What do you value most?
The simple act of walking your dog really highlights how living in a condo is different from owning a home in a land lease community.
In a condo, if you are allowed to own a dog, you would typically hop on the elevator to the ground floor and head outside to walk Rex. Chances are, you only know a few people in your condo building, let alone anyone in the neighbourhood.
In a Parkbridge land lease community, you step out your front door and walk Rex through your neighbourhood to the community’s nature trail. Along the way, you stop to chat with your neighbours who, like you, have bought in the community precisely because they value social connections.
Or, you may simply wish to play with your dog in your back yard. Unlike a condo, a home in a Parkbridge community comes with a yard where you can garden, get some sunshine and fresh air, or just hang out with your pooch.
Choosing one type of homeownership over the other really depends on what you value most when it comes to your lifestyle.
In a condo, you likely value owning a home that provides you with services and amenities without the need for much social interaction. In a residential land lease, you value social connections that actually drive what kinds of services and amenities that come with your purchase.
But there are other differences between the two ownership models as well.
Here are three:
1) Condo fees fund services in the condominium. Land lease rent pays for so much more.
Everyone knows that when you purchase a condominium, it comes with monthly condo fees. Paying these fees gives you the right to reserve and use amenities and services in the “common areas” within the condominium itself, like pools and fitness facilities or recreation rooms.
When you purchase a home in a Parkbridge land lease community, you pay a monthly rent, which, among other things, is used to protect the health, safety and long-term sustainability of the community, including maintenance and repairs to community infrastructure and common areas, and professional management of the community.
In many Parkbridge communities, rent can also cover the cost of maintaining shared amenities for everyone in the entire community to use. This can include things like nature trails for walking, community playgrounds, splash pads, recreation halls and even libraries.
2) Elected condo boards set fees. Land lease rent is determined by a professional and extensive analysis by the owner-operator.
Condo fees are determined annually by an elected board made up of condominium owners. By law, this board is responsible for, among other things, ensuring the condo’s common elements are properly maintained for condo owners to reserve and use.
Land lease rent, meanwhile, is set by the owner-operator of the community and is based on ensuring the health, safety and long-term sustainability of the community. This can include upkeep of amenities and services such as road and water system maintenance, garbage and recycling collection – all handled by onsite, professional staff.
Rent in a Parkbridge community is assessed by carefully looking at local real estate market conditions, actual expenses, capital investments like road and water system maintenance as well as regional economic pressures for residents. Using this type of analysis better ensures fair and reasonable rent rates that reflect continued investment into Parkbridge land lease communities.
3) For an expensive, emergency fix, condo boards can charge a one-time special expense. Land lease owner-operators amortize these costs over several years.
Condo boards are allowed to levy “special assessments” on individual condo owners for unforeseen expenses, such as the urgent repair of a parking garage. These one-time charges can cost condo owners thousands of dollars that they must pay over a short period of time.
By contrast, if the clubhouse in a land lease community needs an urgent repair, the owner-operator gets the repairs done and recovers the costs from homeowners over several years, making the financial impact manageable.
These key differences highlight what makes land lease living a distinct preference for those homebuyers who value social connections, shared amenities in a community, and financial stability.