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Advertorial Land lease 101 Homeownership comes in many forms in Canada. Most of us are familiar with freehold and condominium ownership, but there is another option we often forget: land-lease homeownership. Though not as well-known, land-lease has its clear advantages to other models of home ownership, particularly for retirees looking to downsize or for young families who want to purchase their first home. Here are some answers to common questions about land lease: What is land lease? Land leasing is a form of home owner-Land leasing is a form of home owner-Land leasing is a form of home owner ship where buyers purchase the home - and own it outright - while leasing the land on which it sits. What are the benefits? First, it's an affordable entry into the housing market. It reduces the capital cost of the purchase because you pay just for the home, not the lot it resides on. That means smaller mortgage payments. Second, land-lease homes are located in neighbourhoods that foster a true sense of community. For example, homeowners in land-lease communities often benefit from a wealth of social activities, outdoor spaces for gardening, entertaining and rec- reation and the opportunity to join clubs and socialize with like-minded neighbours. And third, land-lease companies like Parkbridge remain involved in the community by providing professional management of community infrastructure and amenities. How is this like buying a traditional home? Buyers work with a real estate agent and lawyer and obtain financing as required be- fore closing the purchase and sale agree- ment. Those wishing to buy a home in a land-lease community also make an ap- plication with the community management team and then sign a site lease. Research shows that land-lease homes appreciate in value at about the same rate as freehold homes or condos and offer a great return on investment. (NC) Find more information about land-lease homeownership at www.parkbridge.com 29 | O akville B eaver | T hursday,F ebruary 27,2020 insidehalton.com STEVE WILLIAMSON SALES REPRESENTATIVE RE/MAX ABOUTOWNE REALTY CORP., BROKERAGE DIRECT : 905-510-7141 ARE YOU THINKING ABOUT SELLING THIS SPRING? EVERY AGENT WILL PROMISE TO SELL YOUR HOME, BUT STEVE GUARANTEES IT!! CALL STEVE TODAY FOR YOUR FREE HOME EVALUATION AND SEE WHY HE SELLS HIS HOMES 3 X FASTER AND FOR 3.33% MORE THAN THE AVERAGE AGENT* (*2018 Omdreb statistic) For more information on this guarantee, visit my website WWW.STEVEWILLIAMSON.CA 5hamilton.ca 905-689-7325 NOWSELLING! E X C E P T I O N A l L Y D E S I G N E D MODERN VIBE MEETS OLDE TOWN CHARM HWY 403 H AM ILT O N ST S G U EL PH W AT ER D O W N RD W AT ER D O W N RD W A DUNDAS ST EAST HWY 6 HWY 5 TORONTOHAMILTON REGISTER NOW CONDOs starting FROM THE $400s Hours: Sat - Thursday 1-5pm or by appointment