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4th December 2024
Retire in style in a Land Lease Estate! Never heard of it before? They’re the perfect alternative to a retirement village. Read through our blog to help arm yourself with info on amenities, legal insights, and tips for making the right choice. Plus, safeguard your dream home with MHIA specialist insurance.
Retirement is a wonderful time for new adventures and relaxation. It might even have you asking if downsizing and simplifying your life is the right choice too. While retirement villages have been the traditional choice in the past land lease communities are becoming increasingly popular. In this article, we'll explore what land lease estates are, why they're a great alternative to retirement villages, and why choosing a specialist insurer like MHIA is essential for your land lease home.
Many of us have experienced our own parents and grandparents living in retirement villages, homes and higher care facilities. For those with support and medical needs they are an excellent living choice but they may not feel like the right place for you. Another option is land lease, where many people are able to reinvent their idea of what retirement means. They can live in their home, care for themselves and turn retirement into an adventure.
While we can’t advise on your unique living situation or what type of arrangement you should be moving into, the following areas are common things our customers consider before choosing a lifestyle community:
Land lease estates are unique living arrangements gaining awareness as a viable option for retirement planning. Residents own their homes but lease the land they sit on. This offers a blend of independence and community living with the added benefit of owning your dwelling. Land lease estates often include community facilities like community halls, pools, walking trails, and more, giving you the comforts of home with added perks.
Land lease homes are usually smaller homes. “Why are they sometimes called manufactured homes” we hear you ask? The term ‘manufactured’ comes from the past when this style of dwelling was designed to be movable or relocatable. They were literally built in a warehouse and shipped to the site it would rest upon. Today contemporary homes are constructed on-site like a regular brick and mortar home. They differ significantly from a granny flat and normally include all the trappings of a regular home, just on a smaller scale. Regardless, the key is that you lease the land, making it a 'land lease home' or 'land lease community.'
Originally designed for affordable housing, modern land lease homes have transformed into luxury estates with resort-like facilities. They're becoming increasingly popular as an affordable retirement option compared to a retirement village or aged care, offering a variety of amenities. They can be an affordable option for those looking to retire in a resort-like setting and we would recommend you consult a financial adviser for advice around your individual situation.
Land lease regulations vary by state and territory in Australia, so it's vital to research your specific location's laws. Unlike retirement villages, land lease estates don't have uniform legislation nationwide, which means your rights and obligations will depend on where you live.
Purchasing a home in a land lease community can be done in several ways. Some communities offer package deals that combine house purchase with land rental. You can also opt for pre-owned homes with established communities and facilities. For those with a vision, custom-built luxury homes are an option, allowing you to design a home that suits your needs.
Insurance is essential for land lease homeowners. Before you move, compare your current insurance to make sure you’re getting the best cover at the right price. A specialist insurer, like MHIA, can offer great coverage at an affordable price, with many inclusions you would have to pay extra for in some cases.
Land lease estates offer retirees an exciting alternative to traditional retirement villages, combining homeownership with community living. When considering this option, make informed decisions and protect your home and belongings with specialist insurance like MHIA. Want to compare the cover on your land lease home, cabin or on-site caravan? Give our team a call and compare now.