If you’ve been searching for a home in Wasaga Beach you have likely come across a land lease home in one of the Parkbridge communities. The clear indicator that it is a land lease will be that the home appears to be considerably less than market value of a detached freehold home.
So what is a land lease? A land lease is exactly as it sounds. The home is for sale, but the land is leased. A land lease is similar to a condominium townhouse in many ways. Most have common amenities (pools, hot tub, tennis courts, recreation facility etc….) that include a maintenance fee. The maintenance of these common elements are covered under the maintenance fee. It’s a cross between a conventional detached home and condo townhouse. You get the amenities, services and affordability of a condo, but the home itself is detached and surrounded by a yard.
Land leases can come in different shapes or forms so for the purpose of this blog we will focus on the Parkbridge Communities here in Wasaga Beach. There are 8 Parkbridge communities with over 800 homes in Wasaga Beach. These communities offer detached homes with an array of amenities. Depending on the home you are looking at, the fees including the maintenance fee, land lease and property tax can be as little as $500/ month. For many, this is an attractive option if your just starting out or you are on the other end of the spectrum and downsizing. The outdoor maintenance is considerably less, which allows for more time spent the way you desire.
For additional perks and information you can check out the video below which features Brian Smith (Current Mayor of Wasaga Beach) and Walter Borthwick (Past Mayor of Wasaga Beach) talking about Parkbridge Communities.
The affordability does come with its down sides. The mortgage can be more difficult to obtain, some lenders will require a larger downpayment. Without ownership of the land you are at the mercy of the land owner. Generally land leases have not seen the value increase year over year that freehold homes have seen. There is always a trade off, but for many land leases pros have outweighed the cons.
For a list of some of the available Land Lease’s in Wasaga Beach please see below. As always, if you would like to view any of these properties or have any questions let us know!