The Marian Courtyard Life Lease Solution!

Why life lease living appeals to today’s retirees

Life lease developments have been around for many years and have become the preferred choice for today’s rapidly expanding retirement population. What makes life lease housing attractive is the age restriction, a sense of community and a homogeneous lifestyle. Most of all, residents enjoy the community feeling of living with other mature adults and the reduced home maintenance of a condominium-like environment.

Understanding your “Right to Occupy”

Under a life lease plan, residents purchase a “Right to Occupy” their suite at market value. This “Right to Occupy” gives the resident the exclusive right to use their suite and share all common areas.

Monthly fees and what they cover

Once residents take possession of their suite, they pay a monthly maintenance fee. The fee represents the resident’s share of the operating costs for gas, common areas, building maintenance, snow and garbage removal, landscaping and grounds maintenance, as well as contributions to a reserve fund and property management costs. Residents are responsible for their own hydro, hot water tank rental, property tax, as well as cable, phone service and insurance.

Resale value and investment potential

When a resident wishes to sell their “Right to Occupy,” they receive market value less an administrative fee. As the value of the market increases, so does the value of the life lease interest. Therefore, residents are able to earn a potential return on investment similar to the equity growth in a family home.

Approval process and protecting the community lifestyle

Under a life lease plan, the non-profit corporation must approve all sales so as to ensure that the new purchaser is informed of the lifestyle, opportunities, services and responsibilities that will accompany their ownership.