Purchasing a home in a land lease community offers a wide range of benefits that can be very attractive to those who are moving in their next phase of life. If you are retiring or looking for your first home, this option will allow you to enjoy home ownership that provides financial benefits without buying your land. You still own your home, but are free from some of the responsibilities that go along with home ownership and you are a member of a real community!
- Less initial investment for home purchaser to obtain home ownership. In the form of a Down payment required and Land Purchase.
- Home owner takes advantage of appreciation in land location when it is time to sell. (Home is valued when financing based on its location).
- Protection in the form of Rental Rate Increase Legislation in some provinces.
- Home owner does not have to pay property taxes on the Land.
- Opportunity to live with Like Minded Home Owners.
- Little or no property maintenance.
- Water and Sewer Services provided and maintenance is the Landlords responsibility.
- No Deed Transfer Tax required when purchasing or selling.
- Can still have a garden of flower beds if wish to garden.