Benefits of Life Lease Communities
The opportunity for capital investment and security of tenure are the primary benefits of Life Lease housing. Residents can receive a return on their life interest and initial investment similar to the equity that may be realized on a private home or condominium. This is preferable to rental accommodation where there is no return on rental payments. Life Lease offers residents security of tenure since most Life Lease plans have no specified termination date and the life interest may transfer to the resident's estate.
All maintenance costs are the responsibility of the non-profit organization and are paid for under a Monthly Occupancy Fee. This feature is especially appropriate for residents who wish to have an interest in their dwelling unit, the flexibility and freedom to "get-up-and-go," without the worries associated with the security and maintenance of their homes.
Non-profit organizations sponsor Life Lease communities with no intent to generate a profit. Therefore, both the Life Lease purchase price and Monthly Occupancy Fees are set at the lowest possible break-even price. The high quality construction and maintenance of Life Lease communities sets the standards for adult lifestyle communities.
The economies of scale of operating a multi-residential building usually result in lower maintenance costs than in private residences. Life Lease projects being built today include energy-efficient heating and cooling systems. Residents of Life Lease communities are enjoying tremendous savings in heating and cooling of their individual suites.
Life Lease projects create a sense of community and well being. Life Lease projects typically include access to features such as a multi-purpose room with kitchen, hobby/games room, library, and meeting rooms. For residents who live alone knowing there are good friends nearby is reassuring.
Life Lease projects provide residents with a wide selection of custom modifications. Initial purchasers may choose from a selection of unit sizes and types. Suites can be modified to suit personal tastes and needs such as hardwood flooring, gas fireplaces, and enhanced accessibility features.
“Life Lease developments are still principally built by non-profit organizations with the advantage that they are restricted to those over 55 and built to suit specific needs. Many existing rental and condominium accommodations do not offer barrier-free or age-in-place features” - Forever Young Newspaper