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Let the numbers do the talking

Greenspring’s solid financial structure a compelling reason to move

Created date

April 3rd, 2017
“Moving to Greenspring sooner rather than later just makes good, financial sense,” says Greenspring community member Sharon Featherstone.

“Moving to Greenspring sooner rather than later just makes good, financial sense,” says Greenspring community member Sharon Featherstone.

“I decided to move to Greenspring as soon as I was able because financially it made the most sense,” says community member Sharon Featherstone, a retired foreign service officer with responsibilities in budgeting and finance. “I tend to look at things analytically and with a bottom-line point of view.”

For many like Sharon, Greenspring’s approach to retirement living has proven to be a healthy financial decision when compared to waiting and facing additional costs and unforeseen expenses associated with staying in a house. 

Thanks to a solid financial structure that includes a 90% refundable entrance deposit (the Residence and Care Agreement has full details), a convenient monthly service package, and unbeatable amenities and services, community members at Greenspring, an Erickson Living community in Springfield, Va., balance their budgets with confidence, knowing with certainty that no matter what the financial future holds, their investment is safe and their future is secure.

Cornerstone of success

At the heart of Greenspring’s financial structure is the industry-leading 90% refundable entrance deposit. The entrance fee is the cost of a resident’s apartment home and based on the home’s individual features. 

“For me, moving to Greenspring was really about this initial investment,” says Sharon. “I knew that, like most things, the cost of the entrance deposit would increase each year. It was never going to be cheaper than it was at that moment.”

Some people suggested to Sharon, 68 at the time, that she wait a few years until she was older to make her move to Greenspring. 

“I’m not sure of the purpose of waiting just to get older,” she says. “I realized that waiting simply to get older would cost me significantly. For instance, if the cost of the entrance deposit rose by $5,000 a year, in five years I would spend $25,000 more than I would if I moved right now. And for what reason? Simply to be older. It didn’t make financial sense to me.”

Additionally, Sharon knew that the real estate market is always changing.

“I considered the fact that by waiting five more years, there was no guarantee that the value of my condo would continue to rise. But I did know that the cost of moving to Greenspring would increase each year.”

Day-to-day finances

In addition to the benefits of the 90% refundable entrance deposit, Greenspring’s monthly service package is also a plus.

The monthly service package covers the costs of all utilities (with the exception of the telephone), all major repairs, 24-hour security, one meal a day in any of the community’s five restaurants, and cable television. Several amenities not available when living in a house, such as home and seasonal maintenance, professional landscaping, furnace heat pump inspections and conditioning, and snow removal, are also part of the package.

“I find that my husband Donald and I are better able to plan for monthly expenses at Greenspring than we were in our house,” says community member Kathleen Henry. “There is no roof to leak, no water heater to leak, no plumbing to leak, which means that no unplanned money is leaking from our checkbook.” 

Kathleen’s neighbor Fred Griffin agrees. “Because the monthly service fee remains constant over the year, I know exactly what my costs will be. This makes it much easier to manage my finances.”

“Our fees are evaluated each year and rise only in direct correlation to the costs we experience for labor, repairs, maintenance, etc.,” says Eric Whitson, Greenspring’s director of sales. “That means that in years where the economy has been soft, we’ve been able to limit fee increases to as little as 1% per year.  Community members can be sure that Greenspring is charging just enough to cover its costs.”

Opportunity costs

Another financial benefit of moving to Greenspring are the more than 100 clubs and activities available to community members free of charge. 

“I tend to be so busy with fun and worthwhile activities on campus that I don’t need to spend money on activities off campus,” says Kathleen, who participates in Wii bowling, edits the community paper The Villager, and performs with the Greenspring Players drama club.

Greenspring provides numerous opportunities for activities and socializing. Community members enjoy access to a state-of-the-art fitness center, indoor swimming pool and spa, classrooms, library, theater, card and game rooms, a putting green, and a dog park.

“The opportunities for socialization was another big factor in my decision to move to Greenspring,” says Sharon. “I moved only nine months after retiring. I’m a people person, and I missed the social interactions I had in my office. I was lonely in my condo.”

First things first

Thanks to Erickson Living’s strong financial record and the peace of mind that comes with a financially sound investment, the Greenspring sales office is busy each day meeting with people interested in a future at the sought-after community. 

“I tell all of our guests that the first and most important step is to join the priority list,” says Sales Counselor Sheila Willing. “There is never any pressure to make a decision. I want to make sure Greenspring is the right choice for our prospective residents as much as they do.”

Joining requires a fully refundable $1,000 deposit and a $150-per-person, nonrefundable application fee. Once this deposit is made, the date is noted as the member’s priority list date. Members are encouraged to select a preferred floor plan, that once available will be offered to them with the right of first choice based on their joining date. 

There is no penalty should the preferred apartment home become available before a prospective resident is ready to move. It is simply offered to the next member on the list, and the priority list status remains the same

Joining the priority list provides exclusive opportunities to visit the campus and attend special priority list functions. Priority list members also enjoy the opportunity to take part in Greenspring’s popular Live the Life program, which provides the real-life experience of living, dining, and socializing on campus prior to reserving a future home.

“When you look at the numbers, it only makes sense to move as soon as you can,” says Sharon. “I have never regretted my decision and look forward to many new and exciting adventures, all while knowing I made a sound financial decision.”