What is a Land Lease
A Land Lease is similar to any other lease that you might understand, except that with a land lease you own the structure and any improvements that you do to that structure. You pay a fee (a rent) for the use of the land.
When does a Land Lease make sense?
A land lease is a great way to free up equity and this is why you will find the majority of land leases on Adult Lifestyle communities. When someone sells a home due to a resizing (commonly called downsizing) and would like to keep as much cash in the bank as possible for travel, entertainment or a purchase of a motorhome etc., a land lease makes great sense. When you buy the home you do not pay for the land, therefore the price of the home is typically $100,000 - $200,000 cheaper than a similar freehold home.
Another benefit of living in a Land Lease community is that it is a community and you are surrounded by people of the same mindset who share similar interests. The community usually self manages community events and services.
What does the Land Lease Fee Cover?
Land Lease fees vary but a typical fee is broken down into three components;
1) Lease fee for the land,
2) Maintenance to Common elements and
3) Realty Taxes.
Lease fees need to be carefully studied to ensure that your monthly costs are reasonable and that a Land Lease situation is suited to your needs and lifestyle.
Who is Parkbridge
Parkbridge Lifestyle Communities Inc. is Canada’s largest owner and operator of residential land lease communities and resorts.
Parkbridge Lifestyle Communities Inc. ("Parkbridge") is Canada's leading owner, operator and developer of residential land lease communities, recreational resorts and marinas.
Established in 1998, Parkbridge's portfolio has grown significantly from two original properties with 650 sites. In early 2013, the company surpassed the milestone of 100 properties with over 27,500 operational and potential expansion sites. As a clear testament to the rising popularity of land lease for a growing number of people, their communities are found all across Canada.
Tecumseth Pines is a Land Leased, Adult Lifestyle Community owned and operated by Parkbridge Lifestyle Communities Inc., with offices in Wasaga Beach, Ontario. The lease is serviced by a monthly charge.
Some Tecumseth House Facts
Tecumseth Pines is a Land Leased, Adult Lifestyle Community owned and operated by Parkbridge Lifestyle Communities Inc., with offices in Wasaga Beach, Ontario. The lease is serviced by a monthly charge comprised of Rent, Taxes, Maintenance and a Water Testing charge.
The Community is comprised of 184 Royal modular homes built by Kingbrook Ltd in 1984. As one can see from the site plan, a variety of lots were availiable, some offering vast views of fields and or ravines, others with wooded privacy in the rear yard and others with smaller yards where you can share afternoons with your neighbour.
The homes were built to the highest standards of the day and are considered quite energy efficient having R40 ceiling insulation and R20 wall insulation. They are heated by either forced air natural gas or electric baseboard. Some owners have installed their own gas fireplaces.
There are three models of homes: The BIRCH approx. 1000 sq ft.
The SYCAMORE approx. 1100 sq ft
The CYPRESS approx. 1200 sq ft.
All models are bungalows with two bedrooms and ususally two bathrooms.
Some of the options which were availiable for all of the models were:
a full basement or crawl space,
an attached garage,
a sunroom (Florida room),
a deck, etc.
These options present for a wide range of choices and price point.