One drawback to traditional “lifecare” is the lack of property ownership and control of the community by the residents. Beaumont is owned and governed by the residents. The Beaumont approach provides residents with all the advantages of home ownership, including potential appreciation on their investment and income tax deductions for real estate taxes.

A full-service retirement community requires not only living accommodations but also provision of a complete package of services and amenities. Cooperative ownership - that is, ownership of the entire project by residents - accomplishes this.The end result is that you have all of the services, amenities, convenience and care provided by a traditional lifecare facility plus the financial and other benefits of home ownership. If the market value of your unit increases, you receive the appreciation at the time of resale.

When you become a member of a cooperative, you become part of a non-profit corporation (by purchasing a Certificate of Membership), obtain a “lifetime” lease for your specific living unit (as long as you are a Member) and also have a contract for health care and services.

A definite advantage to keep in mind is that of control. Residents elect a Board of Directors, composed of their fellow members. This would be similar to homeowners associations that you may have belonged to in the past. Another advantage of ownership is that of preserving future options. If your circumstances change and you decide to leave Beaumont, you are not restricted or “locked-in” because of a non-refundable entrance fee. You may sell your villa or apartment (technically, your co-op membership), at anytime if you wish.

Back to Top