Life Lease: How does it work?
Your new home will be transferred to you as a life lease. You are not purchasing the home but instead buying the right to live in the home for as long as you wish. The life lease fee, which equals the full market value of the unit, is paid in full at the time of closing.
Each month, you will pay a monthly service fee that covers maintenance, lawn care, snow removal and a municipal fee.
When you are ready to move from your home, you provide us with a written notice, according to your contract. Your monthly service fees end at the termination of the leasing agreement.
From there, our Marketing and Renovation teams spring into action to spruce up the home for its next lessor.
When a new family reserves and closes on the home, we refund 85% of your initial investment.
In addition to your life lease fee, here’s what you’ll pay:
- ·Monthly service fee (covers maintenance, facility fund fee and municipal fee)
- Utilities (heat, electricity)
- Water and sewer
- Phone service, cable TV, internet
- Renter’s insurance
The following expenses are already included!
- General insurance on the living unit
- Maintenance of interior and exterior, including furnished appliances and mechanicals
- Lawn care and snow removal
- Common area utilities
Please note that residents are not responsible for property taxes.