The Life Lease housing at Chinook Village offers adults who are 50+ the opportunity to occupy senior suites in Medicine Hat for retirement. If you are looking to settle down for retirement in Medicine Hat by purchasing a condo, our Life Lease is a fantastic alternative to live in a wonderful community surrounded by friends and convenience. We provide older individuals and couples with affordable housing along with a lifetime right to occupy a unit, providing a guaranteed redemption amount at the end of the lease. You can use all the communal facilities such as dining rooms, a gaming area, lounges and much more with an assurance that your neighbours will be in a similiar stage of life. You can choose Life Lease in independent living, supportive living and assisted living.
Learn More About Life Lease
A Life Lease is a legal agreement that exists between renting and owning a residential premise. When you accept a Life Lease agreement, you buy the exclusive right to occupy a suite as long as you want to live in your suite. Being developed and operated as a non-profit organization, you can rely on us to price units below market value in comparison to other similar homes.
What Do You Mean By Right to Occupy?
In Life Lease housing, an older individual or couple holds an interest in the property but does not own the suite. Instead of owning a unit, you live in the suite and use all the communal amenities.
About the Criteria for Life Leasing at Chinook Village
Similar to other facilities, Chinook Village also has a few rules and regulations to ensure the safety and well-being of residents. You can check the rules and regulations in the contract that is agreed to and signed before occupying a suite. Chinook Village is a pet-free and smoke-free environment for adults who are 50 years or older.
Cost of a Life Lease
Instead of owning a tangible property for your retirement, you can choose to invest in lifestyle with a Life Lease. The cost of your Life Lease will be calculated on the basis of:
Size of the suite
Various other factors like upgrades, the age of the building, view, and more
Your purchase in a Life Lease is similar to purchasing a house and is made up-front. But, you do not need to pay real-estate or legal fees, as done when purchasing a property.
Life Lease holders need to pay monthly fees for on-going maintenance and yearly property taxes along with the purchase price. In addition to this, Life Lease contracts will contain the formula to calculate the payout indicating the amount to be returned to Life Leasers when they leave.
About: Transfer a Life Lease
Transfering a Life Lease implies that after purchasing a Life Lease you can transfer from one lifestyle choice to another. The value of your current suite is adjusted for the purchase of the new suite. But if there is a difference, you would either be paid or you need to pay the difference.
Benefits of Choosing a Life Lease
Least home maintenance responsibilities
Access to communal amenities
Access to meals in the Dining room including catering
Access to recreational programs
Opportunity to live independently with convenience
Guaranteed Redemption amount
No legal or realtor fees
If you choose to move out, you need to give a notice of 30 days and your Life Lease is paid out according to your payout schedule. In the event of death, the Life Lease contract indicates how your Life Lease will be handled.
For more information, please contact us. We are happy to provide more information as well as the opportunity to own your senior condo through our unique life leases! Our intention is to offer you the most comfortable retirement you could ask for.