Buying Land Leased Mobile Home

Buying Land Leased Mobile Home In Florida

There are a plethora of reasons to look closely at land leased mobile homes here in Florida as apposed to going the more traditional route and buying a land owned home. The difference in the two can be shocking so I will bring it down further for you now.

Land Leased or Land Owned Manufactured Home ?

When you decide to purchase a land leased mobile home here in sunny FL you get some decidedly positive benefits for doing so.

First, land leased manufactured homes here in the Vero Beach, FL area are much more affordable than its counterpart land owned homes. The reason for this is that owning land anywhere in FL is quite expensive even if the land size is not big.

Second, the State Of Florida considers manufactured homes vehicles so all you have to do is register your mobile home once a year at your local DMV just like you do a car. You can forget about those pesky rather large tax bills because you do not pay property tax on land leased homes.

Lastly, when you own your manufactured home all you will need to pay is a monthly lot fee that takes care of the park amenities, garbage, sewer and in some parks even your water. Depending on the location of your mobile home park and how close it is to the water these fees are usually $300 and up.

Sure, some people will always want to own the land the manufactured home is on which is fine, but if you want to keep more of your monthly income owning a land leased mobile home might just be the perfect choice for you.

How To Buy Land Leased Mobile Home

You should always use a credible, experienced, licensed and bonded manufactured mobile home broker when purchasing land leased homes. Just dealing with a seller from a Craigslist ad is not the way to go because your dealing with a party that is not licensed or bonded in case things do not go well. Do yourself a favor and work with a professional.

The very first thing you need to do to get the ball rolling when working with your mobile home broker or agent is too let them know the area you want to live, the price you want to pay, and when you want to move in. Next, you will need to submit a park application with the park that you want to live in.

When you finally find the home you want to live in its time for you to make an offer with your broker on your behalf. If your offer is accepted you will need to make a 10% deposit on the home right away and signed contracts on your agreed price. You will have a certain amount of time to hire a home inspector to see if the home is sound or if something needs fixing. This cost is on the buyer end.

Now that all the necessary steps have been completed it's time for you and the seller to set a closing date and sign/transfer title. Unlike land owned properties this step is generally very brief and takes about an hour. After the contracts are signed, fees paid, taxes paid, balance is paid, and title is signed over to you the home is yours. It normally takes a few weeks for the new titles in your name to arrive. At that point you can start your search for home insurance if you want, but its not mandatory like a land owned home.

With the crazy storms in FL it might be a good idea to get home insurance.. enjoy your retirement !!