What is a Life Lease?

A life lease is a legal agreement that permits purchasers to occupy a home for life (or until they are no longer capable of living there) in exchange for an initial lump sum payment and subsequent monthly amounts to cover the on going operating expenses including property taxes, maintenance and administrative costs.

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The Advantage of Life Lease

A Careadon Life lease agreement offers more options for affordable housing for 55+ and retirees, when compared to owning your own home. A life lease allows individuals to leverage their equity with the security of tenure with their suite. In short, you do not own the property; you have a right to live in that suite for your lifetime or until your no longer able to live independently.

Some reasons why people choose life lease housing at Careadon Village include: 

  • With a ‘life lease,’ you own the lease, but not the property. This way you maintain your equity in the life lease without property ownership responsibilities.
  • A Careadon life lease is a ’Fixed Value’ lease which mean if you choose to move out of the suite you will get 92% of your invested life lease amount back despite what the market is doing.
  • There are no real estate commissions or GST associated with Careadon Villages life lease agreements, resulting in further savings.
  • Fewer home maintenance responsibilities.
  • Careadon owns the suite appliances and therefore is responsible for the maintenance of them.
  • Access to social and recreational amenities.
  • Sense of community.
  • No more mowing lawns and shovelling snow, fixing plumbing or electrical wiring.
  • Additional wider range of convenient fee for services for example laundry, housekeeping and meals are offered on an optional basis.

Careadon leaseholders will have exclusive access to brand new common area spaces to meet up with friends, family or other folks in the community not to mention the comfort that you will be sharing the building with people of your same age group. This is a great opportunity to not only meet people but to take advantage of the many of the amenities that will be offered.

For more details or to learn if a life lease is for you contact our office at 780 470.2330 or email at info@careadoncorp.com

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