As the old adage goes, “Timing is Everything.” This holds very true if you are ready to find a retirement community or assisted living community for yourself or for a loved one.
Depending on your timing, retirement communities and assisted living communities may have incentives to entice seniors and families to move in. These move-in incentives can be in the form of gifts, reduction in the entrance or “community fee,” or even discounts on the monthly rent.
Senior Housing Move-In Specials For:
You’ll typically find these senior housing move-in incentives at places where you pay a monthly rent such as a retirement community also known as independent living community or assisted living community.
The reason a sales office will give these concessions depends on their occupancy rate at the time of your move-in. For example, if the retirement community or assisted living community has multiple vacancies for the month, they may have a special move-in promotional offer to entice seniors and families. However, when a retirement community or assisted living community is typically ninety percent (90%) or more occupied, they will not be as motivated to issue out specials or move-in incentives to new residents.
If you are lucky enough and if the timing is right, you may avail of the following move-in specials in retirement communities or assisted living communities. Here are some examples of the move-in specials senior housing communities typically have:
1. Reduction in Monthly Rent
Retirement communities and assisted living communities may give $50 to $100 off the monthly rent for the term of the lease or 1 Month Free Rent.
2. Move-in Gifts
Some retirement communities may give free Flat screen TVs, Home Theater Sound Systems, Airline Voucher or other promotional items if the senior moves in during the promotional period.
3. Reduction in Deposit or Application Fee Waived
More and more retirement communities and assisted living communities are willing to reduce the deposit fee, while some may offer to waive the application fee as an incentive to entice seniors to move in to their senior community.
4. Reduction in Community Fee
Generally, retirement communities or assisted living communities charge a one-time community fee, also known as admission fee. This fee can go anywhere from $1500 to $5000 and is due upon admission.
During the promotional period, these senior housing communities may give a 25% to 50% discount.
5. Free Night or Even a Week
Some retirement communities or assisted living communities will offer a free night or even a week for the residents to check out the community. Rent will be free during this promotional period, however, if the senior needs care, the senior or family needs to pay for the cost of care.
There are two types of Buy In Purchase Model for Retirement Communities and Assisted Living Communities:
1. Co-op Housing
“Buy-In” Models are certain Retirement or Assisted Living communities that allow their senior residents to either buy the unit or own a share in the Co-op Housing. This type of senior housing model can have units on average ranging in price from $50,000 to $350,000.
Some of the Retirement communities and assisted living communities will require the residents to be 55+ years old and have an income of $1,500-$1,600/month to ensure they sustain their payment.
2. Continuing Care Retirement Communities
There is also another type of “Buy-In” Purchase model that applies only to Continuing Care Retirement Communities, also known as CCRCs.
Continuing Care Retirement Communities offer a long-term continuing care contract, which is usually for a resident’s lifetime. This type of senior communities can charge the senior resident an entrance fee anywhere from $90,000 to $1,000,000. Other communities may elect to go with a monthly fee that is paid at the beginning of each month. Monthly fees can range from $3000 to $5000 but may increase depending on the senior’s care needs.
As the senior’s social, emotional and/or medical needs increase as they get older, the fees for the care are taken directly out of the senior’s entrance fee. Any unused portion of the entrance fee will go back to the senior or whomever the senior designates in his or her Will.
This type of move-in incentives normally include a reduction in the entrance fee.
TIP ALERT: The key in finding the best move-in specials or deals is to start your search for retirement living or assisted living as early as you can. This will allow you to have more time to assess the best place to live in. Also, ensure that you ask the sales office to contact you when the retirement communities and assisted living communities you are interested in are running any move-in specials. Remember, it never hurts to ask.
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About the Author: Erwin T. Allado is a Senior Care Advocate and the CEO of SeniorCareHomes.com – A trusted and comprehensive online directory of Senior Care Homes such as Assisted Living, Nursing Homes and other types of Senior Housing in California, Florida, New York, Arizona and the rest of the United States. SeniorCareHomes.com also provides FREE Placement Services, helping seniors and families find the best Senior Care Homes in the nation!
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