When "empty nesters" are faced with the need to downsize,
"Where to go?" and "What to buy?" can be tough decisions. Cascade Court's Life Lease makes the choice easier.
No GST is charged on the purchase of a Life Lease, nor do you require a real estate agent, notary public or lawyer (though you may choose to have one represent you). You purchase the right to occupy the suite of your choice for as long as you wish, provided you are capable of independent living.
This unique occupancy arrangement offers the important benefits of home ownership without the inconveniences normally associated with traditional forms of ownership. Maintenance fees include all utilities except phone and cable.
Our monthly maintenance fees are based on square footage and range from $300-$600 per month. These fees cover all utilities
(except telephone and cable), maintenance costs for all common areas and grounds, overall management of the facility, and a capital reserve for major repairs and upgrades.
Property taxes are applicable for owners of a Life Lease but all Cascade Court residents qualify for the BC Homeowners Grant. Residents over the age of 65 receive an additional grant. Currently, our residents pay a range of $100.00-$350.00 per year in property taxes, based on square footage and on grant qualification.
Maintenance and repair of suites are arranged through the administration office.
Recognizing that health care needs can evolve with the aging process, there are optional services within the community for you to contract directly to facilitate your independence at Cascade Court for many years to come.
Whether you compare Cascade Court with home ownership, a traditional condominium purchase, or rental - the choice seems clear. For many seniors living on a fixed income, investing in property can mean risking their savings as market values can fluctuate greatly. This may affect the quality of life seniors will have in their retirement.
Your Life Lease is a virtually liquid investment. Should you decide to sell, Grace Communities is your "guaranteed purchaser". Subject to a 120-day notice period you are guaranteed a minimum 90% return on your purchase price. Should your unit sell within 120 days of giving notice, you will receive 100% of your purchase price, less the cost of refurbishment.
Simple Purchase Plan
A $5,000.00 deposit, payable by bank draft, holds the suite of your choice for 42 days while you sell your current home and make arrangements to move to Cascade Court. Should your home not sell within the 42 days, arrangements can be made to allow additional time. The balance of the sale price is due prior to move-in. Should you choose to move in prior to selling your home, "bridge financing" may be available through your financial institution.