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 July 17, 2019
104
Listed
98
Avg. DOM
$121.97
Avg. $ / Sq.Ft.
$167,450
Med. List Price
104 Properties
Page 1 of 9
3
Beds
3
Baths
2,240
Sq.Ft.
2000
Year Built
20
Days on Site
DEKT230234
MLS
Two parcels selling as one for a total of approximately 25 acres. First parcel (WD-00-07200-02-0601-00001) with road frontage is approximately 5 acres in which you can either sell or build your...
$365,000
Subdivision: Cape Windsor
3
Beds
2
Baths
0.1
Acres
1998
Year Built
58
Days on Site
DESU140696
MLS
Canal front home, located in Cape Windsor waterfront community. This is your chance to own a waterfront home and take in the beautiful views of the Assawoman Bay. Spacious living room and screened...
$350,000
Subdivision: Seaford
3
Beds
2
Baths
1,700
Sq.Ft.
141
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...
$329,900
Subdivision: Burtons Subdivision
2
Beds
2
Baths
0.09
Acres
103
Days on Site
DESU137444
MLS
2 bedroom 2 bath Mobile home in desirable location. Enjoy the many conveniences of living in Lewes. Spend some relaxation time at the beach. Enjoy the many historic attractions, restaurants and...
3
Beds
2
Baths
2,040
Sq.Ft.
1999
Year Built
68
Days on Site
DESU140158
MLS
"MOTIVATED SELLERS MOVING TO FLORIDA" ANOTHER HUGE PRICE REDUCTION OF $20,000.00. HOME HAS NOW BEEN DISCOUNTED DOWN $30,000.00 BELOW ORIGINAL LIST PRICE OF $349,900.00. Make an offer on this...
$299,900
Subdivision: Pine Crest Terrace
3
Beds
2
Baths
0.21
Acres
2006
Year Built
164
Days on Site
DESU131292
MLS
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...
3
Beds
2
Baths
3.69
Acres
2002
Year Built
121
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
1,600
Sq.Ft.
1986
Year Built
84
Days on Site
DESU137884
MLS
Great Business Opportunity!! Located on Rt 13 with a 175 feet of road frontage. Zoned Commercial This property is operating an existing business with 2 over sized garages, 2 sheds and a 2 car...
3
Beds
2
Baths
1,960
Sq.Ft.
1996
Year Built
34
Days on Site
DESU142388
MLS
Well kept double wide mobile in average plus condition located on 26 wooded acres. Long asphalt drive leading back to the property, with several outbuildings. The property is a deer hunters paradise;...
3
Beds
2
Baths
980
Sq.Ft.
1995
Year Built
136
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.
$274,900
Subdivision: Shadydell Park
3
Beds
2
Baths
1,568
Sq.Ft.
2006
Year Built
37
Days on Site
DESU142154
MLS
Be a part of a rapidly transitioning neighborhood that is located less than 3 miles from the beach. You~ll enjoy the seclusion of this fully furnished 3 bedroom, 2 Bath home that backs up to Bear...
4
Beds
3
Baths
1,824
Sq.Ft.
2000
Year Built
50
Days on Site
DESU141110
MLS
Located close to Long Neck Rd with easy access to both the Rehoboth and Indian River bays this home offers 4 bedrooms, 3 full baths. Home sits on close to 3 acres. Entering the home is a large...