K West Homes understands buying a home can be one of the most difficult decisions to make. K West Homes offers you the most flexibility to make the buying decision as easy as possible. K West Homes is introducing the "Terra-Living Plan", a lease option reducing your total dollar investment significantly.
Terravita is a fee simple offering on private land with you owning both the land and home you buy. However, K West Homes is offering to hold a $100,000 lease in your name for a 99 year term whereby significantly reducing the initial cost of your home making it easy for you to make that buying decision. K West's Terra-Living Plan assists you to free up money, allowing you to spend or invest on things you see fit. Your Terra-Living Plan is a low interest (4%) rate finance plan. You may pay out the Terra-Living Plan Lease at any time, just ask for details. This has been pre-approved exclusively with Valley First Credit Union by K West, and best of all, there is no qualification required! You may even add any additional mortgage to your Terra-Living Plan.
Here is an example based on a home priced at $350,000:
Comparing Traditional Purchase vs. Terra-Living Plan
* Based on TD Canada Trust 5 year fixed posted rate
In this particular home purchasing example, The Terra-Living Plan reduces your down-payment by $15,000 and carrying costs by $223 per month which equates to a savings of $2,672 per year.
Terravita is freehold deeded ownership. You own both your home and land. You have the option to lease with the option of paying it out at any time without bonus or penalty. You enjoy all the benefits and appreciation of ownership for only a small monthly payment under K West's Terra-Living Plan.
The leasing option is an alternative to putting all of your money (equity) into your home. You'll have extra money available for investment or to spend on other things you might enjoy. Even at a very low rate of return, if you choose to invest the money you would otherwise spend on traditional home ownership, it will still generate enough income to make your monthly lease payment.
Land leases are very common in many parts of Canada, Florida, Europe and S/W USA. There are many successful land leased projects in the Okanagan. These include The Greens, The Point at Gellatly Bay, Huntsfield Green in Westbank and The Balmoral in Kelowna. What makes K West Homes different than typical leased projects is that you have the flexibility of owning your home at any time throughout the lease. It's completely up to you.
Easy! Just select your realtor and list your home as you would your current residence. The purchaser will assume your ownership and enjoy the same maintenance free living as long as they own the home. The buyer of your home will enjoy the same exclusive rights that you enjoyed.
Yes, several financial institutions have agreed to provide financing to home buyers. In fact, most major banks have pre-arranged convenient mortgage packages for purchasers at Terravita. Financing is available for up to 100% of your purchase price through CMHC. K West is pleased to offer you convenient financing arrangements, just ask one of our sales associates.
Can I get legal advice before committing to the purchase of a home at Terravita? Yes, any offer to purchase a home at Terravita will be subject to your lawyer reviewing and being satisfied with all the legal agreements. Porter Ramsay has reviewed all legal agreements and their legal opinion will be made available to Terravita purchasers.
BC Assessment authority applies a mill rate of approximately .75%, so for example: $300,000 home = approximately $2,250 gross taxes. You then may deduct your home grant of $470 bringing your net taxes to about $1,780. If you are over 65 you may deduct an additional $275, further reducing your taxes to approximately $1,505 (note: please check with BC Assessment for accurate assessment).
Your maintenance includes: Insurance on your home, complete lawn and garden care, exterior maintenance and repair of your home, garbage removal from your door step, snow removal, street lighting and secured entry gates. We have even included a contingency fund of 10% for unexpected costs. Note: We believe Terravita offers you the most comprehensive "maintenance" package available.
You will be 100% satisfied with your new home. We Guarantee it! Your home is built in accordance with the BC Building Code. K West "signature quality" includes plywood construction, 30 years guaranteed roofing and the very best our suppliers have to offer. Before taking possession of your new home at Terravita, you will have the opportunity to inspect your home with our customer service representative and will be assured 100% Satisfaction before moving in. After all, you will benefit from our full service and follow up program. Our strongest testimony is over one thousand customers in our various K West communities. Just ask one!
Terravita is a fee simple offering on private land with you owning both the land and home you buy. However, K West Homes is offering to hold a $100,000 lease in your name for a 99 year term whereby significantly reducing the initial cost of your home making it easy for you to make that buying decision. K West's Terra-Living Plan assists you to free up money, allowing you to spend or invest on things you see fit. Your Terra-Living Plan is a low interest (4%) rate finance plan. You may pay out the Terra-Living Plan Lease at any time, just ask for details. This has been pre-approved exclusively with Valley First Credit Union by K West, and best of all, there is no qualification required! You may even add any additional mortgage to your Terra-Living Plan.
Here is an example based on a home priced at $350,000:
Comparing Traditional Purchase vs. Terra-Living Plan
| Example | Traditional Purchase | Terra-Living Plan Option |
| Home Price | $350,000 | $350,000 |
| Minus Terra-Living Plan | n/a | $100,000 |
| Net Home Price | $350,000 | $250,000 |
| 5% With the Offer | $17,500 | $12,500 |
| 5% in 30 Days | $17,500 | $12,500 |
| 5% Building Permit | $17,500 | $12,500 |
| Total Deposit (15%) | $52,500 | $37,500 |
| Balance | $297,500 | $212,500 |
| Monthly Carry with Mortgage Rate @ 5Years @ 6.23% * | $1,944 | $1,388 |
| Monthly Cost of Terra-Living Plan @ 4% per Annum | $333 | |
| Total Monthly Carrying Cost | $1,944 | $1,721 |
| Difference Per Month | $223 | |
| Difference Per Year | $2,672 |
In this particular home purchasing example, The Terra-Living Plan reduces your down-payment by $15,000 and carrying costs by $223 per month which equates to a savings of $2,672 per year.
Terravita is freehold deeded ownership. You own both your home and land. You have the option to lease with the option of paying it out at any time without bonus or penalty. You enjoy all the benefits and appreciation of ownership for only a small monthly payment under K West's Terra-Living Plan.
The leasing option is an alternative to putting all of your money (equity) into your home. You'll have extra money available for investment or to spend on other things you might enjoy. Even at a very low rate of return, if you choose to invest the money you would otherwise spend on traditional home ownership, it will still generate enough income to make your monthly lease payment.
Land leases are very common in many parts of Canada, Florida, Europe and S/W USA. There are many successful land leased projects in the Okanagan. These include The Greens, The Point at Gellatly Bay, Huntsfield Green in Westbank and The Balmoral in Kelowna. What makes K West Homes different than typical leased projects is that you have the flexibility of owning your home at any time throughout the lease. It's completely up to you.
Easy! Just select your realtor and list your home as you would your current residence. The purchaser will assume your ownership and enjoy the same maintenance free living as long as they own the home. The buyer of your home will enjoy the same exclusive rights that you enjoyed.
Yes, several financial institutions have agreed to provide financing to home buyers. In fact, most major banks have pre-arranged convenient mortgage packages for purchasers at Terravita. Financing is available for up to 100% of your purchase price through CMHC. K West is pleased to offer you convenient financing arrangements, just ask one of our sales associates.
Can I get legal advice before committing to the purchase of a home at Terravita? Yes, any offer to purchase a home at Terravita will be subject to your lawyer reviewing and being satisfied with all the legal agreements. Porter Ramsay has reviewed all legal agreements and their legal opinion will be made available to Terravita purchasers.
BC Assessment authority applies a mill rate of approximately .75%, so for example: $300,000 home = approximately $2,250 gross taxes. You then may deduct your home grant of $470 bringing your net taxes to about $1,780. If you are over 65 you may deduct an additional $275, further reducing your taxes to approximately $1,505 (note: please check with BC Assessment for accurate assessment).
Your maintenance includes: Insurance on your home, complete lawn and garden care, exterior maintenance and repair of your home, garbage removal from your door step, snow removal, street lighting and secured entry gates. We have even included a contingency fund of 10% for unexpected costs. Note: We believe Terravita offers you the most comprehensive "maintenance" package available.
You will be 100% satisfied with your new home. We Guarantee it! Your home is built in accordance with the BC Building Code. K West "signature quality" includes plywood construction, 30 years guaranteed roofing and the very best our suppliers have to offer. Before taking possession of your new home at Terravita, you will have the opportunity to inspect your home with our customer service representative and will be assured 100% Satisfaction before moving in. After all, you will benefit from our full service and follow up program. Our strongest testimony is over one thousand customers in our various K West communities. Just ask one!
