Do I own my own Home?
Yes. It’s very similar to owning your home in a freehold situation. The only difference is you are not purchasing the lot on which it sits. It is largely for this reason that homes at Solstice at Tower Ranch are so affordable. Instead, you are leasing the land from Parkbridge under the terms of a secure, 99-year lease that ensures you exclusive residential access to the land for the term of the contract – we call it the Parkbridge Live Smart Lease.
What is Residential Land Lease?
The Live Smart Lease is comprised of a monthly home site fee to lease the land from Parkbridge and a monthly community management fee to cover property administration and maintenance. At Solstice at Tower Ranch, it is a 99-year land lease registered on title of a lot in which you have the rights to occupy. Registration generally describes systems by which matters concerning ownership, possession or other rights in land can be recorded (usually with a government agency or department) to provide evidence of title, facilitate transactions and to prevent unlawful dismissal. It provides additional assurance of the rights between Parkbridge and the homeowner.
So I own my home but not the land, is that correct?
Yes. It is quite similar to a condominium situation. Typically, in a condo the resident owns what is essentially an apartment; everything structurally inside its walls is theirs. As well, residents share common areas such as hallways, lobbies, elevators and recreational areas with the other owners, and a monthly condo fee is paid to the property owner.
At Solstice at Tower Ranch, you own your home. In both cases, it is like freehold ownership in the sense that you will own the entire home from the ground up, and you will lease the land on which your home sits. And, again like condos, you will share common areas such as roads, sidewalks, the general grounds and all of our amenities, and a monthly site fee will be paid to Parkbridge.
So am I responsible for the maintenance of my home?
Yes. As homeowner, the responsibility for the maintenance of your home is yours.
I’ve heard stories of people in land lease situations being forced to sell their homes if the owners of the property decide to change the type of housing. Can this happen at Solstice?
No. Our communities are developed through extensive collaboration with the local municipalities and are zoned as Lifestyle Leasehold communities. Legal agreements have been signed with the municipalities that govern the use of the property, population density, servicing requirements, type of housing, and maintenance standards to be provided. You can be assured that Solstice at Tower Ranch will remain a Lifestyle Community for years to come.
What is the price range of homes at Solstice at Tower Ranch?
In most Parkbridge communities, the base prices of our homes vary, depending on the particular community you are moving into, the type of home you purchase, and sometimes, the lot you select. At Solstice at Tower Ranch, prices begin in the $500s. Many additional features can be added to enhance your new home with minimal impact to your total investment.
How long will my home take to build?
Your new home construction process essentially begins once the Purchase Agreement has been approved and endorsed by all parties, any and all conditions to the Agreement have been met, and all appropriate deposits received by Solstice at Tower Ranch. Once all the preliminary requirements have been met (Approved Blueprints, Interior Color/Choice Selections and all development/building permits, etc.) – which typically takes about 4-6 weeks – work commences on building your home. Under normal circumstances, it usually takes about 20 weeks to complete the construction of a home and gain occupancy approval from the City of Kelowna.
Does my home come equipped with an emergency alarm system?
No, but we recommend that homeowners consider installing one. Please contact your service provider to discuss installation and fees.
Is financing available to purchase a home at Solstice at Tower Ranch?
We recommend that you speak with your preferred bank or financial institute to arrange this. Our experience has taught us that some lending institutions are not particularly familiar with residential land lease. If you find that your first choice is unable to assist you, we can suggest reputable banking alternatives.
Who will build my home and what sort of quality guarantees come with my home?
Parkbridge is proud to be the builder of your home at Solstice at Tower Ranch. Your home will have warranty coverage by Pacific Home Warranty, which consists of 1 year Materials & Labour Warranty, 2 year Mechanical Systems Warranty, 5 year Building Envelope Warranty and 10 year Structural Defect Warranty.
What are my monthly site fees to lease the land?
The monthly land lease starts at $570/month and there is a monthly Community Maintenance fee of $135/month.
Who is responsible for services like electricity, gas, water and telephone?
As you are the homeowner, all such services are your responsibility.
Are pets allowed at Solstice at Tower Ranch?
We recognize the joy and companionship that pets bring into our lives, and small pets are certainly welcome. However, dangerous/intimidating breeds are restricted from our communities. All dog breeds which are generally considered to be vicious or that are typically bred for guarding are excluded from the community. Of course, with pet ownership comes some common sense responsibilities that pet owners will need to observe, in consideration of all of their neighbours, including those who do not own pets.
How readily available are local health services like pharmacies and hospitals?
The Kelowna General Hospital is within a 25-minute drive of Solstice at Tower Ranch and numerous pharmacies and clinics even closer.
If I need to use public transit, how accessible is it?
The nearest city bus stop is about a 30 minute walk down McCurdy Road.
Where do we pick up our mail? Is it delivered to our home or to a community postal box?
Mail is delivered to a series of Super Mail Boxes located throughout the community of Solstice at Tower Ranch.
What amenities are available at Solstice at Tower Ranch?
Each home owner is a member of the Tower Ranch Community Association and has access to the fitness facility and the home owners lounge/multi-purpose room located in the Tower Ranch Golf Course Clubhouse.
Can visitors and guests use Solstice at Tower Ranch’s facilities?
Of course, provided they are accompanied by a homeowner.
Can I rent out or sub-lease my home?
A vital element in the success of Parkbridge neighbourhoods is the vibrant community spirit that is nurtured amongst homeowners who, through shared experiences over time, eventually become friends. For this reason we do not encourage renting or sub-leasing your home.
Once I am living in Solstice at Tower Ranch, can I make alterations to my home, like adding on a deck or a hot tub?
Prior to beginning any work, you’ll have to fill out an ‘Application to Alter’ form, available from our Community Manager, describing what you have in mind. This is part of our service as a Property Manager; we ensure that any such work throughout the neighbourhood meets appropriate community standards.
Can I garden?
Gardening is one of the most popular activities enjoyed by Parkbridge homeowners. We only ask that the design of your garden does not conflict with the overall landscaped appearance of Solstice at Tower Ranch. Please contact your Community Manager for an application to Alter form.