Whether you’re looking into an independent living community for yourself or a loved one, there are many factors to consider — one of the most important is whether you will choose to rent or buy into a community.
What Is a “Buy-In” Senior Living Community?
An entrance fee, also known as buy-in, is a one-time payment that some senior living communities require their residents to pay before they move in. This is common in senior living communities that offer multiple types and levels of care. The fee will vary between communities, and some can cost up to hundreds of thousands of dollars — making senior living communities simply unobtainable for many. In addition to an entrance fee and monthly rent, residents may be required to pay more to use the community amenities and services or participate in certain activities.
The Benefits of Choosing a Senior Rental Community
Senior rental communities offer many advantages — one being that they don’t charge an entrance fee. This alone opens the door to many more benefits and opportunities.
As we age, our care needs can change. Life’s unexpected turns can cause enough stress on their own, and making sure you or your loved one are properly taken care of shouldn’t be a concern. Finding a community that offers a continuum of care guarantees you have access to different types of care and can give you comfort knowing that you’ll be able to age in place.
In addition, rental communities give you the power to choose the duration of your stay, and when that time is over, you can opt to renew your agreement, change your rental unit, or move to another community or level of care if the one you’re in isn’t the right fit.
Some rental communities even give you the option to rent seasonally or for months at a time instead of committing to a year-long lease — enabling those who like to travel to Florida during the harsh winter months, for example, to do so. Should you choose to go on a trip, you’ll also have peace of mind knowing that the staff at your rental community will keep your home taken care of until you get back.
Reduced Financial Stress
One of the biggest benefits of renting at an independent living community is that it gives you the flexibility and freedom to live life how you want, without a cumbersome financial burden.
The typical, hefty entrance fee associated with buying a home in an independent living community can wipe out a large sum of your retirement savings. Entrance fees may only be partially refundable — should you choose to move, you may end up losing that hard-earned money. To make things more challenging, communities that offer full refunds typically require a steep upfront fee.
Seniors are living longer and healthier lives, so it’s important to budget your money to last. Financial stress is a leading cause of anxiety and depression in seniors, which can have significant mental health impacts. Since rentals require a substantially smaller investment, renting can be a great way to alleviate this stress.
One of the greatest benefits of renting from a senior living community are the amenities included in your monthly rent. If you don’t want to spend time cleaning, cooking, driving, and more, or you simply dislike these chores, then renting could be a better option for you.
What’s more, community services and amenities give you back valuable time to do what you love and can even help cut living costs. At Aviva Senior Living, we offer:
- Gym and fitness facilities
- Heated outdoor swimming pool
- Beautiful walking paths
- Access to three golf courses
- Enriching events, classes, and activities
- On-site medical services
- Casual and fine dining options
- Home safety and security systems
- Housekeeping services
- Lawn and pool care
- Pest control, and more.
How to Find the Right Senior Living Community
Choosing a community to entrust with your or your loved one’s care shouldn’t be taken lightly. No two senior living communities are the same. With differences in policies and procedures, amenities, pricing structure, and more, finding the right fit can be overwhelming if you don’t know where to start.
While this decision goes far beyond whether or not they charge an entrance fee, entrance fees can be very limiting for many. Do substantial research and look into your options. Ask in-depth questions about each community’s services, amenities, care plans, security measures, and more so that you know you’re choosing the right fit. Look for a community that’s transparent about its approach, doesn’t require buy-in, is not-for-profit, and prioritizes resident enrichment.
Aviva Isn’t Just a Senior Living Community, It’s a Place To Call Home
Flexibility, reduced financial stress, and inclusive pricing are just some appealing advantages that can come along with renting your next home. While rental communities that don’t charge an entrance fee, provide amenities, and offer a continuum of care may be more difficult to come by, they do exist.
If you are looking for a senior rental community in Sarasota, Aviva may be the right fit for you! We are an endorsed and accredited, not-for-profit senior living community that doesn’t require an entrance fee. We offer an extensive range of amenities and services designed to foster senior health and well-being and strive to cultivate a strong sense of belonging and community. In addition, we provide a full continuum of care, from independent living, assisted living, memory care, and skilled nursing and rehabilitation.
Contact us today to explore the senior living options we offer.