Are you tired of throwing away your money each month on Lot Rent?  

Whatever you call it- ground rent, lot rent, leased land... It's no fun paying for something you will never own, and it's no fun dealing with the yearly ground rent increases, especially if you're on a fixed income.

Maybe you bought a mobile home in a leased land community because you thought you couldn't afford something else. Maybe you bought it because the community had lots of great amenities but you've found you don't really use them enough to make it worth while. Maybe you didn't realize that lot rent would increase so high so quickly. Whatever the case, We can help you! Even if you don't hate ground rent, but just need to sell your leased land mobile home, we can help!

For the price of a mobile home mortgage plus lot rent, we may be able to get you into a local condo, townhouse or even single family home on land that you own!

Let's compare the cost of mortgaging a $50,000 leased land mobile home, versus mortgaging a $150,000 "fee simple" home on its own land. 
First, the $50,000 leased land home. 
Let's assume we can qualify for a loan with a 7.5% interest rate, a 20 year term, put 25% down, get insurance of about $600/yr, taxes of about $400/yr, and a modest monthly lot rent of $600. Your total monthly payment will be around $985. 
Now let's look at some typical numbers associated with a $150,000 fee simple home loan. 
We'll assume a 4.625% interest rate and a 30 year term. Many different loan programs offer a variety of down payment options, but we'll go with 7% down for this example, which is $10,500. Since we're paying less than 20% down, we'll probably need private mortgage insurance (usually .5-1% of the loan) so let's add in about $75/month for that. Let's figure taxes at $800/yr, and insurance of about $1000/yr. The total monthly payment in this scenario is $942.
 
Remember that the $150,000 home example above only requires 7% down. If you're able to put a bit more down, say $15,000, your monthly payment will be reduced to $920. Further, if you're able to do a full 20% down, private mortgage insurance will drop off, saving you $75/month, and lowering the total payment to $767. Granted, the down payment is now $30,000, but for the sake of this example, it illustrates how much your downpayment effects your monthly payment. 
No matter how you look at it, owning your own land is a good thing. The amount you pay in a monthly payment goes toward your equity rather than into your landlord's pocket or golfing addiction. Mortgage payments generally do not go up (taxes may, but Sussex County has a history of stable taxes), while lot rent payments are practically guaranteed to. 

Call or Text Loan Officer David Bryce at 302 312 7331 to discuss your credit rating, what size loan you qualify for and how soon we can get you into your new home on land you own.


Call or Text REALTOR Erica Winn at 609 313 5748 to discuss your options. She'd love to help you make an informed decision! She can help get your mobile home sold and find you a home where you own the land.  

David can get you started by running your credit numbers, getting you set up with a credit repair agency if required while Erica can get you started on a search for a new Fee Simple (own the land) property. If you're paying a manufactured home mortgage plus lot rent, Erica may be able to help you find a home without lot rent, for close to or less than the same monthly cost. And, best yet-- the money won't be going to your landlord! You'll be building equity, and your payments won't increase the way lot rent does.  

Once you find the perfect owned-land home, Coastal Mobile can help you sell your manufactured leased land home. We sold 122 homes last year (2017). Coastal Mobile charges less commission than most mobile home park sales' offices, so you'll probably save money there, too! Ask your park what their fees are, then call our team. You'll be surprised!

We're real estate agents, and licensed REALTORS®; members of the National Association of REALTORS®, the Delaware Association of REALTORS® and the Sussex County Association of REALTORS®. They aren't.

We follow a national code of Ethics. They don't.

We advertise your home on Realtor. com, Zillow .com, Trulia .com and hundreds of other real estate websites because only REALTORS® can get your home on the Multiple Listing Service (MLS). They don't have access to all the marketing places we do!

Lower Fees, Better Exposure.

Win Win!

ERICA WINN REALTOR®
Call or Text me at 609 313 5748

 

Fee Simple Mobile Homes for Sale in Southern Delaware October 17, 2021
53
Listed
62
Avg. DOM
$197.07
Avg. $ / Sq.Ft.
$239,000
Med. List Price
53 Properties
Page 1 of 5
$1,200,000
Subdivision: Pearsons Corner
3
Beds
2
Baths
1,064
Sq.Ft.
1989
Year Built
176
Days on Site
DEKT248054
MLS
There are tons of possibilities and potential on this income producing farm listing. Est 400 ft of road frontage with three already subdivided lots! Two 1/2 acres and one 3/4 acre with septic and...
3
Beds
2
Baths
2,055
Sq.Ft.
2004
Year Built
289
Days on Site
DESU175330
MLS
Great opportunity to own over 1/2 acre lot and manufactured home in good condition only 10 miles from the coast! Plenty of off-street parking, room for your RV, boat and more. Close to Route 9 with...
2
Beds
2
Baths
2,918,956
Sq.Ft. Lot
19
Days on Site
DESU2006976
MLS
Beautiful 67 acres of wooded land . There are two mobile homes on the property. Both have 2 bedrooms and 2 baths. Mobile Homes are "as is"
$389,900
Subdivision: Forest Gate
3
Beds
2
Baths
924
Sq.Ft.
2003
Year Built
13
Days on Site
DEKT2000011
MLS
Quiet country living on 6 acres w/ large two-story home and rental property w/ long term tenant already in place. Seller would like to sell both properties together. The main house offers 4...
$384,900
Subdivision: Short Hills
4
Beds
2
Baths
2,054
Sq.Ft.
1978
Year Built
19
Days on Site
DESU2007274
MLS
Tired of paying rising Lot Rent....This is a Rare opportunity to own a Home that is in a super desirable location just off Route # 24 and Banks Rd. This small Enclave of 16 Homes, features Community...
3
Beds
2F11/2
Baths
1,716
Sq.Ft.
2021
Year Built
187
Days on Site
DESU181118
MLS
The Chapel Branch model to be constructed on Lot 26 in Benson Ridge community. Construction has begun and we anticipate completion in Fall of 2021. The kitchen in this home alone makes it a must...
3
Beds
2
Baths
2,484
Sq.Ft.
1978
Year Built
71
Days on Site
DEKT2001842
MLS
Price Reduced! Move In Ready-Three bedroom newly-remodeled home situated on rural 1+ acre lot ready for its new owner(s). Crawl space has been completely waterproofed with additional lighting and...
$339,000
Subdivision: Banks Acres
3
Beds
2
Baths
1,850
Sq.Ft.
2008
Year Built
36
Days on Site
DESU2005556
MLS
This home is a Class C!! Are you ready for a home with large bedrooms and plenty of room for friends and family? This home boasts a lovely screened porch, composite decking and a ceiling fan as soon...
$300,000
Subdivision: Plantation Park
3
Beds
2
Baths
1,344
Sq.Ft.
2006
Year Built
11
Days on Site
DESU2000099
MLS
Welcome to this furnished and turn-key lovingly maintained home featuring a neutral and airy single-level floor plan. The interior unfolds to an open floor plan and flows seamlessly from the first...
$300,000
Subdivision: Clayton
3
Beds
2
Baths
1,456
Sq.Ft.
1998
Year Built
4
Days on Site
DEKT2000249
MLS
Welcome to 964 Holletts Corner, This well maintained doublewide on permanent foundation Features a split bedroom floor plan, Large Master suite with garden style tub and separate shower. A Huge...
$299,900
Subdivision: Eastman Heights
3
Beds
1
Baths
1,232
Sq.Ft.
1988
Year Built
11
Days on Site
DESU2000145
MLS
Enjoy all the comforts of quiet neighborhood living in rural Delaware while still being within easy driving distance of beaches and commuter routes! Property has been recently renovated to boast a...
4
Beds
2F11/2
Baths
2,128
Sq.Ft.
1999
Year Built
10
Days on Site
DEKT2000035
MLS
Large 4 bedroom, 2.5 bath home. Great condition. Extensive renovation done about 2013. Home is +/-28' x 76'. It has a large kitchen which includes a dining area.. It has a formal dining room plus...