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I have met a lot of people lately interested in Wilmot Creek. I thought I'd do a little Q&A here with the 10 most frequently asked questions I get!
Q: What's a land lease property?
A: It's where the land is owned by the development and the individual properties are freehold. So you pay a rental fee for your land & pay for upkeep and improvements on the house just like you would a freehold home.
Q: I see a monthly fee in the real estate listings - what does that cover?
A: In Wilmot Creek, the monthly fees cover your portion of property tax, your individual water use, maintenance & insurance of all the common elements like the roads and recreational facilities
Q: Is buying a land lease the same as buying a freehold property?
A: In Wilmot Creek, the process is the same (although the forms may be slightly different) . You can buy and sell using your choice of Realtor, for example; and you require a deposit for purchase. You can conduct a home inspection on the property.
Where it differs is that Wilmot Creek requires a 4 day condition of a credit check and an interview before you can finalize your sale.
Q: In some communities like this snow shoveling and lawn maintenance are included. What about Wilmot Creek?
A: In Wilmot Creek you need to mow your own lawn and maintain any gardens. They do plow your driveway in the wintertime
Q: Are there any special taxes I have to pay?
A: The benefit of buying the property but not the land, is you do not pay land transfer tax to the province of Ontario. This can save you thousands of dollars compared to buying a condo or freehold house on private property.
Q: I think some of the homes look like mobile homes - are they?
A: Homes in Wilmot Creek have been built at different times. You'll see not only a variety of exterior styles but interior styles, too. They range from the 'mobile home' style where many do not have a garage or basement, to newer homes with a garage (sometimes double garages) and a full basement. The newer styles are found in the western portion of the development.
Q: Can you drive a car in Wilmot Creek or do you have to drive a golf cart?
A: While many homeowners have golf carts, you can absolutely drive a car on the roads!
Q: I heard from a friend that you have to turn back a portion of your sale proceeds to the community when you sell, or you have to use their own real estate agent. Is this true?
A: There are a few life lease communities in southern Ontario. In some communities this is the case, but not in Wilmot Creek. Real estate is bought and sold in a free market using your realtor of choice. I know that in some other communities the "fee back to the community" is to contribute back to operating expenses to keep monthly fees low.
Q: Can you have pets in Wilmot Creek?
A: Yes, Wilmot Creek is a pet friendly community. You must keep dogs leashed, but there is a dedicated area for dogs to run and numerous walking trails.
Q: How is owning at Wilmot Creek different than buying at a similar development - say like Swan Lake Village in Markham?
A: At Wilmot Creek, you are purchasing a life lease property. Swan Lake Village is a condominium development. Both have monthly fees, but in Wilmot Creek your monthly fees include your portion of property tax. In Swan Lake Village you get a separate property tax bill. You will have to pay land transfer tax when buying into Swan Lake Village, but because you don't own the land at Wilmot Creek, you don't pay land transfer tax. Both developments offer a variety of home styles to choose from (although Swan Lake also has low-rise condos and Wilmot Creek only has detached bungalow homes) Both communities are gated. Both communities have a great social calendar & superb recreational facilities. Wilmot Creek also features a 9 hole golf course for members to enjoy. Both communities have properties with water views (although Swan Lake is a park owned by the City of Markham)
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