Downsizing? Is A Land-Leased Home A Good Idea?
Friday Jul 12th, 2019
The kids are long gone, you’re in a big home that requires a lot of maintenance and is expensive to heat and cool. You’re also thinking it’s time to explore a different kind of living. So why not downsize?
With downsizing, however, comes hard decisions. Should you stay nearby or leave town? Do you want to live in a condominium or a bungalow?
According to recent studies, people downsize for a variety of reasons – to lower monthly housing costs, to lessen the workload of a larger home, to lower the amount square footage as not as much space is needed, or to free up cash from the equity in a current home.
Whatever your reason, the solution may be a land-lease home where you buy the home outright and lease the land. By downsizing from a larger house with higher costs into a land-lease home, retirees can free up cash for more important things in life.
The key to the affordability of land-leasing is that you pay for just the home and not the lot it sits on, making it much more affordable.
Many land-lease homeowners are snowbirds or frequent travelers. Some purchase nearby golf memberships or their dream boat and enjoy all that living in Georgina has to offer.
The best part, land-lease homeowners continue to build equity, unlike renting, because they own the home. Market analysis shows that well-maintained homes in land-lease communities appreciate in value similar to freehold homes in the same market.
So, if you are downsizing consider a land lease home, like 26 Kelsey Crescent, Sutton by the Lake.
- Land lease offers lower monthly payments than a mortgage
- You own the home itself to continue to build equity
- Use of the public facilities, like the clubhouse, pool, shuffleboard, tennis court, etc.
- A community of like-minded people that you can enjoy social gatherings with
- A smaller home that is efficient to heat and cool
- Quiet area. Grandchildren welcome as guests
26 Kelsey Crescent is located in Sutton by the Lake, an active adult community just outside of Sutton, Ontario.
It features 3 bedrooms, 2 bathrooms, a deck, and a 4 season sunroom. It also has a detached garage that is perfect for your workshop. Finally, it has an updated kitchen, beautiful hardwood floors, no homes behind!
Land lease fee includes lot rental, taxes on your home, maintenance fee that includes the use of the clubhouse, snow removal from the driveway and main roads, as well as water.
Grass cutting services are available at reasonable cost whenever desired. Free year-round outdoor parking for boats, RVs, etc.
To visit this property, or if you have any questions, call Wayne Winch & Brenda Brouwer, Sales Representatives, RE/MAX All-Stars Realty Inc, Brokerage. 905-476-4111 in Keswick, Ontario. Toll FREE 1-866-924-7496. www.georginahomesforsale.com firstname.lastname@example.org
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