The question that many developers and investors are left wondering is: could funding be made available for profit companies to allow a portion of their units to be designated as affordable housing units instead of centralizing all the units within one community/building?
One of the biggest factors to consider is overall management. Who will manage the property and be responsible for all the day-to-day tasks of ensuring that the property doesn’t have many vacancies, meets standards and codes, as well as meets the needs of the tenants?
Locally, we don’t have a lot of options that would fall into this same category, especially when trying to meet affordable housing rental rates. The question is if we did have scaled back living arrangements with shared facilities would this be a popular choice?
From the feedback that we received (which was very much appreciated), readers suggested that smaller apartments would indeed be welcome, however, most suggested that they should have one private bathroom and some commented that they would only be interested if the units had private laundry facilities.
However, there is a flip side and it is often best to weigh all the pros and cons of moving back home versus staying in the city. Even though you might be looking forward to free Internet and your mother doing your laundry for you, it often comes down to dollars and cents (and what truly makes sense!).
For tenants on the opposite end of each spectrum, there is good news for all. Most of the complexes managed by Vionell Holdings have designated pet-friendly units. This means that the pet lovers can live in harmony beside other pet lovers; and for those who do not care to be around animals, particularly if they have allergies, they can steer clear of the pet-friendly units.
What are some other benefits of Life Lease Communities?
Tenants find they are part of a community of likeminded people with common interests and of similar age and values
The entrance fee generally allows for tenants who care for the property and take pride in the appearance of their community
Although the entrance fee is not earning interest, the contribution itself helps by saving monthly rent as a portion of the equity required for the project is funded by the life lease holders.
Beyond these rights protected by the Residential Tenancies Branch, each building or community may also have their own rules to help ensure the enjoyment of residents in their homes. Such rules can include having a non-smoking environment, the use of gas grills, quiet hours and restrictions on pets. Of course, with the impending marijuana legislation, property managers and landlords may be reevaluating rules that they already have in place.
Finally, how do you feel about taking calls in the middle of the night to fix a broken heating system? Are you willing to handle basic maintenance, be on the property immediately following a snowfall?
Rental properties have proven to be a stable investment option in the Brandon area and are a good addition to your portfolio that may already include investments in Registered Retirement Savings Plans or a Tax-Free Savings Accounts.
There are a number of advantages and benefits to investing in rental properties. In terms of dollars and cents, you receive a monthly cash flow, which is secure and predictable as long as the rental property is occupied.