Terry Egan toured six retirement communities before deciding on Bermuda Village in 2023.
“None of the others had this appeal,” said the 86-year-old former Air Force and commercial pilot who bought a 2,000-square-foot duplex villa overlooking the golf course. “The equity component was a big factor for me. If I wanted to sell or move, I have that option.” Even after putting in a new roof, he said, he’d still be able to sell at an appreciated price.
“There is always someone looking to buy,” he said. “It made sense for us to make the capital outlay.”
Egan’s decision points to what sets Bermuda Village apart from most 55-plus retirement communities.
Many are basic facilities with limited services. At the top end, there are ultra-luxe continuing care retirement communities, or CCRCs, which typically ask new residents for a hefty entry fee that can stretch up to $1 million. That fee depreciates monthly and, if the resident outlives the balance, disappears entirely, with nothing returned to the family.
At Bermuda Village in Winston-Salem, residents actually own their homes.
“We’re very much in between that spectrum,” said Betsy Brown, marketing and sales strategist at Bermuda Village. “You’re not giving up homeownership when you move here. You’re bringing homeownership with you into a community designed to support you as you age.”
The community’s villas, townhouses and condos are priced from $100,000 to $450,000. There are currently around 300 residents, who also pay a monthly fee of roughly $3,500 to $4,500 covering extensive amenities and services like maintenance, landscaping, laundry, housekeeping, valet service, use of the pool, hot tub, a fitness center with classes and a personal trainer, utilities and cable, and a $155 monthly dining allowance. The fee also includes an onsite medical clinic run by Wake Forest Baptist Health, physical therapy, speech therapy and occupational therapy, prescription pickup and local transportation — up to 30 minutes away — for groceries, errands, doctor’s appointments and more.
The equity model’s appeal, said Brown, comes down to the reassurance of maintaining control.
“It’s like buying and selling any other property,” she said. “It’s not an investment product. It’s your home. But the investment benefit is you can enjoy everything Bermuda Village provides while continuing to own a real-estate asset. There are really two returns: a potential financial return and a quality of life return.”
That reassurance extends to the community’s Continuum of Care, which includes independent living alongside skilled nursing, long-term care and rehabilitation — plus an on-site physiotherapy program, with staff who make house calls after a fall. Each resident also receives 15 nights a year in the healthcare center for illnesses like pneumonia or the flu. Bermuda Village is also 10 minutes away from the top two hospitals in the area.
“For anyone making a financial decision to downsize, this gives them a lot of freedom,” said Brown. Increasingly, that includes younger retirees in their mid-60s moving in to be closer to children while tapping in to the community’s restaurants, health center and activities. Moving to Bermuda Village also comes with membership to the adjacent country club for a flat $200 fee plus a modest monthly charge.
The homes have proven a solid investment, too. One resident bought a house in 2021 for $200,000 and recently sold it for twice that.
“The numbers do keep going up, which is indicative of this area,” Brown said.
For Lynn Senger, 76, a former sales rep for furniture lines who has lived at Bermuda Village with her husband for nearly five years, the appeal is what ownership means for her children. “I love the idea of it being our own place,” she said. “That if something happens to us, our kids get the property. It makes us happy to know that we haven’t worked hard our whole lives for our children to end up with nothing. It’s really a great deal.”
Community members and neighbors can visit Bermuda Village’s Community Day Harvest Fair on Friday, Oct. 16, from 4 to 7 p.m. Enjoy live bluegrass music from Sons of Ralph, Riverwood Therapeutic Riding Center’s mobile education unit featuring miniature therapy horses, The Pint-Sized Pasture’s petting zoo and sweet treats from the L’il Donuts truck, along with fall food favorites and seasonal activities. Riverwood is generously providing its educational experience at no charge.
Visit bermudavillage.net for more information.
