(NC) Land-leasing isnt the most well-known real estate option for Canadian homebuyers, but it is well established in the U.K., Australia and the U.S. With house prices recently out of reach in numerous areas of the country, many are looking for other ways to enter the housing market or downsize from their larger freehold home. Land leasing comes with several advantages.
1) Land lease costs less. Land lease home ownership allows you to own a home without buying the land on which it sits. This can reduce costs of purchasing a regular home by up to 30 per cent. You can also expect to pay less in annual property taxes land lease in comparison to a traditional, freehold property. If you have children or pets, a land lease is an affordable way to move from apartment or condo living while gaining a yard and some space for your loved ones. It is also an ideal place for retirees to downsize and free-up money for other priorities.
2) Stronger sense of community. Unlike most suburban residential neighbourhoods, land-lease communities typically offer a walkable neighbourhood that provides ample opportunities to meet other homeowners. Many areas feature organized social activities and events to participate in. Land-lease communities, like those operated by Parkbridge, are also professionally managed, so you can spend more time on getting to know your neighbours and having fun.
3) Accessible amenities. Land-lease communities often include facilities and features not always found in traditional neighborhoods, such as fitness centres, pools, community centres and bike paths. These offer a great way to engage in an active, healthy lifestyle while fostering closer relationships with others in the community.
4) Onsite management. Most land lease communities are staffed with an onsite manager who handles day-to-day operations of the community and maintenance of its infrastructure, including roads, water and sewer systems, community amenities and snow removal in the winter. Land lease companies often continually invest in communities to ensure homeowners equity is well protected.
Find out more at parkbridge.com.