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 September 23, 2019
94
Listed
113
Avg. DOM
$117.20
Avg. $ / Sq.Ft.
$159,900
Med. List Price
94 Properties
Page 1 of 8
3
Beds
3
Baths
2,432
Sq.Ft.
2007
Year Built
8
Days on Site
DESU147818
MLS
The VIEWS from this home are INCREDIBLE! This charming home is sitting on 7.57 +/- acres and is a must see. Once you turn in from the main road you will be greeted with a well manicured 3 bedroom 3...
$350,000
Subdivision: Seaford
3
Beds
2
Baths
1,700
Sq.Ft.
209
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...
3
Beds
2F11/2
Baths
2,001
Sq.Ft.
2003
Year Built
17
Days on Site
DESU147670
MLS
The name says it - Horse Haven! The 3 bedroom, 2 1/2 bath Class C doublewide home is tucked away on 10.49 acres backing up to Redden Forest with 6 stall horse barn, tack room, hay storage and wash...
3
Beds
2
Baths
3.69
Acres
2002
Year Built
189
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...
3
Beds
2
Baths
980
Sq.Ft.
1995
Year Built
204
Days on Site
DESU133360
MLS
Property is located on Whites Creek just off the Indian River Bay. This is a great 3 bedroom 2 bath singlewide. Has a dock and fish cleaning sink. Property has great rental for summer of 2019.
$245,000
Subdivision: Swann Keys
2
Beds
2
Baths
0.13
Acres
1972
Year Built
61
Days on Site
DESU144856
MLS
This must- see home in Swann Keys is the perfect setup for you to enjoy DE beaches! This home features a bulkheaded lot with ample parking for you and your guests. There are 2 bedrooms and 2 full...
3
Beds
2
Baths
0.32
Acres
1994
Year Built
31
Days on Site
DESU146780
MLS
Enjoy this beautiful home on its own land so close to Shopping, Food, Beaches and the Bay! Plenty of room to entertain on your back deck with your screened in porch! Come see this home now...
$244,900
Subdivision: Tru Vale Acres
3
Beds
1
Baths
0.19
Acres
1972
Year Built
40
Days on Site
DESU146156
MLS
Excellent location East of Rt. 1 in the Rehoboth Beach area. Tru Vale Acres is a small community that is tucked away from the hustle and bustle, while also being convenient to all amenities including...
$243,000
Subdivision: Fieldwood
3
Beds
2
Baths
1,960
Sq.Ft.
1997
Year Built
173
Days on Site
DESU137500
MLS
East of Coastal Highway in Rehoboth Beach and very close to the entrance for the Junction and Breakwater Trail. This single level home has 3 bedrooms a formal large living and dining area in...
3
Beds
2F11/2
Baths
1.7
Acres
1999
Year Built
405
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...
3
Beds
2
Baths
2,048
Sq.Ft.
1999
Year Built
67
Days on Site
DEKT230694
MLS
Schedule your showing to come see this remodeled property with detached FOUR-car garage and workshop on 1 +/- acre of beautiful land. This three bedroom two bathroom home boasts over two thousand...
4
Beds
2F11/2
Baths
1,976
Sq.Ft.
2004
Year Built
560
Days on Site
1001571072
MLS
Situated on approximately 9 +/- acres of land just east of Seaford, is this 4 bedroom, 2 bathroom class "c" home. Features include a nicely sized living room, eat-in kitchen and private master...