Rio Concho West Lease Rates

Cost Fee

Cost fee is the amount of money paid for the original lease plus the cost of additional square footage added to the basic floor plan selected. The cost fee does not include the entrance fee, extras, or amenities you may add.

Financing

Because the homes are paid for upfront, the financial security of your community is further ensured.  Financing is not available through Rio Concho, Inc.; however, upon approval, it may be obtained from a financial institution.

The Life-Time Agreement

A Life-Time agreement is a contract between a resident and Rio Concho Inc., that may last a day or a lifetime, depending upon the discretion of the resident. The Life-Time Agreement enables the resident to enjoy the home without the everyday work and worry of home ownership. Rio Concho, as the property owner of Rio Concho West, is responsible for the maintenance and upkeep of the property.

The 90-10 Agreement

The agreement used by Rio Concho, Inc., is called a 90-10 agreement. This agreement is based on an annual depreciation of 2% a year for the first five years of occupancy. At the end of the fifth year of occupancy, the agreement stabilizes at 10% depreciation and allows for at least 90% of the original cost fee to be returned to the resident and no more than the 10% of the original cost fee to be retained by Rio Concho. The purpose of this program is to keep the price of the homes consistent and to make the homes easier to market in the future. If the market increase above the original cost fee, the appreciated amount is divided so that the resident receives half of the appreciation and Rio Concho receives the other half.

Resident Fees

Residents of Rio Concho West pay for their electricity, gas, phone service, internet, personal property insurance, annual taxes on the home, and a monthly operations/maintenance fee of $395 - $483 (based on the square footage of the home). The monthly service fee is as follows: 

 

                                                  Square Feet                   Monthly Fee

                                                    1185-1400                             $423

                                                    1401-1700                             $442

                                                    1701-2008                             $468

                                                    2009-2199                             $487

                                                    2200-2399                             $501

                                                    2400-2600                             $517