1. Who owns and operates Perry Farm Village?
Perry Farm Village is owned and operated by Presbyterian Villages of Michigan (PVM). Guided by our Christian Heritage, Presbyterian Villages of Michigan is a not-for-profit leader in providing Michigan’s seniors with quality living and services since 1945. Today, PVM serves more than 4,500 seniors of all faiths and economic means in 30 Villages throughout the state of Michigan.
2. What do you mean by equity-based home ownership?
Residents purchase their homes at Perry Farm Village. They actually own their residence (fee simple) like they would any other home. This affords residents the benefits of home ownership, but with the added peace of mind knowing that, if something were to happen, someone is there for them 24 hours a day, 7 days a week.
3. Do I have to purchase a home or can I lease one if I choose?
You can lease any homes at Perry Farm Village that are made available for lease by their owners. We have owners who have purchased their residence at Perry Farm Village in anticipation of moving in at a date in the future. We also have investors who have purchased homes and have made these homes available for lease.
4. Are there any other fees associated with purchasing at Perry Farm Village?
Yes. There is a one-time initiation fee of $18,000 which is due upon closing on your home.
5. What ongoing fees will there be on a monthly basis?
There are monthly dues associated with owning a residence at Perry Farm Village. The current monthly dues are $773/mo. for condos, $889/mo. for duplexes, and $988/mo. for cottages. These dues are evaluated every year, and may increase.
6. If I choose to sell my residence at Perry Farm Village, how is this handled?
Perry Farm Village sales staff has the responsibility for marketing and selling your residence. At the closing, a Transfer Fee equal to 10% of the selling price will be paid to Perry Farm Village for the marketing and sales, and also to fund future operating expenses such as maintaining, improving, renovating the common areas or the Perry Center. Residents may also choose to list their home with an area real estate company (an outside broker). In this case, any commission due to the outside broker will be paid by the residents/owners to the outside broker, and the outside broker’s commission will be in addition to the Transfer Fee paid to Perry Farm Village.
7. Are supportive living services available on campus?
Yes. Perry Farm Village offers supportive living services to all residents in their own homes. Residents are not required to leave their homes and relocate to another part of the campus to receive increased levels of service when needed. You remain in your own home and the services come to you.