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 21, 2024
64
Listed
85
Avg. DOM
$219.20
Avg. $ / Sq.Ft.
$289,450
Med. List Price
64 Properties
Page 1 of 6
$699,000
Neighborhood: Cape Windsor
3
Beds
2
Baths
4,356
Sq.Ft. Lot
1966
Year Built
11
Days on Site
DESU2066192
MLS
3
Beds
1
Baths
672
Sq.Ft.
1974
Year Built
297
Days on Site
DESU2049060
MLS
3
Beds
2
Baths
2,016
Sq.Ft.
1993
Year Built
15
Days on Site
DESU2065784
MLS
3
Beds
2
Baths
1,568
Sq.Ft.
1989
Year Built
60
Days on Site
DESU2060650
MLS
3
Beds
2
Baths
1,200
Sq.Ft.
1989
Year Built
15
Days on Site
DESU2065186
MLS
$399,900
Neighborhood: Indian Summer Village
4
Beds
2
Baths
2,057
Sq.Ft.
1999
Year Built
84
Days on Site
DESU2061348
MLS
$399,900
Neighborhood: Swann Keys
3
Beds
1F11/2
Baths
980
Sq.Ft.
1979
Year Built
59
Days on Site
DESU2063108
MLS
4
Beds
2
Baths
2,325
Sq.Ft.
1986
Year Built
15
Days on Site
DESU2065332
MLS
$375,000
Neighborhood: Village Of Jefferson Crossroad
3
Beds
2
Baths
1,645
Sq.Ft.
2014
Year Built
86
Days on Site
DESU2061134
MLS
$370,000
Neighborhood: Plantation Park
4
Beds
3
Baths
1,456
Sq.Ft.
2021
Year Built
37
Days on Site
DESU2064584
MLS
$355,000
Neighborhood: Swann Keys
3
Beds
2
Baths
1,000
Sq.Ft.
2000
Year Built
6
Days on Site
DESU2066536
MLS
$350,000
Neighborhood: Dagsboro
4
Beds
2
Baths
1,816
Sq.Ft.
1997
Year Built
345
Days on Site
DESU2045804
MLS