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.
COMMUNITY SERVICES & AMENITIES $250 monthly fee Monthly community fee may be paid at the Community Care Center or mailed to the Runk & Pratt corporate office
Services included in the community fee: · Trash removal · Street maintenance
· Snow removal, including sidewalks · Common area lighting
· Landscape maintenance
· Grass mowing & edging · Lawn fertilization & weed control · Flower planting in selected common areas
· Mailbox · Runk & Pratt oversight · Basic cable service through Shentel · Carilion Wellness Center membership included www.RunkAndPratt.com/The-Cottages
A L L OWA N C E S
AT T H E C O T TAG E S
6’x8’ Brick Patio at Bedroom Door (duplex only) (labor & materials)
Duplex: $500
Kitchen Cabinets, Bathroom Vanities, & Granite Countertops (labor & materials)
$12,500
Door Hardware (four standard colors included, custom finishes extra) (materials)
$500
Flooring (engineered wood throughout, carpet in bedrooms, ceramic tiles in bathroom) (labor & materials)
Victoria: $9,200 Elizabeth: $10,700 Kingston: $13,500
Bath Accessories (including grab bars, mirrors, towel and toilet paper racks) (materials)
$1,000
Closet Wire Shelving (labor & materials)
$650
Appliance (microwave, stove, refrigerator, dishwasher, & garbage disposal — not washer/dryer) (materials, delivery, & installation)
$2,550
32” Firebox, Gas Log, Wood Surround, & Tile Hearth (materials)
$1,800
Plumbing Fixtures (including electric water heater) (materials)
Duplex: $2,800 Quad: $3,200 Two story: $4,200
Interior Light Fixtures & Fans (materials)
$1,250
FLOORPLANS AT T H E C OT TAG E S AT S M I T H M O U N TA I N L A K E
THE
VICTORIA 1854 sq. ft. house 465 sq. ft. garage 2 bedroom 2 full baths one story kitchen & dining area sunroom covered porch storage space
#339,900
THE
ELIZABETH 2200 sq. ft. house 440 sq. ft. garage 2 bedroom 2 full baths one story sunroom office kitchen & dining area storage space
#369,900
FLOORPLANS AT T H E C OT TAG E S AT S M I T H M O U N TA I N L A K E
THE
KINGSTON 2854 sq. ft. house 465 sq. ft. garage 3 bedroom 3 baths two story sunroom covered porch kitchen & dining area storage space
$379,900
Learn more about our floorplans and customizable fixtures at RunkandPratt.com/The-Cottages/Floor-Plans
SENIOR LIVING COMMUNITIES