UPDATE: The Elliot Community life-lease suite listed in this Spotlight has been sold.
Seniors looking for ideal living accommodations in their later years have several different options to choose from.
One of the choices that makes a lot of sense and checks multiple boxes is purchasing a life-lease unit.
There is currently a great opportunity available in Guelph at The Elliott Community. The 2-bedroom, 2-bathroom, 5th floor apartment has a southwest view facing the gardens and offers 1,150 sq ft of living space. The price is only $435,000.
“Life-lease suites offer the benefits of living in a retirement apartment while at the same time giving you the opportunity to invest in your accommodation,” says Fiona Miletic, Community Sales Supervisor.
Much like a condominium, when you purchase a life-lease suite, you have the right to live in your suite for as long as you like (up to 49 years). “What is different is that buyers must live in their suites and are not allowed to sublet to others,” Miletic explains. “That way, the original aim of providing a secure, comfortable and worry-free environment for seniors can be protected.”
The Elliott Community
You can enjoy fully independent living with a strong support network and social circle at The Elliott Community’s popular life-lease building, The Ellridge.
The building’s park-like setting is unmatched, situated on a lush 7.5 acres. Enjoy the beautifully landscaped gardens, outdoor patio areas and manicured grounds, perfect for taking scenic walks.
A thoughtfully designed community like this comes with a long list of features that help keep seniors safe and comfortable. These include:
- A security check system on all exterior doors, including video camera surveillance
- Secure, controlled entry to the garage and building
- Individual thermostat-controlled heating and cooling in each suite
- Emergency pull cord
- Luminous ceilings in the kitchens
- Heat lamps in the bathrooms
- Individual hydro meter in each suite
- Storage available
- Indoor car wash, for your convenience
- Softened water, except for the cold water in the kitchen
- Higher-than-normal electrical wall outlets to reduce back strain
- Increased number of electrical wall outlets to reduce the hazards of extension cords
- Fire and smoke detectors in each suite are directly connected to the Guelph Fire Department
There are also a number of shared facilities you’ll be excited to have at your disposal, such as a fitness room, virtual reality room, atrium and café, hobby shop, hair salon and general store. With conveniences like this located on site, you can spend more time on pursuits you enjoy and less on having to travel to do errands.
At this location, you are close to shopping, churches and a hospital.
Each suite will be charged its share of common expenses via a monthly maintenance fee. This amount covers:
- Interior maintenance and operation of common areas
- Exterior maintenance of building and grounds
- Insurance on common areas
- Municipal taxes
- Maintenance of hot water tank and heat pump
- Cost of electricity for heating, cooling and lighting of common areas
Please note that rental or condo insurance is mandatory and is at the owner’s cost.
Some buyers wonder what will happen when the time comes to sell their suite. You will earn equity minus 10%.
More about life-lease opportunities
There are several advantages to the life-lease concept.
“You can experience a new freedom in a secure environment,” says the Community Sales Supervisor. “Whether you’re at home or away, your peace of mind is assured, thanks to the building’s controlled-entry. You also no longer need to be concerned with upkeep and being responsible for exterior maintenance.”
The Elliott community is also a smoke-free and pet-free community.
One of the biggest benefits to living in a life-lease suite, in addition to enjoying a new carefree lifestyle, is the chance to become part of a community. “You can take advantage of the social areas, the hobby workshop, the lounge, atrium, chapel and the many organized activities within the Elliott Community,” says Miletic.
You retain many of the benefits of traditional home ownership, yet this arrangement is generally more economical. There is also a tax benefit. In Ontario, owner/occupant residents who purchase a suite from a nonprofit organization such as the Elliott Community are exempt from land transfer taxes. “This saves the average buyer about 1.5 per cent of the unit’s purchase price,” says Miletic.
What do buyers most cherish after making the move? Being part of a caring, inclusive, home-like community. That’s thanks in no small part to the tradition of promoting dignity and independence, for those who live at The Ellridge and their families.
To learn more about life-lease living in Guelph, visit The Elliott Community. You can also follow them on Facebook.