For a condo buyer there are many reasons to purchase and have equity in your home. Many purchasers choose to invest in this growing market sector since this real estate is geared specifically to our aging populations needs. It is also an opportunity to have a long-term real estate investment that appreciates and, to keep building equity for their children and grandchildren – creating a financial legacy by bequeathing property.
In addition to CAM charges, condo owners commit to purchase a minimum level of services, which provided a steady stream of cash flow that grows as the owner's age.
Renting has its benefits too! Many RLC renters enjoy the financial freedom of short or longer-term rentals. They do not tie up their family money in real estate and have available cash to use at their own discretion. They often bequeath the proceeds of the family home to their children now as opposed to dealing with estate inheritances and the legal and financial paperwork that results from this.
Many of our residents choose to "trial" rental short term and then decided to invest in a condominium or longer-term lease because they enjoy the RLC They always have the freedom to rent and then own. They can move up to a larger suite.
RLC will represent the Condominium Corporation and has prepared the initial operating budget from which the monthly maintenance fees are determined.
As will typical condos, a Condominium Board of Directors will be elected from the Condominium owners. Condominium owners have the right to participate in decisions made with respect to their homes. Under Condominium legislation, each owner is a voting member of the Condominium Corporation.