Frequently Asked Questions - Regency Retirement Residence of Nevada

Frequently Asked Questions

What Exactly is Regency Retirement Community?

Regency is a town-home style community exclusively for people age 55 and over. It is also a non-profit corporation (501c3) under Iowa state law.  A person must meet three criteria to qualify for Regency ownership:

  1. Be at least age 55 
  2. Qualify financially
  3. Be an “independent” senior

                                                                                                                                                                                  

Is Regency an Ownership or a Rental?

Regency is an owner occupied community with prices based on square footage. Those who purchase, own a membership with voting rights in the non-profit corporation.   Ownership gives one a membership certificate of title, the apartment of their choice, an elegant and lovely community room for socials and personal use, free laundry amenities, a wonderful package of services including "expanded maintenance" tailored to senior needs, property taxes, van transportation, plus a menu of options.  (I would liken it to buying a membership at a country club with dues, but with all the amenities, and a lovely home of your choice thrown in to boot!)

Just as when you sell your current property, upon your Regency resale you (or your estate) get your proceeds back (plus appreciation) based on your accepted, negotiated sale price.  Regency professional marketing staff handles your sale, and other than an administration fee, your proceeds are yours to keep!  No Realtor fees, or Buyer or Seller closing costs required.

RENTALS AVAILABLE:  A Member may also choose to have staff sublease his/her unit to others, short term or long term.  Since May of 2015, Regency has 3 apartments available for long term, year to year lease.  In general, a potential renter must agree to pay a one month damage deposit and agree to abide by the Regency Covenants of Occupancy and By Laws.  The renter may possibly be asked to pay a bit more than an owner, depending on which apartment is available.

 

Who Runs Regency?

A five person Board of Directors chosen by the Members themselves and their local Sponsor (Nevada Economic Development Council). Three resident Directors and two local business Directors serve and are chosen at an annual meeting.  A Manager  and staff carry out the Board’s policies.
 

Are Meals Provided?

While Regency was originally set up for a daily meal plan, currently the Members have decided to have no “enforced” meal plan.  Instead, they enjoy the option of  pot lucks, catered dining, carry out, meals on wheels, etc.  Other than their monthly dues for services they actually receive, “Independent Seniors” spend their personal money only “IF” and “WHEN” they themselves decide..

Are Utilities Included?

Some utilities are included (water, sewer).  Since everyone’s usage is different, our Members have currently voted to pay their own personal gas and electric. Just another way our Members can choose to control their own costs, without subsidizing the expenses of others. Computer  Internet access is FREE! 

Laundry facilities are included and free.

Optional choices are:  attached garages ($35/mo.), telephone, and  renter's insurance.  A Mediacom Cable TV 90 channel package is available for $30/mo., with additional packages of your choice, such as extra sports, movies, etc.

What About Health Care?

You and your personal physicians continue to handle your health decisions.  Regency welcomes all “in home” care and service providers that you or your physicians choose, such as Homeward, WesleyLife, At Home Care, Home Instead, Hospice, and others.  The in-home health nurses and staff can serve you in the privacy of your Regency home, usually with Medicare dollars partially or fully covering your costs.  This is a national trend that seems to be more cost effective than “facility living”.  Isn’t being the boss in our own home and making our own decisions with help from a professional staff what we all prefer? 

                               Undoubtedly You’ll Have More Questions!

Contact Bonnie at (515)-382-6169,   or at regency2@iowa-seniorliving.com   

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