According to the Winnipeg Free Press, this cute 76-year-old, 770 square foot, 2-bedroom bungalow, shown in the first picture, recently sold for $386,353, driven by a bidding war that added $107,000 to the original asking price. Include the land transfer tax and the total price was almost $392,000! Many would think that’s a lot of money for a small 76-year-old home, with little in the way of energy efficiency.

If you have a little extra room in your budget (less than $100,000) we think we have a substantially better option to consider. Picture a brand new, state of the art, 3 bedroom, 2 bath, 1,672 square foot bungalow, with an attached two and a half car garage and multiple decks, on a fully landscaped lot, with gorgeous river and golf course views. You would normally expect to pay well over a million dollars for a residence like this, but the price of this highly energy efficient (2 x 8 exterior walls, triple pane windows, etc.) home is only $489,500. And we don’t do bidding wars, so the price is the price.

So how do we get the number under $500,000 and make the lifestyle affordable? It’s all because of the unique ownership structure we have at Rivergrove Estates, Manitoba’s premiere manufactured home park. In our park, you own your home, but you lease the land the home sits on. This form of ownership structure is used for many of the recreational areas in the province (Falcon Lake, the Whiteshell, Clear Lake, Hecla Island, etc.) as well as for high-end resort properties in the southern U.S.

So, instead of spending $500,000 to $600,000 to purchase the land, you pay rent of $700.00 per month for the use of the land. That rental rate falls under the Provincial Rent Control Legislation, so there’s little likelihood of a large increase in the future. This type of ownership structure also brings other substantial benefits with it. Firstly, because you don’t own the land, there is no land transfer tax on the purchase of this home (over $7,000). Secondly, and for the same reason, you don’t pay property taxes (easily over $1,000 per month). And lastly, you get a tax credit for the monthly rent you pay for your lot.

The stunning open concept home, with amazing views of both the golf course and the red river, has been installed, but it’s not yet fully set up. When it is, we expect a very high level of interest. We’re currently working on the oversized garage, multiple decks, and full landscaping, but if you want to avoid potential competition, you might want to consider viewing the home before the work is completed and we open it up to the general public.

To receive a detailed information package, or to arrange a viewing, call/text Tom Creighton at 204-229-1775, or email [email protected].

RIVERGROVE ESTATES
CITY CONVENIENT! COUNTRY QUIET!