The Woods - Life Leases
Is It time to sell your oversized/underused family home or rural property and opt for the suite life. If you thought your choices were limited to renting or buying an apartment-style condominium, think again! Consider a third option: a life lease at The Woods, in Brandon Manitoba. With a ‘life lease you own the lease, but not the property. In a sense, it’s like paying an entrance fee in exchange for a low monthly rent in a building you’d like to reside in, Typically, when people are younger, they’re looking for a return on their investment. People who are at a later stage in life are more concerned about the security of their investment. A life lease comes with a guaranteed buy-back; that money is secure. Please read below for more information about our Life lease program
Features of Life Lease:
Maintaining capital is important as we age, since personal needs may change unexpectedly and the real estate market may be slow when a unit must be sold. At any time, if a resident residing in one of our life lease Suites decides to vacate, he or she has a guaranteed buy-back. All refurbishing and marketing to re rent the unit is done by The Woods Team and is no real concern to the current resident, making this option a care-free experience that brings peace of mind to both residents and their families.
Upon re-rent, the resident is entitled to a sum of money equal to the original entrance fee. When a resident wishes to vacate the unit and give up their life lease interest, they receive the original Entrance Fee back, less fees owed. It is not the “market” that determines what the life lease interest is worth. As the market value of local real estate could increase or decrease increases, the value of the life lease interest does not. Real estate investments appreciate/depreciate at different rates depending on market conditions. Our Life lease entrance fee is locked in so its safe from fluctuations in the real estate or investment markets. The opportunity for capital preservation with a life lease suite is preferable to rental accommodation where there is no return on investment.
Life Lease MOnthly Occupancy Fees:
Life Lease Residents pay an occupancy fee to cover the costs of maintenance, property tax, insurance, management, lifestyle services and contribute to a reserve fund to cover capital replacements and major repairs. The residents pay their own utilities and contents insurance. Monthly rates are determined by Unit size and Location. Monthly fees are estimated to be between $1000.00 and $2000.00 per month, again depending on size and floor.