At Parkbridge we love being able to talk to customers about the concept of land lease and how it can help individuals who are thinking about purchasing a Parkbridge home. Here are some common myths about the concept we think you might find interesting:
MYTH #1: Land Lease is too expensive.
MYTH BUSTED: Instead of having to finance a large mortgage for the home and the land your home sits on, you only finance the home. With a reasonable mortgage, you can use the money you will be saving for other things. After you’ve paid off the mortgage for your home, you will only have to pay for the land lease, which much more affordable than a high mortgage you will be paying for possibly the rest of your life. Purchasing a home in a leased land community enables you to own a home that you otherwise may not be able to afford.
MYTH #2: Homeowners don’t have rights: You can get kicked off the land and lose your home at any given moment.
MYTH BUSTED: While Parkbridge does have precautions in place for the safeguard of their communities, homeowners are never removed from their home on a whim or without legitimate reasons. Homeowners enjoy security of tenure which means they are protected under the provisions of the Residential Tenancies Act and The Planning Act.
MYTH #3: There is nothing to prevent your home from being sold & re-developed at any time.
MYTH BUSTED: Parkbridge has taken every precaution to ensure you don’t have to worry about this. Parkbridge communities are developed in collaboration with local municipalities and are zoned specifically as Land Lease communities. This is Parkbridge’s business, passion, and together, our future.
MYTH #4: Land Lease is like owning a condominium with a condo fee.
MYTH BUSTED: Land Lease is nothing like owning a condo. Leased-land communities often include amenities not always found in traditional neighborhoods, such as clubhouses, pools, tennis courts, playgrounds and golf courses.
MYTH #5: Rents can be raised by any amount at any time.
MYTH BUSTED: Land Lease increases are all governed by the Residential Tenancies Act, which assures that rates cannot be illegally increased and without following an appropriate timeframe and procedure. If increases do occur, they are as a result of higher operating costs and general inflation of the real estate market.