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 January 28, 2020
80
Listed
130
Avg. DOM
$120.84
Avg. $ / Sq.Ft.
$156,400
Med. List Price
80 Properties
Page 1 of 7
$398,000
Subdivision: Swann Keys
3
Beds
2
Baths
1,792
Sq.Ft.
1995
Year Built
15
Days on Site
DESU153996
MLS
Exceptional waterfront home , offers three bedrooms and two full baths. Home was renovated in 2016-2017. Large Master Bedroom suite. Island in kitchen, separate dining room, Bonus area with...
$350,000
Subdivision: Seaford
3
Beds
2
Baths
1,700
Sq.Ft.
336
Days on Site
DESU133000
MLS
Are you looking for a horse farm? Look no further, great opportunity to own approx 10 Ac horse farm just 35 minutes from Rehoboth Beach. Once used for a fully operational training and boarding...
4
Beds
2
Baths
1,540
Sq.Ft.
2001
Year Built
12
Days on Site
DESU154256
MLS
40+ acres in Southern Sussex with 1,450 sqft modular home. Several outbuildings with direct access to the adjoining timber tract. Timber is a mix of pines and hardwood bottom with abundant whitetail...
3
Beds
2
Baths
3.69
Acres
2002
Year Built
316
Days on Site
DESU134514
MLS
Excellent opportunity for a buyer looking for acres of land! This property is over 12 acres. It includes 3.69 acres with an attached parcel of 8.69 acres The property has a 3 bedrooms, 2 bath home...
$289,444
Subdivision: Pine Crest Terrace
3
Beds
2
Baths
1,400
Sq.Ft.
2006
Year Built
359
Days on Site
DESU131292
MLS
Property was under contract, buyer had heart attack and unable to complete sale. The property has been inspected and the sellers disclosures will be updated. The sellers are motivated. Enjoy Summer...
3
Beds
1F11/2
Baths
1,580
Sq.Ft.
1971
Year Built
103
Days on Site
DESU150198
MLS
Looking for your own workshop? This is perfect! Recently renovated Class C home on 1.45 country acres. Great location with 30 x 40 building with gas heater, two separate rooms for storage, electrical...
3
Beds
2
Baths
1,625
Sq.Ft.
2008
Year Built
1
Days on Site
DENC493950
MLS
Nestled on over THREE ACRES among wildlife and nature, 6106 Summit Bridge Road would be the perfect next move for those interested in the MOT area. This home has been well cared for. Located in the...
$259,900
Subdivision: Shadydell Park
3
Beds
2
Baths
0.23
Acres
2010
Year Built
57
Days on Site
DESU152320
MLS
Ready, set, move-in - to this pristine three bedroom two bathroom home located in Shadydell Park. Just 3 miles to beautiful Bethany Beach, this home could be your primary home or a vacation home....
$249,900
Subdivision: Piney Glade
3
Beds
2
Baths
1,152
Sq.Ft.
1976
Year Built
177
Days on Site
DESU145412
MLS
Great beach retreat with convenient "East of Hwy 1" location. Less than 4 miles to the Rehoboth boardwalk: Only 6 traffic lights from the top of Rehoboth Ave...or take the State Park's Breakwater...
$248,000
Subdivision: Claymont Addition
3
Beds
2
Baths
1,350
Sq.Ft.
1986
Year Built
14
Days on Site
DENC493282
MLS
Come see this gem of a home in the heart of historic Claymont. A quaint 3 bedroom, 2 bathroom rancher situated on a nicely landscaped, generously sized lot. Take a short walk to the neighborhood...
$239,900
Subdivision: Swann Keys
3
Beds
2
Baths
1,430
Sq.Ft.
1978
Year Built
7
Days on Site
DESU154364
MLS
Well maintained, fully functional, modified single wide, boater ready, waterfront home with many upgrades and improvements. Clean, livable, and move-in ready, being sold in AS IS AS SEEN...
3
Beds
2F11/2
Baths
1.7
Acres
1999
Year Built
532
Days on Site
1002243652
MLS
Country Living at its best. 1.7 acres to add your improvements or just to spread out on and relax on the side covered deck. The lot includes some wooded area in the rear and boast a large cleared...