THE COTTAGES at Smith Mountain Lake
Advantages of purchasing a Cottage at SML Retirement Village
By far the biggest benefit you gain by purchasing a Cottage at Runk & Pratt Smith Mt. Lake is t h e l o n g - t e r m a s s e t p r o t e c t i o n b y p u r c h a s i n g y o u r o w n d e e d e d p r o p e r t y, w h i c h y o u f u l l y o w n and stays within your estate for your retirement planning and estate planning. When buying into a “Life Care Community” or Continuing Care Retirement Community (CRCC), y o u n e v e r o w n y o u r p r o p e r t y. I n s t e a d , i t r e m a i n s a c o n t r a c t u a l l e a s e o b l i g a t i o n a c c o m p a n i e d with a large up front entrance fee, as well as monthly service fees. Below is a breakdown of the key differences in the CCRC model versus the Runk & Pratt model of purchasing your Cottage as an asset you always own, and only paying for care if and when you need it.
CCRC Model
Runk & Pratt SML Cottages Model
LARGE entrance fees
NO entrance fee ($250 monthly maintenance fee)
NO ownership, or rental only
YOU own your cottage just like you would your current home (It always stays in your estate and the asset continues to build equity)
CONTINUAL monthly service fees
NO service fee until the time comes when you need services You live in your cottage and remain “independent” as long as possible. You only pay at the time you need healthcare services, almost like pre-paying for longterm care for when you may need it. Fees apply at the current rate of service when they are implemented.
NO leasing option
OPTION to purchase and lease until needed by primary owner Potential return on investment. Leasing must be approved by Runk & Pratt.