Advantages of a Life Lease.
  • Statistics indicate that seniors move an average of 3.2 times during their retirement years.Senior households over the age of 50 may face a move from a single family home to a condominium or apartment, to a retirement home and sometimes to a nursing home. A Life Lease development provides an active, supportive community which can help avoid these major disruptions at a time when life should be familiar, comfortable and secure.

  • Capital appreciation similar to that which would be realized on a private home or condominium. The number of people reaching the age of 55 is staggering and there is an increasing demand for adult lifestyle communities. In some Life Lease developments we have seen capital appreciation as high as 20% in less than 2 years.

  • Seniors can live independently for the balance of their lives with the provision of basic support services from the community. The design features built into every townhome provides residents with an opportunity to enhance their independence. Special design features can include a range of convenient modifications from wheelchair accessible doorways, to support bars in the bath tubs and adjustable cupboards in the kitchen.

  • Your Life Lease interest transfers to your estate, the same as the title to a home. You and your family can decide how to incorporate your life lease interest within your estate planning. When selling your "right to occupy" in Vineland Park Estates, you or your estate will receive the market value of your unit at the time of the sale less an administrative charge.

  • You have certain tax advantages. If a new condominium were purchased instead of a Life Lease, the buyer would be responsible to pay G.S.T. and the Land Transfer Tax amounting to several thousand dollars. These are not payable by an occupant of a life lease unit. Traditionally, many people put their capital in a bank or trust company; earn interest on the capital; pay income tax on the interest and then use what is left to help pay rent on a monthly basis. By prepaying rent under a Life Lease, in effect the capital is going to the Owner to build the complex rather than the bank to earn interest. There is no income tax payable but the Occupant achieves the result of having the total rent paid.

  • Input into operating decisions related to your home. Residents will have the opportunity to form a committee that will act as liaison between the townhome residents and UMH (The Home). The committee will be able to make recommendations to the Home, and register complaints regarding decisions affecting the Vineland Park Estates townhomes.

  • Freedom from day to day worries of security and maintenance. If you go away on a trip, just lock up and leave, worry free. All the outside work will be done for you. A monthly fee will be established to cover these costs, currently estimated to be $240/month. This maintenance fee would cover: care of landscape, snow removal, exterior fire and liability insurance and long-term maintenance reserves.

 


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4024 Twenty-Third Street, Vineland, Ontario L0R 2C0

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