By Alan Suderman
THE ERICKSON TRIBUNE
Property taxes, maintenance fees, property insurance … Adding up the costs of owning a home can equal a big headache. Factor in the uncertainty of a tumultuous real estate market, and you’ve got worries that could keep you from enjoying retirement.
“Let’s face it—a home is going to have something happen to it,” says Pamela Johns, senior financial advisor with Johns Rosal & Associates, part of the Lincoln Financial Group.
But people living at Eagle’s Trace in Houston don’t have to worry about paying for unforeseen circumstances in their homes, like a leaky roof or a cracked wall. Property taxes and maintenance costs are included in their monthly service package.
In addition, residents are guaranteed a 100% refund of their entrance deposit. It’s an investment that makes sense for many older adults. “There’s nothing better than to invest in something that will give you peace of mind,” says Johns.
“Makes a lot of sense”
Bill Williams is a retired vice chair of KPMG (one of the country’s largest accounting firms) who lives at Eagle’s Trace. He used his business acumen to research several retirement options before choosing to live at the Erickson community, which he says has been a sound investment.
“The maintenance fee you pay here is about the same you pay running a house, but here you get a meal a day and all the other amenities, too—like a great fitness center and a bank that you can walk to without having to go outside,” Williams says. “To me, it makes a lot of sense.”
Interest in the future
The entrance deposit made by Williams and other residents is put toward construction costs, so the community remains financially stable and can keep monthly fees low.