Land-Lease Homeownership – Your Questions Answered….

0

(NC) Homeownership comes in many forms in Canada. Most of us are familiar with freehold and condominium ownership, but there is another option we often forget: land-lease homeownership.

Though not as well-known, land-lease has its clear advantages to other models of home ownership, particularly for retirees looking to downsize or for young families who want to purchase their first home.

Here are some answers to common questions about land lease:

What is land lease?

Land leasing is a form of home ownership where buyers purchase the home – and own it outright – while leasing the land on which it sits.

What are the benefits? First, it’s an affordable entry into the housing market. It reduces the capital cost of the purchase because you pay just for the home, not the lot it resides on. That means smaller mortgage payments.

Second, land-lease homes are located in neighbourhoods that foster a true sense of community. For example, homeowners in land-lease communities often benefit from a wealth of social activities, outdoor spaces for gardening, entertaining and recreation and the opportunity to join clubs and socialize with like-minded neighbours.

And third, land-lease companies like Parkbridge remain involved in the community by providing professional management of community infrastructure and amenities.

How is this like buying a traditional home? Buyers work with a real estate agent and lawyer and obtain financing as required  before closing the purchase and sale agreement. Those wishing to buy a home in a land-lease community also make an application with the community management team and then sign a site lease.

Research shows that land-lease homes appreciate in value at about the same rate as freehold homes or condos and offer a great return on investment.

Find more information about land-lease homeownership at www.parkbridge.com – NC

LEAVE A REPLY

Please enter your comment!
Please enter your name here