A Suite Dominium
350K House
In the case of a home that costs 350,000, we’ll assume it has 6 bedrooms, 6 bathrooms, and common areas.
Each Bedroom: 350000/6 = $60,000
Security Deposit: $100,000
Buy Out* Deposit: $350,000/5 = $70,000
Closing Cost: 4% * $60,000 = $2,400
Service Fee: $10,000
Repairs: $10,000
Appliances and Household Electronics: $10,000
Furnishings for Bedroom, Kitchen, Common Areas: $10,000
Total Move in Cost: $272,400
Monthly HOA Fee, Home and Service Costs: $3000/mo
Deposit into Escrow to Secure your Place
Full Refund minus any actual cost incurred by your request if Cancellation occurs before signing Purchase Agreement
What you get back when you leave:
Cost of bedroom
Security Deposit
Buy Out
Appreciation
Interest on Deposit
Example of Total Cost over 20 year stay:
272,000 Move in
$3000/mo x 12 mo/year x 20 years: $720,000
Refund: $100,000
Refund: $70,000
Refund Bedroom: $60,000
Payout Appreciation on Bedroom at 20 years * 3.5% per annum appreciation: $60,000
Interest on Buy Out Deposit of $70,000 @ 3.5% for 20 years: $70,000
Interest on Security Deposit of $100,000 @ 6% for 20 years: $200,000
minus closing cost at 4% on $120,000: $4800
Total Refund at 20 years: $436,800
You put in $992,000
Pay Out at 20 years: $436,800
Total 20 year cost: $555,200
or $2313 per month
As compared to average cost of independent living: $2000-$5000
These numbers are estimates and could vary wildly.
a sUITE dOMINIUM
750K House
In the case of a home that costs 750,000, we’ll assume it has 7 bedrooms, 7 bathrooms, and common areas.
Each Bedroom: 750000/7 = $107,000
Security Deposit: $150,000
Buy Out* Deposit: $750,000/6 = $125,000
Closing Cost: 4% * $60,000 = $4,280
Service Fee: $10,000
Repairs: $10,000
Appliances and Household Electronics: $10,000
Furnishings for Bedroom, Kitchen, Common Areas: $10,000
Total Move in Cost: $426,280
Monthly HOA Fee, Home and Service Costs: $3000/mo
Deposit into Escrow to Secure your Place
Full Refund minus any actual cost incurred by your request if Cancellation occurs before signing Purchase Agreement
What you get back when you leave:
Cost of bedroom
Security Deposit
Buy Out
Appreciation
Interest on Deposit
Example of Total Cost over 20 year stay:
426,280 Move in
$3000/mo x 12 mo/year x 20 years: $720,000
Refund Security Deposit: $150,000
Refund Buy Out: $125,000
Refund Bedroom: $107,000
Payout Appreciation on Bedroom at 20 years * 3.5% per annum appreciation: $107,000
Interest on Buy Out Deposit of $125,000 @ 3.5% for 20 years: $125,000
Interest on Security Deposit of $150,000 @ 6% for 20 years: $300,000
minus closing cost at 4% on $214,000: $8,560
Total Refund at 20 years: $905,440
You put in $1,146,280
Pay Out at 20 years: $905,440
Total 20 year cost: $240,840
or $1003 per month
As compared to average cost of independent living: $2000-$5000
These numbers are estimates and could vary wildly.
a sUITE dOMINIUM
1.2M House
In the case of a home that costs 1.2M, we’ll assume it has 8 bedrooms, 8 bathrooms, and common areas.
Each Bedroom: 1,200,000/8 = $150,000
Security Deposit: $200,000
Buy Out* Deposit: $750,000/6 = $171,000
Closing Cost: 4% * $150,000 = $6,000
Service Fee: $10,000
Repairs: $10,000
Appliances and Household Electronics: $10,000
Furnishings for Bedroom, Kitchen, Common Areas: $10,000
Total Move in Cost: $567,000
Monthly HOA Fee, Home and Service Costs: $3000/mo
Deposit into Escrow to Secure your Place
Full Refund minus any actual cost incurred by your request if Cancellation occurs before signing Purchase Agreement
What you get back when you leave:
Cost of bedroom
Security Deposit
Buy Out
Appreciation
Interest on Deposit
Example of Total Cost over 20 year stay:
567,000 Move in
$3000/mo x 12 mo/year x 20 years: $720,000
Refund Security Deposit: $200,000
Refund Buy Out: $171,000
Refund Bedroom: $150,000
Payout Appreciation on Bedroom at 20 years * 3.5% per annum appreciation: $150,000
Interest on Buy Out Deposit of $171,000 @ 3.5% for 20 years: $171,000
Interest on Security Deposit of $200,000 @ 6% for 20 years: $400,000
minus closing cost at 4% on $300,000: $12,000
Total Refund at 20 years: $1,080,000
You put in $567,000+720000=1,287,000
Pay Out at 20 years: $1,080,000
Total 20 year cost: $207,000
or $863 per month
As compared to average cost of independent living: $2000-$5000
These numbers are estimates and could vary wildly.