How to own your home without paying a cent for the land

About Meadows Of Morinville | August 19th, 2020

If there were a way to own your home without paying for the land it rests on, that’s something you’d be interested in, isn’t it? 

There is a way you can afford a full single-family detached home for the average price of a condo in the greater Edmonton area. Living in a land-lease community gives homeowners the opportunity to buy their home without buying the land. Saving money is what you really want, right?

Why live in a land lease community?

Living in a land lease community can help you achieve home ownership faster – you won’t need to save for the land portion of the transaction! 

Meadows of Morinville offers homes from $170,000. That’s not a typo. For the average price of a condo in greater Edmonton ($219,832 in May of 2020, you can own a property like The Delta, The Aspen or the Beaufort.

The Delta 1024 sq. ft. | 3 Bedroom | 1 Bathroom

The Delta

1056 sq. ft. | 2 Bedroom | 2 Bathroom

The Aspen

1520 sq. ft. | 3 Bedroom | 2 Bathroom

The Sierra

Purchase Process in a land lease community

Purchasing a home in a land lease community is the same as buying a traditional home. You’ll still choose to work with our in-house consultants or a realtor to find the perfect home for you. Following this, you’ll work with your banker to get financing to close the transaction. One additional step to the process is completing a lease application prior to being approved in the community.

Q: Does that mean the mortgage process is the same, too?

A: Yes! The process for obtaining a mortgage is the same as a traditional home owned on land. Speak to your mortgage broker or bank to obtain details on applying.

Setting the record straight

Our land lease community comes with a monthly fee. We hear feedback from potential customers who question the need for a monthly fee. But, we like to offer a different perspective on why a monthly fee actually benefits the community and those who live in it. 

Think of a land lease fee as a condo fee – a necessary expense that benefits the community as a whole. This fee goes toward things like maintenance of common areas so you can continue to take pride in your community. 

We’ll do the heavy lifting in common areas like roads and amenity space, but as a homeowner, you’re still responsible for your regular home maintenance like cutting your lawn. That responsibility comes with freedom to make your yard your own, too! See what some of our residents did with their yards this year for inspiration:

How do I sell my home in a land lease community?

If and when you’re ready to move on from the community, it’s no different than any other property – you can sell with a realtor or on your own. There are a few items that the Community needs to be involved and notified about, so the first step is to come and talk with us. We’ll give you a road map to support the successful sale of your property.

Life in the Meadows

Life in the Meadows is about making life simpler, without sacrificing luxury. Our exclusive home builder is offering modern modular bungalows on large, landscaped lots from the $170,000’s. Our unique land-lease concept gives our home buyers an opportunity to get into a house they might not otherwise be able to afford, and empty-nesters a chance to free up some equity in their existing home.

This architecturally controlled and professionally managed community ensures the highest standards of visual appeal; ensuring compatibility between homes in the Community and a pleasant streetscape. 

Learn how you can save money by living in our land lease community by contacting us today!

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