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 2, 2022
59
Listed
56
Avg. DOM
$234.66
Avg. $ / Sq.Ft.
$275,000
Med. List Price
59 Properties
Page 1 of 5
3
Beds
2
Baths
1,500
Sq.Ft.
2003
Year Built
45
Days on Site
DENC2024004
MLS
TWO HOMES on 11 acres for the price of ONE! This 11 acre secluded property offers TWO 3 bedroom, 2 bathroom ranch style homes. Are you looking for a rural setting offering seclusion and privacy?...
$499,000
Neighborhood: Cape Windsor
2
Beds
1
Baths
900
Sq.Ft.
1995
Year Built
37
Days on Site
DESU2022624
MLS
Waterfront Property! Beautiful waterfront lot located in sought after community of Cape Windsor. This waterfront lot is ready for you to design and build your dream home and dock your boat! There is...
$499,000
Neighborhood: West Rehoboth
3
Beds
1
Baths
980
Sq.Ft.
1982
Year Built
18
Days on Site
DESU2023770
MLS
Perfect level buildable lot very close to downtown Rehoboth Beach! Lot is 50' wide x 175' deep and backs to the Rehoboth Beach bike trail. West Rehoboth is rapidly developing with large single-family...
$499,000
Neighborhood: Forest Gate
3
Beds
2
Baths
924
Sq.Ft.
2003
Year Built
17
Days on Site
DEKT2011548
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...
4
Beds
2
Baths
1,650
Sq.Ft.
2021
Year Built
183
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...
$450,000
Neighborhood: West Rehoboth
2
Beds
1
Baths
500
Sq.Ft.
1972
Year Built
86
Days on Site
DESU2019728
MLS
Phenomenal opportunity to own 57x100ft C-1 zoned land East of Rt 1 Rehoboth
perfect for warehouse or single family home or IMAGINE

additional parcel available...
$449,000
Neighborhood: Swann Keys
3
Beds
2
Baths
1,700
Sq.Ft.
1981
Year Built
3
Days on Site
DESU2023526
MLS
RARE OPPORTUNITY! Very few lots become available on the outer perimeters of Swann Keys, especially facing the West! This home offers expansive views of the wetlands, Dirickson Creek & Little...
3
Beds
2
Baths
1,776
Sq.Ft.
1988
Year Built
65
Days on Site
DEKT2010126
MLS
Welcome to Seven Hickories where you will find your new home nestled in over 3 acres of scenic views with tons of potential!! As you enter the property you will find a long winding driveway which...
4
Beds
2
Baths
1,388
Sq.Ft.
1966
Year Built
11
Days on Site
DESU2023986
MLS
2022 Renovated inside and out. Are you looking for a move in ready home that has had all the updates to look visually appealing, but also has all brand-new major systems? Look no further then this 4...
4
Beds
3F11/2
Baths
2,800
Sq.Ft.
1999
Year Built
52
Days on Site
DEKT2010178
MLS
Welcome home to this 4 bedroom 3.5 bathroom home on 3.1 acres featuring a split floor plan. This home has been renovated and features many new amenities. Step into a formal living room with a...
$399,000
Neighborhood: Shady Ridge
4
Beds
2
Baths
1,298
Sq.Ft.
1969
Year Built
33
Days on Site
DESU2022698
MLS
2,426 Square foot ranch with finished basement that has been meticulously maintained is now ready for new owners. This 4 bedroom, 2 bath home has a Florida room, front porch, huge lower level...
$399,000
Neighborhood: Breakwater Estates
2
Beds
2
Baths
980
Sq.Ft.
1987
Year Built
3
Days on Site
DESU2024654
MLS
Bikers paradise - East of Route One and just a few short blocks to the entrance of the Junction/Breakwater BikeTrail and access to all the biking trails in Sussex County. So much privacy on over a...