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 March 28, 2020
85
Listed
115
Avg. DOM
$122.36
Avg. $ / Sq.Ft.
$164,900
Med. List Price
85 Properties
Page 1 of 8
$398,000
Subdivision: Swann Keys
3
Beds
2
Baths
1,792
Sq.Ft.
1995
Year Built
75
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...
$335,000
Subdivision: Swann Keys
3
Beds
2
Baths
0.12
Acres
1990
Year Built
14
Days on Site
DESU158188
MLS
Waterfront Home w dock on canal with incredible views of the Assawoman Bay and Dirickson Creek! Double wide manufactured home in SWANN KEYS in Selbyville near Fenwick Island. Community pool & club...
$329,900
Subdivision: Swann Keys
3
Beds
2
Baths
1,406
Sq.Ft.
2002
Year Built
9
Days on Site
DESU158414
MLS
Turn key waterfront home in Swann Keys. This 19 x 74 foot 3 bedroom 2 bathroom modified double-wide trailer has newer bulkhead and was built in 2002. The Swann keys community offers amenities...
$289,200
Subdivision: Pine Crest Terrace
3
Beds
2
Baths
0.2
Acres
2006
Year Built
46
Days on Site
DESU155564
MLS
Get ready to enjoy yourself this Summer! Canal front Class C home located in a quiet neighborhood with no HOA. Enjoy the outside shower after a day on the boat then relax on the canal front porch...
3
Beds
1F11/2
Baths
1,580
Sq.Ft.
1971
Year Built
163
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
2,040
Sq.Ft.
1999
Year Built
34
Days on Site
DESU156776
MLS
MOTIVATED SELLERS MOVING TO FLORIDA! This meticulously maintained home is priced to sell at $269,000. Make an offer on this totally renovated 3 BD, 2 BA home with many modern upgrades all awaiting...
3
Beds
2
Baths
1,650
Sq.Ft.
2007
Year Built
27
Days on Site
DESU157148
MLS
Meticulously maintained rancher on 5 acres! Bring the horses or whatever your heart desires! Close to Rt 13 and conveniently located between Salisbury and Seaford. Home boast 3 bedrooms with a...
4
Beds
2
Baths
1,736
Sq.Ft.
2000
Year Built
31
Days on Site
DESU157042
MLS
Come see this move in ready home on an estimated 1/2 acre partially wooded lot with plenty of yard space. This home has had a new roof in last year, a new water heater and other improvements to the...
4
Beds
2
Baths
2,000
Sq.Ft.
2009
Year Built
22
Days on Site
DESU157574
MLS
There is more than meets the eye with this nicely appointed ranch home on over 1 acre of land! Enjoy country living in this well cared for, freshly painted home that boasts 4 bedrooms, 2 full baths...
3
Beds
2
Baths
1,680
Sq.Ft.
1987
Year Built
9
Days on Site
DEKT237174
MLS
R-11414 Enjoy this fully renovated modular home, lots of space to grow into.This home has been fully updated to modern style and design. Some of the new features and updates are Stainless Steel...
$239,900
Subdivision: Swann Keys
3
Beds
2
Baths
1,430
Sq.Ft.
1978
Year Built
67
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...
$239,900
Subdivision: Tru Vale Acres
3
Beds
2
Baths
1,280
Sq.Ft.
2020
Year Built
39
Days on Site
DESU156366
MLS
BRAND NEW HOME. This class C home is one of the lowest-priced options in Rehoboth Beach and is BRAND NEW. This home features 3 Bedrooms and 2 Full Bathrooms and is located between Lewes and...