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 December 1, 2022
52
Listed
75
Avg. DOM
$203.56
Avg. $ / Sq.Ft.
$274,900
Med. List Price
52 Properties
Page 1 of 5
$548,000
Neighborhood: Cape Windsor
3
Beds
1F11/2
Baths
4,356
Sq.Ft. Lot
1966
Year Built
24
Days on Site
DESU2032116
MLS
A great home to earn your own equity. Currently priced $100k under market value for a modernized version. Update to your specifications! Newer roof, plumbing, HVAC, windows and bulkhead/dock work....
$498,000
Neighborhood: Forest Gate
3
Beds
2
Baths
924
Sq.Ft.
2003
Year Built
169
Days on Site
DEKT2011548
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...
$425,000
Neighborhood: Swann Keys
4
Beds
2
Baths
1,578
Sq.Ft.
1989
Year Built
23
Days on Site
DESU2032150
MLS
The Perfect Opportunity to Own a Waterfront Home Awaits! Located in the Swann Keys community in Selbyville, and just minutes from Fenwick Island DE and Ocean City Md is where you will find this...
4
Beds
2
Baths
217,800
Sq.Ft. Lot
1986
Year Built
27
Days on Site
DESU2031954
MLS
This well-built manufactured home has been almost completely remodeled inside and out! Recent updates include new roof, new vinyl siding, new Pella windows, new front porch, new doors, new flooring,...
Open 12/10
34644 Nottingham Way Frankford, DE 19945
$385,500
Neighborhood: Sherwood Acres
3
Beds
2
Baths
1,216
Sq.Ft.
2020
Year Built
43
Days on Site
DESU2031248
MLS
New in 2020, this beautiful 3 bedroom, 2 bath home is now available! Well-appointed and being sold Fully Furnished, it features an open floor plan with large, bright modern well-equipped kitchen....
3
Beds
2
Baths
1,620
Sq.Ft.
2018
Year Built
262
Days on Site
DEKT2008784
MLS
Countryside retreat!! Beautiful 3-bedroom, 2 full bath, split floor plan ranch home on 2.99 acres is in immaculate condition! Home was placed on permanent foundation in 2018, title is retired, with...
4
Beds
3
Baths
2,752
Sq.Ft.
2003
Year Built
164
Days on Site
DESU2022782
MLS
Rare Property FOR SALE: Consisting of a spacious, 2700+ sq.ft., 4-5 BR/3BA Class C home situated on slightly over 2 acres, conveniently located between Ellendale and Milton. Easy, controlled access...
Open 12/3
111 Georges Ln Milton, DE 19968
$359,900
Neighborhood: Lazy Lake
3
Beds
3
Baths
1,932
Sq.Ft.
1988
Year Built
53
Days on Site
DESU2030642
MLS
Why build new when you can purchase this newly renovated home. This home has been completely renovated by Fannie Mae. When you pull up to the home you will love the inviting and home front porch...
$350,000
Neighborhood: Captains Grant
4
Beds
2
Baths
1,848
Sq.Ft.
2002
Year Built
87
Days on Site
DESU2028472
MLS
This 4-bedroom house is ideally located close to beaches and shopping but is in a quiet community. Very large family room with a nice open floor plan. Lots of storage in the kitchen which has an...
$349,900
Neighborhood: Bayview Hgts
3
Beds
2
Baths
1,925
Sq.Ft.
1978
Year Built
99
Days on Site
DEKT2013632
MLS
Your chance to live in the quaint beach community of Bowers Beach! Ride your golf cart or enjoy a leisurely walk to the beach, park, local seafood eatery & ice cream shop or local bar - and don't...
$349,900
Neighborhood: Warwick Park
3
Beds
2
Baths
1,556
Sq.Ft.
1999
Year Built
38
Days on Site
DESU2031352
MLS
One owner of this Immaculate 3 bedroom 2 bath home located on a corner lot in a water privilege community (walking distance to the Indian River Bay) with a community boat ramp, Boat Slips available...
$323,000
Neighborhood: Captains Grant
3
Beds
2
Baths
1,475
Sq.Ft.
2000
Year Built
25
Days on Site
DESU2031988
MLS
Square footage is approximate . Taxes may reflect senior discount.