Why Land Lease
Parkbridge’s land lease communities are particularly attractive for young families looking to buy their first home and retirees looking to free up money for life’s other priorities while still continuing to maintain and build equity.
Our land lease communities are also professionally managed, often with quality amenities, which helps create a sense of community within communities where residents feel supported and connected.
Unlike other developers, Parkbridge maintains a presence in the community, investing alongside homeowners to ensure there is ongoing, thoughtful attention to community infrastructure, standards and amenities.
What is Land Lease?
An affordable homeownership model that allows people to own a home, without buying the land. It is an ideal housing solution for active retirees that are looking to downsize, families who are looking to grow equity, or travelers looking for vacation homes.
More and more people are finding common ground in this practical, sensible idea. At Parkbridge, you own your home, the land is leased and the amenities are managed, so you can pay less, keep your cash and own every experience, forever.
Land lease costs typically less than freehold, which means it:
- Allows homeowners to free-up money for life’s other priorities
- Provides young families with a way to leave the rental market and grow equity in their own home, with the bonus of a yard and plenty of room for raising a family
Why have I never heard of Land lease before?
Land lease has been around for decades, particularly in the U.S. and Europe; however, this unique model of homeownership is less well-known in Canada.
Buying a land lease home vs. buying a traditional freehold home:
Buyers work with a real estate agent and lawyer, and obtain financing as required before closing the purchase and sale agreement. Those wishing to buy a home in a Parkbridge community must make an application with the community management team, and then sign a site lease. Parkbridge strongly recommends that you complete this application and have it approved before finalizing any home purchase.
Land Lease homes vs. Manufactured Home Communities:
Manufactured Housing Communities (MHCs) are the earliest example of land lease. Today, Parkbridge is using modular, manufactured and traditional build homes in our new communities.