Why should I purchase a home in a land lease community?
Residents desiring to preserve capital funds. Residents can use funds for other purposes. Does it make sense to tie up money in land? Money tied up in land is difficult to access.
Lower Capital Outlay
Families and retirees are able to own their own home with less up front cash. Residents can live in higher priced locations they could not otherwise afford.
Lower Transaction Costs
Cost of buying and selling land with title insurance, commissions, surveys, loan fees and other costs are significantly higher than costs associated with purchasing a manufactured home in a land lease community. Purchasing a manufactured home is more like purchasing a car. The title process is much less expensive.
Additional Costs and Exposure to Market
Property taxes tend to increase dramatically from time to time. The base property taxes on manufactured homes are significantly less than a single-family home of a similar size because the resident is not paying the property taxes on the land component.
The market value of land varies up and down with the overall real estate market which in certain economic times causes the value of a home on land to decline. Manufactured homes on leased land are not impacted by the decline in the value of the land they occupy.
Ease of Sale
Manufactured Homes are lower priced than alternative housing for the same livable square footage which means a larger group of potential purchasers are available to purchase a manufactured home.
Costs of sale are significantly less. Transfer of title is relatively quick and easy.
Sale can be concluded quickly, often in a few days versus a land-based home that can take weeks or months.
Similar to Owning a Single Family Home Located on Land
No common walls as in apartments and condominiums. Parking for multiple vehicles in a private driveway next to your home. Small yards that are easily maintained but still allow for gardening, children’s play areas, and pet accommodation. Minimum of steps, unlike apartments or condominiums that may be on second or third floors of a building. Individual utility meters that allow the resident to pay for their individual usage.
Recreation Areas and Common Facilities Often Provided for Residents
Central Secure Mail Delivery
Major Maintenance Provided by the Ownership and Management
Street repair and maintenance
Tree trimming in common areas
Utility system maintenance
Street light maintenance
Common area landscaping
Common area facilities maintenance
Enforcement of Community Guidelines
Management enforces the rules and regulations to maintain the quality of the community. Management can act as a mediator to resolve neighbor to neighbor problems.
Safety and Security
Management tours the property and notices if something does not look right.
Residents tend to look after their neighbors because residents are often long-term residents of the community.
Because residents tend to be long-term residents there is peace of mind that neighbors will notice if a strange occurrence happens while a resident is away for an extended period of time.
Network of Friends
Easy for residents to meet people through community social events or use of the common area facilities. People with a commonality of purpose and interests tend to congregate together.
Community is not operated by volunteer boards with their own agenda.
Community managers and staff take care of day to day operation of the community. No community politics or conflicts of interest in making decisions that impact residents. Management deals with sensitive matters fairly and objectively.
Build Equity Through Ownership
Much better than paying apartment rent where nothing is recovered at the end of the tenancy. When the resident leaves there is equity to take to the next housing choice. Pride in ownership.
Cost to Own Versus Cost to Rent
Often costs less to rent than own. Borrowing money is essentially renting the money for your use to purchase other items.
Everybody rents or leases items used for a specified period of time all the time, this includes such items as hotel rooms, airline seats, cars, mini-storage units, furniture, and many other items. When a person rents or leases the person only pays for the time or item used.
Pride of Ownership
A partnership exists between the resident who owns a manufactured home and the community owner to properly maintain the community and individual home sites.
It is advantageous to both the resident and the community owner for the community to have a great overall appearance. This creates higher resale values of the individual homes and a higher value of the total community for the community owner.
Manufactured Housing in a land lease community is the best alternative for a large segment of the population. This style of living offers individual home ownership at a fraction of the cost of alternative types of housing
Why should I buy a manufactured home?
Lower Cost: Per square foot, the price of a manufactured home is less than that of a site-built home.
Factory Precision: Factory built homes are not subject to weather delays, vandalism and high on-site construction wages. Materials are bought in cost-saving volume, resulting in more efficient construction than conventionally built homes.
Low Maintenance: The efficiencies of factory production and the constant updating of design and engineering aspects have kept maintenance costs of manufactured housing low.
Quality Control: Manufactured homes are designed to be transported. Assembly line materials are of the highest quality. Federal Government code regulates factory certification and conducts frequent quality assurance inspections.
Options Available: The price of a manufactured home includes not only the structure, but also typically major appliances, carpeting and window treatments. It also typically includes the cost of transporting the home, lot development, steps, skirting (or siding), concrete work (such as drives, walkways and patios) and full setup. Many options and color choices are available to the home buyer. Furthermore, some lines can be structurally customized to your needs.
Reduce the Property Tax Burden: Property taxes on manufactured homes are much lower than those for site-built homes.
Where can I find the model and serial numbers on my current home?
When the home is manufactured, a plate is affixed to the back of the home.
Do you have any used homes available?
As in all housing communities, typically there are pre-owned homes available for sale.
Do you supply the land to go with the home?
You will rent the site that the home sits on. The site rent is competitive with comparable properties in the area.
How does manufactured housing compare to site built housing?
Manufactured homes are built entirely in the home building facility under federal code administered by the Department of Housing and Urban Development (HUD), which went into effect June 15, 1976, and has been upgraded numerous times. The code covers single or multi-section homes and includes transport to the site and installation. Regulations include design, construction, strength, durability, transportability, fire resistance, energy efficiency, and quality. When mobile homes are built and delivered to a site, they are secured to the ground to withstand high winds.
Can I trade in my current home?
In many cases, yes. The Sales Agent can assist you with the trade-in process.
How do I get financing to purchase the home?
Financing is available from various sources including local banks, credit unions, and seller carryback financing.
What about real estate taxes?
Your manufactured home is taxed as real estate. You will receive a property tax bill directly from the county.
Does your community allow pets?
We allow two pets per site. There are restrictions regarding the type of breed in the rules and regulations of the community. When outside it may be exercised on a leash with the owner in attendance. No tie-outs are allowed. No animals are allowed to run free. We expect residents to clean up after their pets.
How can I get a copy of your community rules?
Please see our contact page for methods of contacting us and we will be happy to provide you with a copy.
How do you handle customer service and complaints?
We strive to provide absolutely the best value in homes coupled with outstanding service. We realize that there will always be a need for exceptional service and we are happy to provide that to you.