Frequently Asked Questions about retirement living at Lakewood
Below are the questions we receive most often about living at Lakewood.
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A Continuing Care Retirement Community (CCRC) is a residential community for older adults (typically age 62 and older) that provides a variety of housing options, along with services, amenities and a continuum of care designed to address the changing needs of residents as they age. CCRCs like Lakewood give you the confidence and peace of mind that come with knowing you have made a secure plan for the future, including planning for the unknowns and “what ifs.” You have the advantage of staying in control and making your own decisions about where you will live and who will care for you when and if your health care needs change. Plus, studies show that people who live in CCRCs tend to live longer, healthier lives by staying connected and engaged with life within a strong community of neighbors and friends.
Lakewood’s full continuum of on-site care includes Assisted Living, licensed nursing care, rehabilitative therapy, a special neighborhood for residents with dementia and an on-site clinic.
Not having to focus our efforts on the interests of investors means we are able to shape and maintain a community lifestyle based on the residents’ needs and preferences. It enables us to focus on maintaining our high standards and strong values while reinvesting profits in the community for the benefit of residents.
Lakewood is owned and operated by LifeSpire of Virginia, Inc., a non-profit, non-stock corporation. LifeSpire of Virginia (formerly, Virginia Baptist Homes) opened its first retirement community in 1951, and it has continued to grow ever since. Today, LifeSpire is the proud sponsor of four uniquely beautiful retirement communities in Virginia. It is governed by a Board of Trustees, which is composed of business, clergy and lay leaders. Trustees serve without compensation. Lakewood is managed by an administrative team employed by the Board.
Our community is open to adults who are 62 years of age and older. Lakewood attracts a diverse group of residents with varied backgrounds, faiths, interests and incomes. We encourage seniors to move to Lakewood when they are active and young. This will enable them to fully enjoy the amenities and active lifestyle at Lakewood.
With a wide range of comfortable residences at Lakewood, you can choose to live in a spacious apartment, villa, cottage or Hybrid Home. There are seven apartment floor plans that range from a studio to an apartment with two bedrooms, two baths, den and dining room. We offer three types of two-bedroom villa apartment floor plans with a dining room, den and a parking garage. For those who enjoy cottage living, Lakewood offers four two-bedroom floor plans with two-car garages — some offer a bonus room. Our beautiful Hybrid Homes combine the best of cottage home and apartment living and offer expansive windows, open floor plans, balconies for a bit of outdoor living and the convenience of a private garage with direct indoor access.
Yes! You will be able to select finishes from a designated palette of beautiful options for countertops, carpet, finishes and wall colors.
Yes. A resident may move to another cottage, villa, apartment or Hybrid Home based on availability and priority. Written requests will be handled on a first-come, first-served basis and require administrative approval. Residents have priority over non-residents.
Our beautiful clubhouse is the heart of Lakewood. With expansive windows overlooking the lake and design features that reflect an elegant, contemporary aesthetic, the clubhouse is home to a host of amenities that include a heated indoor pool, state-of-the-art fitness center, full-service spa, hair and nail salon, café, library, a beautiful wrap-around terrace with outdoor dining and much more.
Additional campus amenities include an art studio, woodworking shop, game room, billiard room, business center/ library and a variety of gathering rooms for conversation, relaxing and fellowship. Outdoors you’ll find space for flower and vegetable gardening, multi-use lawns, a friendly dog park and several beautiful walking paths.
At Lakewood, our meals are prepared by our expert chefs to satisfy a wide range of tastes and appetites. Each month, you can choose a plan that best suits your needs. Thus, while some residents dine with us regularly, others select a limited number of meals because they prefer cooking and entertaining at home.
Each of our cottages comes with its own driveway and garage. Apartments located in the clubhouse have direct access to underground parking. Likewise, each Hybrid Home and villa comes with an underground parking space. In addition, there is ample parking available in lighted parking areas for residents as well as guests.
Lakewood maintains the appliances that come with your residence, the inside and outside structures, carpeting, heating and air conditioning, and landscaping. We also provide removal of trash and snow. You maintain only what you bring with you or install yourself, and even then there will often be help available.
Every Clubhouse and Hybrid Home resident will receive basic cable and an internet connection at no additional cost, and Wi-Fi service is available for free in common areas. Premium cable is available at an additional cost.
Yes. Lakewood offers scheduled trips to shopping areas, medical centers and physician offices. Transportation is also available for scheduled events.
Lakewood has a Residents’ Council, and all residents are voting members. All residents are eligible to become a member of Lakewood’s Resident Council.
Yes! Cats and small dogs are welcome at Lakewood. We ask only that residents abide by Lakewood’s pet policy.
Certainly! Lakewood is your home and we encourage you to have your family and friends visit as often as you want. Guest rooms are available or guests may stay in your apartment, villa, cottage or Hybrid Home. All are welcome to use any of the amenities and facilities on campus; we ask only that they do so within community guidelines.
Each apartment, villa, cottage and Hybrid Home has an urgent call system. Our security staff patrols the building and grounds on a regular basis during the evening hours. Visitor traffic is controlled through one major entrance. Automatic security on all exterior doors restricts access to residents and staff 24 hours a day.
There is a one-time entrance fee and a monthly fee. The fees vary based on the type of contract, residence, number of occupants and the entrance fee refund option selected. Monthly fees are reviewed and adjusted on an annual basis. Adjustments are based on the cost of operations to ensure sound fiscal operations and prudent reserves.
No. There is no ownership or equity involved at Lakewood. Instead, the entrance fee is similar to a lifetime lease. Payment of your entrance fee, along with your monthly fee, means you receive accommodations, services, use of amenities and access to Assisted Living, dementia care and Nursing Care.
Utilities are included in your monthly services fee. This includes heating and air conditioning, electricity, water, sewer, basic cable TV, local and long-distance telephone service, trash pickup and snow removal.
If you outlive your resources or experience financial hardship for reasons outside your control and you are unable to pay your monthly fee, you may apply for benevolent assistance. Your Life Care or Continuing Care agreement will still entitle you to priority access to on-site health care. Your children or other loved ones won’t bear any financial burden.
No. However, you will want to consider renter’s insurance to cover your possessions.
Residents are able to use a percentage of the fees as a prepaid medical expense and apply it toward an income tax deduction. In the first year of residency, a portion of the entrance fee may be used; a portion of monthly fees may be used annually. The amount that may be used varies from year to year. Every year, guidance is issued to residents letting them know what portion of their entrance fee and monthly services fee is related to the provision of medical care. Every resident’s tax situation is unique, and Lakewood does not provide tax advice. For personal tax advice, please seek advice from a trusted tax adviser.
Visionaries Club Members will be the first to see all the final details on the Lakewood expansion including all final prices and floor plans. Additionally, you will get to see a model kitchen, a scale model of the campus, hold/sold boards showing which apartments and Hybrid Homes are available and which have been reserved and multiple renderings of interior and exterior spaces.
Yes. Every new Clubhouse Apartment and Hybrid Home will have either a walk-out patio or large balcony.
Each Hybrid Home will have large windows and a minimum of two sun exposures. Special attention was paid to maximising the view both for the Hybrid Homes and the Clubhouse Apartments, with many having water views or views of the woods.
The day of your appointment you will be able to place a verbal hold on the residence of your choice. You then will have seven days to finalize the paperwork and make a deposit of 10% of the entrance fee. Placing a deposit on the residence of your choice officially reserves that residence in your name. If at the end of the seven-day period you feel you need more time to be sure the residence you have selected is right for you then, circumstances permitting, we can offer you a first-right-of-refusal. This way, should someone else express interest in that residence, you will have an additional 48 hours in which to make a final decision and submit your 10% deposit.
You will have the opportunity to choose from a wide range of options and upgrades when selecting the appliances, flooring, finishes, hardware, paint colors, etc., for your residence. Of course, the earlier you make your deposit, the more flexibility you will have.
No. We feel Lakewood has enough excess capacity to handle the demand created by the increase in Independent Living residences. In fact, when the expansion is complete, Lakewood will still have a high ratio of Independent Living to Assisted Living and Health Care when compared to industry averages.
Visionaries Club Members who place a 10% deposit on an expansion residence have the option of moving to Lakewood and renting an apartment until their expansion residence is available. Depositors who choose this option will be able to go through Lakewood’s health qualification process when they move into their rental apartment.
Visionaries Priority Program deposits will be placed in an escrow account held by BB&T. The account will earn a variable interest rate, which will adjust monthly. The interest rate is currently .4%. Visionaries Club Members will also earn a bonus .25% interest on their 10% deposit. This bonus interest will be credited toward your account once you move into your new residence, per the terms of the 10% deposit Reservation Agreement.
You will go through Lakewood’s health qualification process two to three months before your new residence is completed. If you would like to go through health qualification sooner, you should consider the rental option available only to 10% depositors for Lakewood’s expansion.
The expansion will include floor plans ranging from one bedroom to two bedrooms with a den. Sizes will range from a little under 1,000 square feet to 1,650 square feet. The two-bedroom with den floor plan is only available in the Hybrid Home buildings.
Careful attention has been paid to the selections of carpet and other finishes in the new buildings. For example, carpeting will be installed using TacTiles, which have zero VOCs vs. glue, which can create off-gassing. More details like this will be available at the time of your appointment.