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 January 24, 2019
66
Listed
98
Avg. DOM
$118.79
Avg. $ / Sq.Ft.
$145,500
Med. List Price
66 Properties Found. Showing 1-12
Sort By:
13020 Hayes Ave
Selbyville, DE 19975
13020 Hayes Ave Selbyville, DE 19975
1 of 34
$529,900 ( $20,000 )
Subdivision: Edgewater Acres
BEDS
5
BATHS
3
SQ.FT.
2,200
BUILT
1981
ON SITE
171Days
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
19Days
MLS
DESU128764
No description available...
37940 Donaway Rd
Frankford, DE 19945
37940 Donaway Rd Frankford, DE 19945
1 of 33
$349,900
Subdivision: N/A
BEDS
4
BATHS
2
SQ.FT.
1,456
BUILT
2001
ON SITE
14Days
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
$320,000
Subdivision: Swann Keys
BEDS
4
BATHS
2
SQ.FT.
1,690
BUILT
1989
ON SITE
27Days
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...
38169 Bow St
Ocean View, DE 19970
38169 Bow St Ocean View, DE 19970
1 of 38
$269,000
Subdivision: Holly Ridge Terrace
BEDS
3
BATHS
2
SQ.FT.
1,500
BUILT
1992
ON SITE
57Days
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...
37021 Pintail Dr
Selbyville, DE 19975
37021 Pintail Dr Selbyville, DE 19975
1 of 43
$265,000 ( $10,000 )
Subdivision: Swann Keys
BEDS
3
BATHS
2
SQ.FT.
1,250
BUILT
1992
ON SITE
152Days
MLS
1002218208
Dream Starter! Wonderful opportunity to enjoy today and plan for tomorrow. Larger lot (50 x 100) with fabulous views offers many possibilities. Canalfront three bedroom, two full bath home with...
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
95Days
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...
24720 Gravel Hill Rd
Millsboro, DE 19966
24720 Gravel Hill Rd Millsboro, DE 19966
1 of 19
$257,250
Subdivision: N/A
BEDS
3
BATHS
3
ACRES
1.7
BUILT
1999
ON SITE
163Days
MLS
1002243652
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...
23748 German Rd
Seaford, DE 19973
23748 German Rd Seaford, DE 19973
1 of 3
$249,900 ( $39,100 )
Subdivision: N/A
BEDS
3
BATHS
3
SQ.FT.
1,976
BUILT
2004
ON SITE
318Days
MLS
1001571072
Situated on approximately 9 +/- acres of land just east of Seaford, is this 4 bedroom, 2 1/2 bathroom class "c" home. Features include a nicely sized living room, eat-in kitchen and private master...
36951 Laws Point Rd
Selbyville, DE 19975
36951 Laws Point Rd Selbyville, DE 19975
1 of 37
$239,900 ( $15,000 )
Subdivision: Swann Keys
BEDS
3
BATHS
2
SQ.FT.
1,200
BUILT
1990
ON SITE
205Days
MLS
1001901444
Enjoy waterfront living at its best! Dock your boat right outside this large and well maintained home with large sunroom and screened porch. Deck area with Tiki type bar. Vaulted ceiling, open floor...
37033 Laws Point Rd
Selbyville, DE 19975
37033 Laws Point Rd Selbyville, DE 19975
1 of 28
$239,900
Subdivision: Swann Keys
BEDS
3
BATHS
2
SQ.FT.
1,486
BUILT
1994
ON SITE
35Days
MLS
DESU128102
Waterfront home located in a well-managed waterfront community on the Little Assawoman Bay. This furnished home offers an open floorplan with great living room space, a spacious kitchen with island...
37032 Canvasback Rd
Selbyville, DE 19975
37032 Canvasback Rd Selbyville, DE 19975
1 of 61
$229,000 ( $20,000 )
Subdivision: Swann Keys
BEDS
3
BATHS
2
ACRES
0.09
BUILT
1992
ON SITE
186Days
MLS
1002083284
Affordable waterfront Living! Clean and neat as a pin, 3 bed 2 full bath, single wide, on canal, in Swann Keys. Screened porch, & large deck for your outdoor enjoyment, with your boat out your back...