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 April 17, 2021
45
Listed
75
Avg. DOM
$155.16
Avg. $ / Sq.Ft.
$197,900
Med. List Price
45 Properties
Page 1 of 4
3
Beds
2
Baths
2,055
Sq.Ft.
2004
Year Built
106
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...
3
Beds
2
Baths
1,782
Sq.Ft.
2015
Year Built
51
Days on Site
DESU177782
MLS
Perfect compound for beach lovers and outdoorsmen!!!!! This beautiful home offers open floor plan, gorgeous stainless steel appliances and granite countertops, plenty of storage and counter spaces to...
3
Beds
2
Baths
2,128
Sq.Ft.
1995
Year Built
34
Days on Site
DESU179210
MLS
Need to be Near Bethany Beach? Need a Larger Yard? Need Plenty of Storage Space? You have just found your perfect property. This Class C home is situated on 2.09 acres, only 3 miles to Bethany plus a...
3
Beds
3
Baths
2,240
Sq.Ft.
2000
Year Built
89
Days on Site
DEKT245864
MLS
R-11707 Bring your toys and animals. No restrictions! Lowest priced home with acreage on the market in Kent County!!! There are 2 parcels; a 20 acres with house & 5 acres on the main road. Bring...
3
Beds
2
Baths
1,726
Sq.Ft.
1995
Year Built
45
Days on Site
DESU175924
MLS
PRICE DROP!! Here is a home on a huge piece of property with a tidal creek that leads to open water that is less than 7 miles to the beaches of Fenwick Island & Ocean City! This is a manufactured...
4
Beds
3
Baths
2,500
Sq.Ft.
2001
Year Built
12
Days on Site
DESU180478
MLS
Take a look at this 4 bed/3 full bath home on a 0.74 acre lot in Dagsboro, DE with no HOA fees or ground rent. This home comes with a large entertainment area as well as a recently finished game...
3
Beds
2F11/2
Baths
1,716
Sq.Ft.
2021
Year Built
4
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.

Just 5 miles south of Milford, Benson...
4
Beds
2
Baths
2,128
Sq.Ft.
2009
Year Built
97
Days on Site
DEKT245686
MLS
Much more than meets the eye is what you will find with this country ranch home and detached workshop/garage. This 4 bedroom home has been upgraded with many improvements including paint, porcelain...
3
Beds
2
Baths
1,200
Sq.Ft.
15
Days on Site
DESU162488
MLS
This incredible farmette offers the rare opportunity to own almost 12 acres of beautiful fenced-in pastures in the peaceful countryside of Delmar, near the desirable community of Holly Ridge. Upon...
3
Beds
2
Baths
44,867
Sq.Ft. Lot
15
Days on Site
DESU180192
MLS
Just over 1 acre of land, Commercial Potential. Located directly on Route 9 just a few miles from Five Points and Lewes. The house is not inhabitable, no showings inside the home. Current...
$290,000
Subdivision: Denton Woods
3
Beds
2
Baths
2,155
Sq.Ft.
1986
Year Built
41
Days on Site
DESU178714
MLS
Tucked away in a small community, this 3 Bedroom, 2 Bath home offers plenty of space with 2,155 sq. ft. and offers a Living Room, Family Room with gas fireplace, Kitchen with Hardwoods, Gas Stove,...
$272,500
Subdivision: Banksville Park
3
Beds
2
Baths
1,400
Sq.Ft.
2007
Year Built
80
Days on Site
DESU176548
MLS
Soon to be converted Class C Home on a quiet cul-de-sac with no HOA! This well cared for 3 bedroom 2 bathroom home is ready for you to enjoy. More space inside than meets the eye, with a primary...