Life Lease provides the opportunity for capital investment and security of tenure. The resident can gain capital appreciation on their Right To Occupy and initial investment similar to that which may be realized on a private home or condominium.
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Life Lease provides the opportunity for capital investment and security of tenure. The resident can gain capital appreciation on their Right To Occupy and initial investment similar to that which may be realized on a private home or condominium. |
Life Lease provides the opportunity for capital investment and security of tenure. The resident can gain capital appreciation on their Right To Occupy and initial investment similar to that which may be realized on a private home or condominium. Different types of real estate investments do, of course, appreciate at different rates depending on vacancy rates, demand, location and other market conditions. But for most people, the opportunity for capital appreciation with a Life Lease is preferable over rental accommodation where there is no return on rental payments.
Life Lease also offers residents security of tenure since most Right To Occupy Agreements have no termination date. In the case of the death of the last surviving spouse in the unit, the value of the Right To Occupy passes to the resident's estate with the subsequent resale according to the terms of the Right To Occupy Agreement.
All maintenance, property management, and building insurance, and in some cases, taxes and utilities, are the responsibility of the non-profit organization and are paid for under a Monthly Occupancy Fee. This feature is especially favoured by residents who do not want to worry the details of security and maintenance of their home, and enjoy the freedom of being able to leave the daily details to the property manager and non-profit organization.
The economies of scale of developing and managing a multi-residential building usually result in lower purchase, maintenance and operating costs than in private residences. When the project is developed and managed by a non-profit organization the costs of purchasing a Right To Occupy as well as the ongoing operating costs tend to be lower than a condominium. All construction and operating costs are budgeted at the lowest break-even point..
In some instances, non-profit organizations contribute land or financial resources towards the development which even further reduces capital costs. This factor allows eligible residents to acquire a unit at a far lower cost than can be offered by a "for-profit" developer.The common facilities of Life Lease projects allow residents to interrelate and create a sense of community and well-being. Each project develops a unique set of common facilities depending upon the needs of the residents. Project features can include a common lounge, workshop, cultural facilities, exercise room, health room, games room, bar, common dining lounge, emergency response system, etc. These facilities are beneficial for all residents, but particularly for those who are less mobile, or occasionally "shut-in" due to inclement weather or health reasons.
In most developments, each resident can select the size and type of unit they desire and can include modifications to suit their own personal needs. In addition most non-profit organizations encourage prospective residents to participate in the design of the building and common areas, and help decide on the lifestyle features that will be offered.
Residents have input into the development, management and operation of a Life Lease development through its representation on the Board of Directors and its Committees. The flexibility of a Life Lease development allows some residents to choose to be highly involved in the organization, management and decision making, while also allowing other residents to leave these responsibilities to the Board and other residents.
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