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 21, 2022
45
Listed
70
Avg. DOM
$225.79
Avg. $ / Sq.Ft.
$269,000
Med. List Price
45 Properties
Page 1 of 4
$1,200,000
Subdivision: Pearsons Corner
3
Beds
2
Baths
1,064
Sq.Ft.
1989
Year Built
272
Days on Site
DEKT248054
MLS
There are tons of possibilities and potential on this income producing farm listing. Est 400 ft of road frontage with three already subdivided lots! Two 1/2 acres and one 3/4 acre with septic and...
$695,000
Subdivision: Sunset Harbour
3
Beds
2
Baths
1,550
Sq.Ft.
2019
Year Built
51
Days on Site
DESU2010246
MLS
Here's your opportunity to own in the waterfront community of Sunset Harbour without the HOA fees. This 3 bedroom, 2 bath, 1,550 square foot Oakwood home is just two years young and comes with...
$575,797
Subdivision: Red Mill Farms
4
Beds
2F11/2
Baths
2,746
Sq.Ft.
2013
Year Built
13
Days on Site
DESU2012810
MLS
This home overlooks a nice horse farm and great Sunset views. This location is approximately 350' from the Georgetown-Lewes Bike Trail. Using Google Maps the location is approximately 14 mins or 5.8...
4
Beds
2
Baths
1,650
Sq.Ft.
2021
Year Built
21
Days on Site
DESU2011054
MLS
4 bedroom 2 bath home on 4.4 acres just west of Millsboro. Lot is clear with woods in the back. No restrictions bring pets and other animals . Watch wildlife out your back door. Enjoy the quiet and...
2
Beds
2
Baths
2,918,956
Sq.Ft. Lot
115
Days on Site
DESU2006976
MLS
Beautiful 67 acres of wooded land . There are two mobile homes on the property. Both have 2 bedrooms and 2 baths. Mobile Homes are "as is"
3
Beds
2
Baths
1,344
Sq.Ft.
2005
Year Built
75
Days on Site
DESU2009104
MLS
Rare find east of 113! Great location at intersection of Thorogoods and Iron Branch Road, this 1.78 acre parcel offers unlimited potential for your business or recreational ideas. Ideal for a...
3
Beds
2
Baths
1,774
Sq.Ft.
1995
Year Built
79
Days on Site
DESU2008702
MLS
Farmette with OVER 12 ACRES of mostly cleared land. Mature trees border the property on the sides and the rear portions of the property. Tons of possibilities with 512 ft. of road frontage . Private,...
3
Beds
3F11/2
Baths
217,800
Sq.Ft. Lot
2002
Year Built
10
Days on Site
DESU2012982
MLS
Class C home on apx. 5 (mostly wooded) acres, conveniently located close to Route 18/404 between Bridgeville and Georgetown
$374,900
Subdivision: Forest Gate
3
Beds
2
Baths
924
Sq.Ft.
2003
Year Built
109
Days on Site
DEKT2000011
MLS
Quiet country living on 6 acres w/ large two-story home and rental property w/ long term tenant already in place. Seller would like to sell both properties together. The main house offers 4...
$319,900
Subdivision: Fenwick Island Estates
3
Beds
2
Baths
1,232
Sq.Ft.
2000
Year Built
9
Days on Site
DESU2013102
MLS
Location Location, Location!! Perfectly situated right off of Lighthouse Rd (Route 54)! This contemporary style modular home has 3 bedrooms and 2 full baths and sits on a half-acre of land with a...
2
Beds
2
Baths
189,050
Sq.Ft. Lot
1980
Year Built
10
Days on Site
DESU2013090
MLS
Hunters Paradise!Secluded Class C Home on Wooded 4+ Acre Lot with Detached Garage! Watch Deer & Birds From Your Back Porch! All Appliances Included! Oversized Eat-In Kitchen & Big Family Room!
$299,000
Subdivision: Evergreen Acres (8)
3
Beds
2
Baths
1,500
Sq.Ft.
2022
Year Built
66
Days on Site
DESU2009456
MLS
Brand new class c home in Evergreen Acres Millsboro . 3 bedroom 2bath home on half Acre lot. Private wooded lot in a cul de sac at the rear of the development. Quiet development with easy access...