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Manufactured Housing Communities
Freehold and Condos
Sometimes modular housing communities might be freehold, meaning you also purchase the lot. Typically, in this situation, if the home is placed in a community with common amenities, there may also be condominium fees. In a condo situation, the common areas are all owned jointly amongst the homeowners.
Let’s talk about
land lease
Land lease is an alternate way to purchase a home or recreation property, where you buy the house, but rent the land that it resides on. There are private lease options available if you can find a landowner willing to rent you a spot to place your home, but more often than not, lease opportunities will present themselves in a community setting.
Depending on the monthly financial commitment, land-lease can be a great option to get into home ownership! It affords you the opportunity to buy the house, but rent the land, potentially saving you thousands on initial investment. It is certainly cheaper from a down payment perspective, making it potentially a great option for first time home buyers. Downsizers also find it an appealing option. Cash in the equity on your existing house, pay for your new modular in its entirety and then you just deal with the monthly lease rate.
Benefits of Land Lease Communities
Land lease communities, also known as manufactured home communities or mobile home parks, offer several benefits to both residents and investors. Here are some of the key advantages of land lease communities:
Community Atmosphere
Land lease communities foster a strong sense of community. Residents often share common facilities and amenities, such as recreational areas, clubhouses, and social activities, which encourage interaction and build connections among neighbours.
Maintenance and Amenities
In land lease communities, the responsibility for maintaining the common areas and amenities, such as landscaping, roads, and utilities, typically falls on the community owner or management. This can relieve residents of the burden of individual property maintenance, reducing costs and efforts.
Lifestyle and Amenities
Many land lease communities offer various amenities and services that enhance residents' quality of life. These can include club houses, swimming pools, fitness centres, playgrounds, walking trails, organized events, and more, creating a desirable living environment.
Flexibility and Mobility
Land lease communities provide flexibility and mobility for residents. As manufactured homes are typically designed to be portable, residents have the option to relocate their homes if they desire to move to a different community or area.
Diverse Housing Options
Land lease communities accommodate a range of housing options, from single-wide to double-wide manufactured homes. This diversity allows individuals and families to choose a home size and style that suits their needs and preferences.
Lower Entry Costs
Compared to other real estate investments, entering the land lease community market often requires lower upfront costs. Buyers can purchase the home itself while renting the land, saving thousands in upfront purchasing costs.
It’s important to note that the benefits and advantages of land lease communities can vary depending on specific locations, regulations, community management, and individual circumstances. It’s advisable to thoroughly research and consider factors relevant to your specific situation before making any decisions. Working with a great Realtor, checking the community’s Google reviews and talking with some of the folks that live in the community is also a great way to learn more about the Modular Housing Community that you are considering.
A Few of Our Favourite Modular Housing Communities
CAPReit
Canadian Apartment Properties REIT, Canada’s largest publicly traded provider of quality rental housing. We love their flexibility! Buy Rent Bring your home to these professionally managed communities across the prairies.
CAPReit
Canadian Apartment Properties REIT, Canada’s largest publicly traded provider of quality rental housing. We love their flexibility! Buy Rent Bring your home to these professionally managed communities across the prairies.
In Conclusion...
Whether you choose land lease, freehold or a condominium, we would always recommend you have your lawyer and your financial advisor review the sales contract. With a land lease purchase, a lawyer is not necessarily required because there is no title transfer, but it is best practice.