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Village Contracts & Pricing
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Fairview Fellowship village has two contract plans, Rental and Purchase. The terms of each are as defined in the contracts.
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The Fairview Fellowship Village has two payment plans, Purchase and Rent.
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Purchase
The resident must pay the purchase price on entrance to the apartment. Afterwards, that amount is depreciated at 10% per year. When the apartment is vacated the undepreciated balance is refunded to the resident or heirs.
This is an important feature of our financial plan. There will always be a refund of the undepreciated purchase price within the first 10 years. (The length of time it takes for full depreciation at 10% annually).
The only payment made to the Fairview Fellowship Home under this plan is the monthly service fee, which pays overhead expenses such as water, sewer, cable television, laundry facilities, taxes (except on personal property), building insurance, upkeep and utilities in hallways, maintenance and repairs.
There are no other fees or charges under this plan. Each apartment's utilities (electricity, gas, and telephone) are individually metered and billed directly to the resident.
Click here for a list of purchase prices.
Rental
A minimum of $1,000 is paid toward the purchase price of the apartment. Monthly rent is calculated by purchase price less the down payment times 1.5%. For example, a Villa Central 2-bedroom apartment sells for $53,000.
Under the rental plan, $5,000 is paid down and the rental payment would be $720 per month ($53,000 - $5,000 = $48,000 * 1.5% = $720). To lower monthly rental payments, additional down payment may be made.
For example, the $53,000 apartment is chosen. $20,000 is paid down which leaves a monthly rental payment of $495 ($53,000 - $20,000 = $33,000 * 1.5% = $495). The monthly rental payment does not apply toward purchase.
The down payment is depreciated at 10% per year. Should the apartment be vacated, the undepreciated balance of the down payment is refunded.
A monthly service fee is paid to the Fairview Fellowship Home. It pays overhead expenses such as water, sewer, cable television, laundry facilities, taxes (except on personal property), building insurance, upkeep and utilities in hallways, maintenance and repairs.
There are no other fees or charges under this plan. Each apartment's utilities (electricity, gas, and telephone) are individually metered and billed directly to the resident.
Click here for a list of rental prices.
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