If you’re considering between life in a land-lease community and life in a condo, consider this – condos are often subject to special assessments, a financial levy imposed against each individual condo unit owner. Land-lease is not.
In a condo, each unit is allocated a percentage of the common expenses. The monthly condo fees that home owners pay are meant to cover the monthly costs of those common expenses, as well as providing a savings account (reserve fund) for potential future repairs and maintenance. This reserve fund is often not sufficient to absorb substantial additional costs, such as roof repairs.
There have been many instances of condo owners being assigned special assessments in the thousands of dollars and the owners have no repercussions. It doesn’t matter whether the reserve fund was poorly managed, the work will still need to be done and every unit owner is on the legally bound to share in those costs.
If you want to say NO to special assessments, and increasing condo fees, consider land-lease in Meadows of Morinville. Your monthly lease rate gives you your own lot to use for your private enjoyment, for the duration of your lease term and there are no additional fees imposed by the Community. The taxes on the land are absorbed by Meadows of Morinville, the common area maintenance and repairs are absorbed, and the cost of Community management is also paid entirely by Meadows of Morinville.For additional peace of mind, Meadows of Morinville has locked in the lease rates until 2028!
Both lifestyle choices are great options, but it truly pays to do your homework! Make sure you consider all of the factors when making your final decision. To learn more about condominium reserve funds and the legality of special assessments, check out the links below.
- Alberta Fact Sheet – Canada Housing and Mortgage Corporation
- Buying and Owning a Condo Tip Sheet – Service Alberta
If you’d like to learn more about the Meadows of Morinville development, please call 587.855.4317 or email email@example.com.