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 17, 2021
40
Listed
122
Avg. DOM
$151.30
Avg. $ / Sq.Ft.
$197,450
Med. List Price
40 Properties
Page 1 of 4
4
Beds
2
Baths
2,128
Sq.Ft.
2004
Year Built
62
Days on Site
DEKT244686
MLS
Secluded and picturesque farm with endless possibilities. This unique property is situated off a private lane and the beaten path for privacy galore. The home features 4 bedrooms, 2 full baths,...
3
Beds
2
Baths
2,055
Sq.Ft.
2004
Year Built
16
Days on Site
DESU175330
MLS
Great opportunity to own over 1/2 acre lot and manufactured home in good condition only 10 miles from the coast! Plenty of off-street parking, room for your RV, boat and more. Close to Route 9 with...
$385,000
Subdivision: Swann Keys
3
Beds
2
Baths
1,792
Sq.Ft.
1995
Year Built
370
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...
4
Beds
2
Baths
2,128
Sq.Ft.
2009
Year Built
7
Days on Site
DEKT245686
MLS
Much more than meets the eye is what you will find with this country ranch home and detached workshop/garage. This 4 bedroom home has been upgraded with many improvements including paint, porcelain...
$324,900
Subdivision: Breakwater Estates
3
Beds
2
Baths
1,344
Sq.Ft.
1990
Year Built
7
Days on Site
DESU175746
MLS
The single family 92 home community of Breakwater Estates is a place anyone would love to call home. A community that believes in the "Good Neighborhood Feeling". This1344 sq home with 3 bedrooms...
$290,000
Subdivision: Denton Woods
3
Beds
2
Baths
2,155
Sq.Ft.
1986
Year Built
160
Days on Site
DESU166502
MLS
Come see this well maintained 3 bedroom 2 bathroom home located in the quiet community of Denton Woods. This home features over 2000 square feet of indoor living space, a gas fireplace with brick...
$259,900
Subdivision: Pines At Long Neck
3
Beds
2
Baths
2,016
Sq.Ft.
2004
Year Built
6
Days on Site
DESU175696
MLS
OVER 2,000 SQ FT & DESIGNED FOR ENTERTAINMENT! This super well maintained home in the Pines at Long Neck has a whole lot of new and is move in ready! A brand front deck welcomes you to this home...
3
Beds
2
Baths
1,344
Sq.Ft.
2005
Year Built
2
Days on Site
DESU175954
MLS
MOVE IN READY! 3 bedroom, 2 bathroom beach home one block from Indian River Bay. Fully furnished and ready to enjoy with no HOA fees so you can leave your boat or trailer on your property. Well...
5
Beds
2F11/2
Baths
2,000
Sq.Ft.
111
Days on Site
DESU170250
MLS
5 BR, 2BA RANCHER 5 minutes from in town. Plenty of space, well kept, and move in ready. Huge 3 car detached garage/pole building has a bar, kitchen and bathroom for entertaining. Class C Certified
$245,000
Subdivision: Denton Woods
3
Beds
2
Baths
1,600
Sq.Ft.
2002
Year Built
4
Days on Site
DESU175362
MLS
Denton Woods Community in Ocean View, Delaware . Cute beach bungalow only 3 miles from the Delaware beaches and Bethany boardwalk! Single family 3 bedrooms 2 full baths with an open concept...
$239,000
Subdivision: Wood Haven Farms
3
Beds
2
Baths
1,680
Sq.Ft.
1995
Year Built
6
Days on Site
DESU175798
MLS
Most all of your work has been done for you. Open and spacious ranch style home featuring 3 brs, 2 full baths, Living room with fireplace, Dining room, Family room and Kitchen, Utility room with...
3
Beds
2
Baths
1,600
Sq.Ft.
2002
Year Built
118
Days on Site
DESU169706
MLS
Rural entertaining paradise! Nice 3 bedroom rancher on a cleared lot that's over 1.5 acres! New front porch & side deck! Both fireplace & wood stove! Detached garage converted to guest house/in law...