Retirement Communities

What are retirement communities?
An adult lifestyle community provides the benefit of home ownership along with recreational and social activities. With the proliferation of these communities in the last few years, the choices are better than ever. You can choose from several different ownership options, each of which has different benefits for the individual owner. When comparing adult lifestyle communities, make sure you know which title you will be assuming and understand its advantages and disadvantages.

Fee simple – The highest form of ownership with minimal restrictions.

Condominium – You own, and are responsible for, the interior area of your unit (everything from the plaster in). The condominium association, funded by monthly fees, is responsible for the upkeep of the building and grounds.

Land lease – You own the structure and contents, and lease the land.

Life lease – As a tenant, you have a leasehold interest in the unit, and the shared use of common facilities. You make a lump-sum payment and have an ongoing obligation for common costs.

Return to: Retirement Properties or Speciality Properties

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Dale has answers to a lot of your questions and more professional tips to make your real estate transaction more pleasurable.
Call or E-mail Dale or click on "Ask Your Own Questions."

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Dale can send you information on any Property Listed For Sale on the Multiple Listing Service in the Ottawa area.
If you would like him to help you locate a home, please fill out his Information Request Form.

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Or perhaps you are considering selling your home in the near future, he can also offer you a
Free No-Obligation Market Evaluation Form.

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