas, electric, water, sewer, refuse) |
$238 |
Included |
|
Basic cable TV and Internet service |
$100 |
Included |
|
Monthly groceries (50%) |
$600 |
Included |
|
Lawn/garden maintenance/snow removal |
- |
Included |
|
Estimated home repairs (new furnace, water heater, roof, paint) |
$458 |
Included |
|
Housekeeping service (twice monthly) |
$250 |
Included |
|
Flat linen service (weekly) |
- |
Included |
|
Pool service/maintenance |
- |
Included |
|
Health club membership (indoor, heated saltwater pool, spa, athletic equipment, fitness classes, etc) |
$108 |
Included |
|
24-hour security |
$30 |
Included |
|
Transportation |
- |
Included |
|
Social & cultural entertainment |
- |
Included |
|
24-hour emergency call system |
$50 |
Included |
|
60 days in assisted living |
- |
Included |
|
60 days in skilled nursing |
- |
Included |
|
5% discount in assisted living (Lifetime Discount) |
- |
Included |
|
10% discount in skilled nursing (Lifetime Discount) |
- |
Included |
|
Standard Traditional Entrance Fee |
n/a |
$492,300 |
|
Total Monthly Costs (Single) |
$5,373 |
$4,856 |
|
Total Monthly Costs (Single) |
$5,373 |
$4,106 |
- Option 1: Assumes a $100,000 increase in entrance fees for a $750 reduction in monthly fees.
- Option 2: Assumes a $200,000 increase in entrance fees for a $1,500 reduction in monthly fees.
Important Details About These Comparisons
It is important to note a few items about the two charts above:
Second Person Savings: Notice that the entrance fee and monthly service package do not double for a second occupant – they increase by only 5.87% and 22%, respectively.
Healthcare Value Added: The value of a Modified Contract at Fountaingate Gardens is increased by the health care included – as previously mentioned, there is built-in access to assisted living and skilled nursing care/rehabilitation for 60 days, and a lifetime discount thereafter, if those services are required.
Beyond the Numbers: Priceless Peace of Mind
Please note: These prices do change based on the residence and contract option selected, so the best way to get a personalized quote is to contact and meet with a member of our team, who can help you customize the options to best fit what you envision for your future.
The decision to move to a Life Plan Community is not a purely financial one – the peace of mind and lifestyle add a value that is priceless.
Don’t spend another month wondering “what if?” Get the real numbers for your specific situation and discover how Fountaingate Gardens can enhance your lifestyle while potentially saving you money. Our expert team is standing by to answer your questions and provide a personalized cost analysis.
