Life Lease
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| Purchasers buy the right to live in a particular suite; Bethany Manor retains ownership. The purchase price of each suite is based on square footage, number of bathrooms, location, etc. Within 90 days of a suite becoming vacant, Bethany buys back the suite. Buyback is based on the purchase price minus 1% depreciation for each year occupied, to a maximum of 10%. This depreciation is used to refurbish the suite for the next purchaser.
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| During occupancy, Bethany maintains mechanical components as part of monthly fee (appliances, heating/air-conditioning units, plumbing, electrical). Approved cosmetic changes during occupancy are paid for by the resident and are not included in the buyback amount.
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| All life lease units have balconies and central heating/air-conditioning.
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| Residents in life lease units pay a monthly operating fee which covers utilities, taxes, reserve, and other expenses of Bethany Manor operations. Monthly fees range from $583 - $663/month. Residents are not subject to extra billing for capital repairs.
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| A $100 application deposit is required when applying for Life Lease housing. This covers administration costs related to Bethany offering up to three separate units to the applicant. If the applicant accepts the first unit offered, the deposit is applied to their monthly operating fee. If the applicant declines the first unit offered, the deposit is lost but they continue on the waiting list. Whenever three units have been offered and declined, a $100 application deposit is required to stay on the waiting list.
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| Application Form |
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