Understanding the financial side of senior living is an important part of deciding whether a community is right for you. The cost involves more than a monthly number. Contract options, included services, and your current expenses at home can all affect the comparison.
At The Villas by Buckner, prospective residents can choose from rental and entrance fee options. Understanding how those choices work can help you determine which approach fits your retirement plans.
If you’re beginning your research, here are some of the questions we hear most often.
Quick Answer: What financial questions should I ask before moving to a retirement community?
Ask what contract options are available, what your monthly fee includes, and how costs may change if your care needs change. You should also understand the terms of your residency agreement and compare the cost of senior living with what you currently spend to own and maintain your home.
How Much Does Senior Living Really Cost?
There isn’t one answer that applies to every person or every community. Costs can vary based on the residence and contract you select, as well as any care you may need.
A useful first step is to look at your current expenses as a whole. Homeownership costs can include a mortgage or rent, property taxes, insurance, utilities, and ongoing maintenance. You may also be paying separately for services that are included in a senior living community.
At The Villas by Buckner, Independent Living starts at $3,700 per month. Because costs vary by residence and contract option, prospective residents should talk with a sales counselor about current pricing and what is included. Looking at the complete financial picture often provides a much clearer comparison.
What Does the Monthly Fee Include?
This is an important question to ask any senior living community because what’s included varies.
Independent Living at The Villas by Buckner includes interior and exterior maintenance, groundskeeping and housekeeping. Residents also have access to a flexible dining plan, wellness programs, and scheduled weekday transportation, along with other community services and amenities.
Knowing what is included can help you make a more accurate comparison between the cost of staying in your current home and moving to senior living.
What Is the Difference Between a Rental and an Entrance Fee Option?
The Villas by Buckner offers both rental and entrance fee options, giving prospective residents different ways to structure the financial side of their move.
With a rental option, you pay a monthly fee without making an entrance fee payment. An entrance fee option includes a one-time payment in addition to ongoing monthly fees. Depending on the contract selected, a portion of the entrance fee may be refundable.
The right choice depends on your financial situation and the specific terms of the contract you are considering. A sales counselor can explain the available options and provide the information you need to compare them.
What Should I Compare With My Current Cost of Living?
Start with the expenses you already have.
In addition to a mortgage or rent, consider property taxes, homeowners insurance, and utilities. Home maintenance and services such as housekeeping can add to the ongoing cost of remaining in your current home.
Then look at which of those expenses are included in the senior living option you’re considering.
The Villas by Buckner offers an online Cost Calculator designed to help prospective residents compare their current monthly expenses with the costs associated with living at the community.
What If My Healthcare Needs Change?
Financial planning for senior living should also include a conversation about future care.
As a Life Plan Community, The Villas by Buckner offers multiple levels of living on its Austin campus. If your needs change, having care options available within the community can be an important consideration in your long-term planning.
Ask what levels of care are available, how costs differ and what your particular contract provides. Understanding those details before you move can help you plan for potential future expenses.
Should I Include My Financial Advisor?
Many prospective residents invite their financial advisor, attorney or adult children into the conversation.
An advisor can review the financial terms of the options you’re considering and help you evaluate how each one fits within your broader retirement plan. If you’re considering an entrance fee contract, you may also want to discuss the source of those funds and any refundable provisions associated with the contract.
Look at the Complete Financial Picture
The lowest monthly fee doesn’t necessarily tell you which senior living option will work best for your circumstances.
Consider what is included in the monthly fee and the terms of the contract. Then compare those costs with what you currently spend at home and consider how future care could affect your financial plan.
For prospective residents at The Villas by Buckner, comparing rental and entrance fee options is part of that process. Ask questions until you understand how each option works and what your costs would be under the contract you’re considering.
Frequently Asked Questions
Does The Villas by Buckner offer rental options?
Yes. The Villas by Buckner offers rental options as well as entrance fee options. A sales counselor can explain the current choices and associated costs.
Does The Villas by Buckner have an entrance fee?
An entrance fee is one of the financial options available at The Villas by Buckner. Depending on the contract selected, a portion of the entrance fee may be refundable. Prospective residents should review the specific terms of the residency agreement before making a decision.
What does Independent Living cost at The Villas by Buckner?
Independent Living currently starts at $3,700 per month. Actual costs vary based on the residence and contract option selected, so contact The Villas by Buckner for current pricing specific to your situation.
How do I compare senior living costs with the cost of staying in my home?
Start by adding up your current housing and maintenance expenses. Then compare those costs with the services and expenses included in the senior living community’s monthly fee. The Villas by Buckner also offers a Cost Calculator to help with this comparison.
What financial documents should I review before choosing a senior living community?
Ask for detailed information about current fees and what they include. If you are considering an entrance fee, carefully review the residency agreement, including any applicable refund provisions. You may also want your financial advisor or attorney to review the documents with you.
About The Villas by Buckner
Located in North Austin, The Villas by Buckner is a Life Plan Community designed for active older adults who want to enjoy today while planning confidently for tomorrow. With beautiful residences, engaging programs, meaningful connections, and a continuum of care, The Villas helps residents focus less on uncertainty and more on living well.
Interested in learning more about the financial options available at The Villas by Buckner? Contact us today to learn about current rental and entrance fee options and schedule a tour.
