What is an entrance-fee community?
An entrance-fee community models a financial commitment similar to a condominium purchase but with some hybrid characteristics. It is a contractual membership relationship that resembles that of a golf or country club. This is legally known as a revocable license. There is a one-time initial sum, called the entrance-fee, and an accompanying monthly fee. The Lodge of Northbrook’s monthly fee, for example, covers all of your utilities, basic cable, internet, in-home maintenance, parking, services, amenities, operational expenses and more.
Senior communities that have entrance-fees (also known as buy-in’s) are all structured differently. Some will retain nothing, a portion, or all of the entrance-fee that you have put down. At The Lodge of Northbrook, your financial well-being is important to us. The following financial benefits to our members differentiate us from other communities:
- The entrance-fee is fully refundable
- Once a qualified residency has been established, The Lodge of Northbrook will apply on your behalf for a refund of the homeowner’s and senior exemptions. You will receive a refund at the end of the year for your portion.
- As a 501©3 the IRS allows for a modest annual appreciation to the entrance-fee. Based upon market conditions, our board of directors considers raising the prices of the residences by a set factor. This increase would be another financial benefit of living at The Lodge of Northbrook.
Moreover, when weighing your options against a rental community, an entrance-fee community will most often offer you a larger living space for a lower monthly fee.
The Lodge of Northbrook has had occupancy levels of over, or at, 95%. This strong and stable retention rate is a demonstration of how happy the residents are, that they stay for longer periods of time, and that their investment in the community is sound.
Make sure to see the Lifestyles section of our website where there are forms to help you shop and compare. Click here to calculate the savings you achieve.
As you view our available residences, the fee that is listed as “Rent” is the inclusive monthly fee.
Please feel free to call (847) 772-9100 should you have any questions.