In a condo home, you must pay for all the things you would pay in a normal home such as property taxes, home owners insurance, repair and maintenance. Remember, this is your home. You are a home owner. It’s just shared with others who want the same things in life as you do. Costs revolve around this idea. However, to make sure you can pay your share, it is all expected up front. For example, everything has to be paid up front so that when you are 85 years old, if you run out of money, you’ll never be thrown out for lack of funds. Most of these fees are refundable if you move out or sell. Here’s the break down:

Price of room: Varies house to house

Meals: $100,000 pays for as long as you live in this house/

Property Taxes: $100,000 pays for as long as you live in the house.

Home Owner’s Insurance: $100,000 pays for as long as you live in the house

Repair and Maintenance: $100,000 pays for as long as you live in the house.

Landscaping, Shuttle Service, Gate Fee. Pool and exercise room, $100,000, pays for as long as you live in the house.

Utilities: $100,000, pays for as long as you live in the house.

$600,000 is added to the price of the room, which will generally be the price of the house divided by the number of bedrooms.

Remember, this is an investment. Nursing homes and assisted living can cost $5,000 to $10,000 per month, and you never get any of that back. When you sell a condo-room, you get your money back, plus any appreciation that has occurred. The above expenses are expenses you’d eventually have to pay if you lived alone in a home you owned. In this instance, you pay once, and never pay again for the rest of your life.