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 21, 2019
105
Listed
93
Avg. DOM
$122.74
Avg. $ / Sq.Ft.
$165,000
Med. List Price
105 Properties Found. Showing 1-12
Sort By:
13020 Hayes Ave
Selbyville, DE 19975
13020 Hayes Ave Selbyville, DE 19975
1 of 34
$499,900 ( $50,000 )
Subdivision: Edgewater Acres
BEDS
5
BATHS
3
SQ.FT.
2,200
BUILT
1981
ON SITE
227Days
MLS
1005957841
A super buy! A water/canal front home located in a wonderful bay front community in West Fenwick on the Big Assawoman Bay, and only 1 short mile to Fenwick and Ocean City . Enjoy the boating...
30295 E Trap Pond Rd
Laurel, DE 19956
30295 E Trap Pond Rd Laurel, DE 19956
1 of 45
$399,000 ( $26,000 )
Subdivision: N/A
BEDS
3
BATHS
2
SQ.FT.
1,960
BUILT
1996
ON SITE
75Days
MLS
DESU128764
No description available...
11324 Circle Dr
Seaford, DE 19973
11324 Circle Dr Seaford, DE 19973
1 of 31
$350,000
Subdivision: Seaford
BEDS
3
BATHS
2
SQ.FT.
1,700
BUILT
N/A
ON SITE
23Days
MLS
DESU133000
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...
37940 Donaway Rd
Frankford, DE 19945
37940 Donaway Rd Frankford, DE 19945
1 of 10
$349,900
Subdivision: Frankford
BEDS
4
BATHS
2
SQ.FT.
1,456
BUILT
2001
ON SITE
70Days
MLS
DESU129102
HUNTERS PARADISE! 40+ acres of perfect hunting land backing up to the Pocomoke River. Close proximity to Rt 13 and Rt. 113. Easy access to the MD & DE beaches, Salisbury & Georgetown. Surround...
37084 Canvasback Rd
Selbyville, DE 19975
37084 Canvasback Rd Selbyville, DE 19975
1 of 11
$300,000 ( $20,000 )
Subdivision: Swann Keys
BEDS
4
BATHS
2
SQ.FT.
1,690
BUILT
1989
ON SITE
83Days
MLS
DESU128472
Location Location!! Oversized lot with great canal views. Enough room to dock two boats +. Carport on property, as well as, a Storage Shed. Only 2/12 miles from the ocean! Convenient to a variety...
30008 Arrowhead Dr
Ocean View, DE 19970
30008 Arrowhead Dr Ocean View, DE 19970
1 of 17
$299,900
Subdivision: Pine Crest Terrace
BEDS
3
BATHS
2
ACRES
0.21
BUILT
2006
ON SITE
46Days
MLS
DESU131292
Enjoy Summer fun from your front porch! Well maintained, canal front Class C home on nearly a 1/4 acre. Located in the quiet community of Pine Crest Terrace in Ocean View. Some of the homes features...
30907 Frankford School Rd
Frankford, DE 19945
30907 Frankford School Rd Frankford, DE 19945
1 of 13
$299,900
Subdivision: N/A
BEDS
3
BATHS
2
ACRES
3.69
BUILT
2002
ON SITE
3Days
MLS
DESU134514
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...
38159 Martins Way
Ocean View, DE 19970
38159 Martins Way Ocean View, DE 19970
1 of 14
$274,900
Subdivision: N/A
BEDS
3
BATHS
2
SQ.FT.
980
BUILT
1995
ON SITE
18Days
MLS
DESU133360
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.
16343 South Union Church Rd
Bridgeville, DE 19933
16343 South Union Church Rd Bridgeville, DE 19933
1 of 38
$269,900 ( $5,000 )
Subdivision: N/A
BEDS
4
BATHS
3
SQ.FT.
2,420
BUILT
2017
ON SITE
49Days
MLS
DESU131130
This charming Cape Cod style home is ready to be yours! It is a 4 bedroom, 3 bath with a bonus space. Room for everyone. All on an acre of rural peacefulness. The selections in this open layout...
38169 Bow St
Ocean View, DE 19970
38169 Bow St Ocean View, DE 19970
1 of 29
$269,000
Subdivision: Holly Ridge Terrace
BEDS
3
BATHS
2
SQ.FT.
1,500
BUILT
1992
ON SITE
113Days
MLS
DESU119440
Come enjoy the coastal lifestyle! Located in a waterfront community and close to the beach, this 3 bedroom, 2 bath home has been meticulously cared for and ready for your enjoyment. Lovely, open...
38285 Sandy Cove Rd
Ocean View, DE 19970
38285 Sandy Cove Rd Ocean View, DE 19970
1 of 13
$259,900
Subdivision: Pine Crest Terrace
BEDS
3
BATHS
1
ACRES
0.16
BUILT
1973
ON SITE
151Days
MLS
1009971086
If you want a waterfront home with a private dock and relaxing views, you must visit this perfect location for lovers of the bay or beach! Immediate access to Whites Creek and the Indian River Bay...
27712 Hartford Ct
Millsboro, DE 19966
27712 Hartford Ct Millsboro, DE 19966
1 of 28
$259,900
Subdivision: Captains Grant
BEDS
3
BATHS
2
SQ.FT.
2,354
BUILT
1978
ON SITE
42Days
MLS
DESU131478
Very nice property on a quiet cul-de-sac & approx. 1/2 acre. Many recent upgrades includes: 50 year roofing; cobble stone driveway & walkway; New furnace & a/c - fall 2017; Kato light 25 KW...