A Worry-Free Lifestyle at Oak Crest

Parkville, Maryland--For most Americans, a house is their most valuable asset. According to the U.S. Census Bureau in 2017, the homeownership rate for seniors ages 65 and older was higher than all other age groups (78.2% versus 63.7% for the general population). However, 9.18 million of those homeowners age 65 and over have mortgage debt, according to the Urban Institute.

Whether you are still paying your mortgage or own your home outright, there’s no denying that owning a home is expensive.

Some 1,800 Marylanders have found an alternative to the headaches and high costs associated with homeownership. Residents of Oak Crest, an Erickson Living-managed community in Parkville, are enjoying the independence associated with homeownership, without any of the worries.

The cost of insuring a home has continued to rise steadily throughout the country. According to the National Association of Insurance Commissioners, home insurance rates are up almost 47% in the last 10 years alone, with the average annual premium on a $300,000 home at $2,305.

Although Baltimore County’s (where Oak Crest is located) property tax rate of 1.10% is just above the national average of 1.08%, homeowners there typically pay more than homeowners in other states due to high property values. For example, a $350,000 home in Baltimore County at the current tax rate of 1.10% would cost you $3,850 annually. In nearby Harford County, you’ll pay $3,647 at a current rate of 1.042%. Don’t forget to factor in 1–4% of your home’s value for home repairs and routine maintenance. Homeadvisor.com lists the average hot water heater installation around $1,165 and, depending on the size of the unit, a new heat pump could run you $5,613.

Been in your house for over a decade? A new roof could cost you over $8,000. And then there’s routine maintenance like lawn care and trash and snow removal. For retirees on a fixed budget, managing a monthly mortgage payment, along with rising property taxes, maintenance, and utilities, can be a challenge.

Find freedom

Erickson Living-managed communities like Oak Crest allow you to remove the uncertainty of real estate from your financial portfolio and replace it with a refundable entrance deposit that is safe and secure. Unlike the value of your house, which may go up or down, Oak Crest’s 90% refundable entrance fee is guaranteed (See Residence & Care Agreement for details). You’ll also enjoy predictable monthly expenses, compared to the ever-increasing energy and repair bills you face now in your house.

What are the costs involved in moving, and what do you get for your money when you move to a continuing care retirement community like Oak Crest?

Oak Crest’s set up is fairly simple. A 90% refundable entrance fee secures your apartment and protects your nest egg, while a monthly service package covers your living expenses. So, instead of juggling a stack of bills each month, you write just one check. The comprehensive monthly service package replaces the dozens of expenses you incur in your house every month, including the gas and electric bill. The monthly service package also includes property taxes, home and seasonal maintenance such as snow removal and furnace/heat pump inspections and conditioning, all major repairs and appliance replacement, a flexible meal plan, and even cable television.

Not only do Oak Crest residents enjoy planning their budgets with confidence each month, but they also have access to a wide variety of amenities and services you likely won’t find in your home, including 24-hour security and emergency response services, an all-season swimming pool, fitness center, putting green, bocce courts, more than 200 different resident-run clubs, classes, and volunteer possibilities, as well as access to conveniences such as a bank, hair salon, CVS Pharmacy with convenience store, on-site medical center, and computer lab.

“Affordable and secure”

For some, Oak Crest’s greatest asset, the amenity-rich, worry-free lifestyle, is unbelievable—that is, until they see it for themselves!

“Because Oak Crest has so much to offer, sometimes people are under the misconception that they can’t afford it,” says Dan Plakatoris, sales director at Oak Crest. “The truth is we’ve built a financial model that makes this lifestyle affordable and secure for most retired homeowners.”

Even if your house is paid off, it is not without cost. Think about it: every month you live there, you pay property taxes, heat and air conditioning, water, sewer, gas, electric. You buy food for yourself and pay for snow removal, lawn care and alarm systems. If you add up all these costs, most people are surprised to find that Oak Crest is comparable to their home, if not cheaper. And it comes with a high level of service, safety, and security.

“There is peace of mind that comes with knowing Oak Crest provides you a ‘home for life’ commitment designed to specifically assist eligible residents should they outlive their resources. This assurance means we will never ask you to leave the community for a genuine inability to pay. I’m not aware of any other communities, let alone your house, that can match that,” says Plakatoris.

Written by Danielle Rexrode

About Oak Crest: Oak Crest, one of 20 continuing care retirement communities developed and managed by Erickson Living®, is situated on a scenic 87-acre campus in Parkville, Maryland. The not-for-profit community of more than 2,100 residents and 1,250 employees is governed by its own board of directors, affiliated with National Senior Campuses, Inc., who provide independent financial and operational oversight of Oak Crest. Additional information can be found at OakCrestCommunity.com.

Comfort, quality care, and community are just a few of the hallmarks that make Oak Crest the perfect independent living community for seniors. Request a brochure to take a closer look at Oak Crest and the beautiful, maintenance-free apartment homes.