Real Estate By News Canada 122 Views

Top 4 reasons for purchasing a land-lease home

(NC) Looking for an affordable way to break into the housing marketplace? For retirees and families, a land-lease home may be a solution.

Land-leasing is a form of home ownership that reduces the capital costs of buying a house. By going this route, residents buy their home and own it outright and lease the land. 

Here are some of the benefits: 

  1. Affordability: The key to the affordability of land-leasing is that homeowners pay for just the home and not the lot it sits on, making it a much more affordable purchase. Homeowners are then free to do whatever they wish with the money they unlock from the sale of their current home, or money they are not paying the bank in big monthly mortgage payments. 
  2. Freedom of lifestyle: In land-lease communities, homeowners enjoy security, safety and peace of mind. Every community is professionally managed and the operator-owners of land-lease communities work with residents to ensure there is ongoing, thoughtful investment in community standards, amenities and activities. They also partner with municipalities by building and managing infrastructure (such as roads, sidewalks and utilities) and services (such as street snow removal, waste collection). This provides vibrant communities with quality amenities.
  3. Active living: Land-lease communities often offer amenities that make it easy to stay active. Many communities have facilities such as indoor and outdoor pools, fitness centres, organized fitness classes, as well as walking and biking paths. People in these communities often form groups, clubs or classes to stay active together, making it easier to lead an active and healthy lifestyle.
  4. Sense of community: The land-lease model of individual homes in walkable neighbourhoods fosters a true sense of community and social connectivity where homeowners can meet others with similar interests. Many communities organize and facilitate a wealth of social activities. Homeowners enjoy their own private outdoor spaces for gardening, entertaining and recreation. In short, the land-lease homeownership option builds community within communities, where residents feel supported and connected.