ADULT COMMUNITIES

 DETACHED HOMES 

 These homes are totally detached and do not share any walls with another unit or property , ususally bungalows  with attached garage and they may have a crawl space or a full basement 

Types of detached homes can include homes that are freehold ( you own the home) and they could be on  owned land with common elements such as maintained common areas that can include clubhouses, fitness and sport facilities  withan associated fee structure.  Or they can be on  leased land which has a rental /condo fee and includes all property maintenance. These may have similar clubhouse/fitness facilities. 

ATTACHED HOMES  ( BUNGALOW & 2 STORY TOWNHOMES )

These homes are attached in rows or in short blocks of 4 or 6, you own your home , Again, as above these  can include homes that are freehold ( you own the home) and they could be on  owned land with common elements such as maintained common areas that can include clubhouses, fitness and sport facilities  withan associated fee structure.  Or they can be on  leased land which has a rental and includes all property maintenance. Or they can be total Condo units  These are run the same as any Condo, but restricted to seniors, with all maintenance and common areas under the condo management and paid for through Condo fees.  These may have similar clubhouse/fitness facilities/sports facilities as above. 

 LIFE LEASE HOMES

The Market Value Life Lease model, which is similar to the typical condominium model, allows residents  to have the right to sell their home at any time, at current market value. Under the Market Value Life Lease model, residents purchase the space (same as condos) in their new home and have complete use of their home for as long as they wish and have access to all shared common amenities and facilities.

As real estate market values increase over time, so do Market Value Life Lease models.  This allows residents to protect their investments and gain equity, which is the same as owning a typical freehold home.  There are hundreds of Life Lease developments in Ontario and in North America, along with many Lawyers who specialize in Life Lease.

You do not own the house or the land These properties are often own by church organizations  and you apply, wait on a list and when a unit becomes available you buy a life lease at the current cost, maintenance is done through the organization . You still have the rights if you wish to move to sell your life lease interest at current values ( usually the organization has  control of applications' for next available units. 

ATTACHED LIFE LEASE BUNGALOW OR 2 STORY HOMES

The homes are attached in rows or blocks of 4 and in all other ways  work as a Life Lease , the same as Detached 

CONDO TOWNHOMES – These are run the same as any Condo, but only for seniors, with all maintenance and common areas under the condo management and paid for through Condo fees. 

HI RISE APARTMENT LIVING 

These can be in the form of a Condo, where you own your unit, common elements are maintained by the Condo Corportation, but there are usually extra senior related services offered , sometimes at add on costs