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 August 4, 2020
57
Listed
121
Avg. DOM
$148.21
Avg. $ / Sq.Ft.
$179,900
Med. List Price
57 Properties
Page 1 of 5
3
Beds
2
Baths
1,200
Sq.Ft.
52
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...
$398,000
Subdivision: Swann Keys
3
Beds
2
Baths
1,792
Sq.Ft.
1995
Year Built
204
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...
$319,000
Subdivision: Heritage Farms
3
Beds
2
Baths
2,016
Sq.Ft.
2006
Year Built
40
Days on Site
DESU163444
MLS
Welcome home. This beauty is one of kind and all 2,107 square feet must be seen to be appreciated. The 200 square foot front porch leads you into the large living/dining area with a large kitchen...
$315,000
Subdivision: Denton Manor
3
Beds
2
Baths
1,500
Sq.Ft.
2018
Year Built
77
Days on Site
DESU161190
MLS
GREAT LOCATION! 3.5 miles from Bethany Beach, boardwalk, tax free shopping and restaurants. Brand new in 2018, 3 bedroom 2 bathroom, has an open floor plan and loaded with upgrades including:...
$315,000
Subdivision: Denton Woods
3
Beds
2
Baths
2,223
Sq.Ft.
1986
Year Built
27
Days on Site
DESU164234
MLS
Find yourself at home in this quaint cozy home outside of city limits yet close to everything. Located just a few miles from the beach, this home offers peace and tranquility and plenty of room for...
3
Beds
2
Baths
1,904
Sq.Ft.
1991
Year Built
16
Days on Site
DESU165088
MLS
Looking for plenty of land to use and enjoy? This well cared for home offers just that! Approximately 7 acres of part wooded, part cleared land with over 250 feet of road frontage and plenty of...
3
Beds
2
Baths
1,568
Sq.Ft.
1987
Year Built
2
Days on Site
DEKT240792
MLS
Visit this home virtually: http://www.vht.com/434092447/IDXS - Located right in the heart of an Amish community setting. Enjoy peaceful, quiet, surroundings while relaxing on the large covered back...
3
Beds
1F11/2
Baths
1,580
Sq.Ft.
1971
Year Built
292
Days on Site
DESU150198
MLS
Looking for your own workshop? This is perfect! Recently renovated modular home on 1.45 country acres. Great location with 30 x 40 building with gas heater, two separate rooms for storage, electrical...
$275,000
Subdivision: Kitts Hummock
2
Beds
2
Baths
980
Sq.Ft.
1988
Year Built
31
Days on Site
DEKT239438
MLS
The beach is but a short stroll away! So many possibilities as the residence is a title-retired singlewide with city sewer so any size home can be placed on the land in the future....but the home is...
$269,900
Subdivision: Swann Keys
3
Beds
2
Baths
1,120
Sq.Ft.
54
Days on Site
DESU162402
MLS
Worry free waterfront living as this furnished 3 bedroom 2 bath waterfront home has plenty of updates and waiting for you to make it your own. Improvements include, Bulkhead Repaired in 2013, new...
3
Beds
2
Baths
1,500
Sq.Ft.
30
Days on Site
DESU162592
MLS
If you're looking for a large lot, no HOA, all close to the beach, then you've found it at 36316 Beaver Dam Rd! Step inside to find an open concept floor plan, wood-burning fireplace, abundant...
$250,000
Subdivision: Indian River Hundred
3
Beds
2
Baths
1,456
Sq.Ft.
1994
Year Built
40
Days on Site
DESU163418
MLS
This roomy ranch is situated on 5 +/- acres of private wooded bliss... Just miles to the beach and tucked away from it all! This home features a split floor plan boasting large rooms, a wood burning...