Life Lease suites offer the benefits of living in an independent apartment while at the same time giving you the opportunity to invest in your accommodation.
Much like a condominium, you purchase the right to live in your suite for as long as you want (up to 49 years). What is different is buyers must live in their suites and are not allowed to sublet to others. That way, the original aim of providing a secure, comfortable and worry-free environment for seniors can be protected. Over time, your investment follows the trends in the real estate market.
Living in your life lease suite, you will experience a new freedom in a secure lifestyle. Whether at home or away, your peace of mind is assured in a controlled entry building. In addition, you no longer need to be concerned with responsibility of upkeep and exterior maintenance. For your suite, all mechanical and plumbing maintenance is included.
Along with your new carefree lifestyle is the opportunity to become part of a community. You can take advantage of the social areas including the hobby shop, games room, exercise room and chapel. There are various organized activities including Bridge, Cribbage and Euchre clubs as well as planned social events such as monthly parties and other organized activities.
While retaining many of the benefits of home ownership, life lease living is generally more economical. Like condominiums, there is a monthly maintenance fee. This fee contributes towards the cost of maintaining the common areas of the building as well as the surrounding grounds and gardens. Also included are Municipal taxes, garbage collection fees and common area fees. Heating costs are included while electricity is individually metered and billed. Each life lease suite has its own temperature control so you can set your suite’s temperature to your liking.
Should you no longer wish (or be able) to occupy your suite and the time comes to re-lease it, you will receive a return of 90% of the equity value of your suite priced according to the market trends at the time of releasing. Upon the death of a sole occupant, this will be paid to your estate. Our Marketing Coordinator can explain the rights of survivors in the case of joint ownership.
There is no sub-leasing of suites. Management will protect your right to the “quiet enjoyment” of your suite while providing encouragement for participation in community activities both on and off site. On behalf of the residents, a Residents’ Council brings forward issues or concerns. This council is very effective in maintaining a responsive and respectful relationship with our management team.
- Security check system in all exterior doors including video camera surveillance
- Secure, controlled entry to garage and building
- Individual thermostat-controlled heating and cooling in each suite
- Emergency pull chord
- Luminous ceilings in kitchens
- Individual hydro meter in each suite
- Extra storage available
- Indoor car wash
- Softened water except for cold water in kitchen
- Sheers on all windows
- Heightened electrical wall outlets to reduce back strain
- Increased number of electrical wall outlets to reduce hazards of extension cords
- Fire and smoke detectors are externally monitored by the Guelph Fire Department
- Fitness room
- Games room
- Hobby shop
- Tuck shop
Other Site Amenities
- Situated near downtown Guelph on 7.5 acres with a park-like setting
- Offers scenic walks, landscaped gardens and patio areas
- Close to shopping, Guelph General Hospital, churches