Land Lease Information

When you buy a new home, you are paying for the building AND for the valuable land it sits on. The price of the land is hidden in the cost and many home buyers do not consider this.

There are many advantages to land leasehold:

Community Protection

Land lease is an effective way to ensure Village By The Arboretum continues to be a safe and private Adult Lifestyle Community.

Investment Protection

The land lease agreement is binding on all heirs and assigns, thus providing continued investment protection for all parties involved throughout the 20 year term of the lease.

Home Value Protection

The land lease also protects the standards set for the appearance of the community and the maintenance and availability of our extensive recreation facilities. This protection extends beyond the completion of house sales in the community. Reid's Heritage Homes assumes the legal responsibilities of proper maintenance and efficient administration. The original quality standards of the purchase are guaranteed so that community and home values remain high.

More Home for the Money

More design features and greater overall quality may now be invested in your home because the portion of the purchase price that would normally have been used for the lot may now be applied directly to the home.

Resale Peace of Mind

Should you wish to sell your home a brand new 20 year lease will be drawn up for the new homeowners. All parties benefit as the community is perpetuated and the resident's investment is protected. The University of Guelph has set this land aside for 99 years for a Retirement Community. This means that should you wish to do so you could sign a new lease for a new term of 20 years. People feel very comfortable with the University of Guelph as its landlord and have not felt it necessary to renew their leases every year.

You may resell your home through Reid's Heritage Homes Ltd. or an outside agent, however, that agent must co-operate with our development so we can approve the parties the house is sold to. This allows us to keep our Adult Lifestyle Community.

Financial Return

The lease rate is an easy way to amortize land costs over a period of time. The purchaser has access and use of the funds to invest in many ways including profitable RRSP opportunitieswith all the related tax advantages.

Rate Guarantee

The lease rate increase is controlled by the Ontario Rent Review Act. Village By The Arboretum's lease guarantees in writing that increase will not exceed 3% even if the rate approved by the Rent Review Control Board is higher. Village By The Arboretum has also guaranteed reduced land lease for the first year giving you savings.

Community Stability

The Village By The Arboretum lands are owned by the University of Guelph. Orin Reid of Reid's Heritage Homes Ltd. has a head lease with the University to develop these lands as an Adult Lifestyle Community. Should anything happen with the relationship with Reid's Heritage Homes Ltd. the University of Guelph would step right in. The University would have to abide by all legal agreements including the land lease agreement. These agreements are binding on heirs and assigns and the continuity of the planned Adult Community is guaranteed.

Quality Maintenance

With the developer responsible for the creation and maintenance of the community, the quality care is maintained. The interests of the whole community are always the main consideration, thereby enhancing everyone's investment. Reid's Heritage Homes Ltd. has a full time maintenance staff and with no sub-contracting of work we are able to keep the highest quality as well as keeping maintenance costs to a minimum.

Customer Service

Village by the Arboretum has customer service in place. Once you have purchased your home and any small concerns arise they are immediately dealt with by our full time maintenance person. Should you be going on vacation or away for the winter we will gladly check your home and water plants until your return.

VILLAGE BY THE ARBORETUM PROVIDES THE ADULT CAREFREE LIFESTYLE PEOPLE ARE LOOKING FOR AND OUR REPUTATION IS BUILT ON OUR SERVICE.