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Old 07-31-2007, 05:18 PM
 
15,507 posts, read 7,397,216 times
Reputation: 28109
Default Land lease verses owning the land.

Land lease is something people tend to shy away from. But here is an article I found which supports land lease.
Whether you own or lease, it is a matter of individual choice based on your needs, wants and financial situation.

--------------------------------------------------------------------------
Land Lease

Owning vs. Leasing Land: A Side-by-Side Comparison

The American Land Lease concept conveniently bundles land costs, community management, maintenance and programming into a low, monthly, fixed-for-life payment. So you enjoy long-term financial security and the luxury of a maintenance-free lifestyle in a community that you can be proud to call home.


The American Land Lease Concept = Significant savings and the luxury of maintenance-free living!


Owing : Costs & Responsibilities Leasing : Savings & Freedom

Cost of Land Added to Price of Home. Invest the Money You Save by Leasing.

Mortgage and Property Tax Increases. Financial Security of Lifetime “No Increase Lease” Option.

Cost of Joining a Health or Country Club. Resort-style Amenities Included.

Maintenance and Repair of Home and Lawn. Maintenance-free Home and Lawn Care.

Neighbor Age and Compatibility Issues. Neighbors Share Your Age and Interests.

Neighborhood Issues. Management Corrects Infractions.

Must Travel to Enjoy Activities. Daily Clubhouse and Community Activities.

Neighborhood Curb Appeal and Beautification. Management Maintains Community Curb Appeal.

Contract an Outside Real Estate Agent to and will Represent You in. American Land Lease Markets the Community the Sale of Your Home Sell Your Home.

--------------------------------------------------------------------------this way of living is not for everyone. But if you want less responsiblity and have everything at your finger tips, then this is the way to go.


I posted this because someone asked for information about 55+ communities for her parents. So I am putting this out there.
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Old 08-01-2007, 07:28 AM
 
113 posts, read 318,220 times
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Elizamary,

I have older relatives who are considering 55+ communities, though they know almost nothing about them at this point.

My question was do you know whether any of these communities provide services like lawn/landscape upkeep and snow removal for a fee if you own the land--or do these services only come along with leasing the land?

Yes, I'm ignorant.

Julie
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Old 08-01-2007, 10:46 AM
 
199 posts, read 639,983 times
Reputation: 77
Thumbs down Land Lease vs. Own

Elizamary,

Although I appreciate and find the article you found useful (as I'm sure most folks on the forum will), I need to play devil's advocate before somebody buys the article hook, line and sinker.

I don't know who wrote the article, but it wouldn't surprise me if some real-estate mogul in New York (perhaps Donald Trump) who probably owns half of Delaware commissioned the writing.

In the first paragraph it says, "fixed-for-life payment" and "maintenance free home ..." I would defy anyone who is doing a land-lease in Delaware to tell me they have a lease that says their land lease payment will never go up as long as they live. I would also defy anyone to tell me that if their plumbing springs a leak, they can just pick up the phone and someone will rush over and fix it for free. The truth is you will jump in your car, go to home depot, buy the part and fix it yourself or pay someone $100.00 an hour.

In paragraph four it says "No increase Lease Option". Same problem as in paragraph one. Seventh paragraph "Maintenance free home". Same problem as in paragraph one.

Someone should report the author to the Federal Trade Commission for false and misleading advertising.

If I'm wrong, I will be the first to apologize all over myself. But, as they say in Jefferson City, "I'm from Missouri, show me!"
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Old 08-01-2007, 11:15 AM
 
3,635 posts, read 10,330,100 times
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that is also my concern since if you lease the rates can go up unless their is a clause that does say only after 10 years etc., most places where you own the land also can provide lawn care etc., it is in the monthly hoa fee.
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Old 08-01-2007, 03:41 PM
 
15,507 posts, read 7,397,216 times
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[quote=JulieF;1185563]Elizamary,

I have older relatives who are considering 55+ communities, though they know almost nothing about them at this point.

My question was do you know whether any of these communities provide services like lawn/landscape upkeep and snow removal for a fee if you own the land--or do these services only come along with leasing the land?

Yes, I'm ignorant.


No you are not ignorant. This issue is confusing. I know I was before. Most Communities, land lease or not have a community fee. The community fee can vary with each different community.
Ours cuts our lawn, irrigates our lawn and garden, removes snow. Our place was already lanscaped but to keep it , we could have paid an extra fee a month.
We do our own gardening. Not much to do anyway. Just keep it weeded and mulched.
Hope this answers your question.
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Old 08-01-2007, 03:47 PM
 
15,507 posts, read 7,397,216 times
Reputation: 28109
[
In paragraph four it says "No increase Lease Option". Same problem as in paragraph one. Seventh paragraph "Maintenance free home". Same problem as in paragraph one.

Someone should report the author to the Federal Trade Commission for false and misleading advertising.

If I'm wrong, I will be the first to apologize all over myself. But, as they say in Jefferson City, "I'm from Missouri, show me!"[/quote]>>

You are probably right. it may have been written by a real estate mogul.
Other land lease communities also say the same thing.

The only thing I can tell you is my home is not matience free. If something goes wrong with the home after a year, we are responsible.
What we like is it is a brand new home and we dont' know how long we will live so I really dont' care.
What is important to us right now is we have use of the pool and facilities, a community with nice people and we are having fun. That is all that matters.
Some of these home that run $200 to $300 without land lease, we could not have afforded. So for us this is perfect.
My cousin has a land lease in Florida and in Montgomery county Pa. She pays too lot rents. That would not be us but then again, everyone is different.
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Old 08-01-2007, 03:49 PM
 
15,507 posts, read 7,397,216 times
Reputation: 28109
Quote:
Originally Posted by maggiekate View Post
that is also my concern since if you lease the rates can go up unless their is a clause that does say only after 10 years etc., most places where you own the land also can provide lawn care etc., it is in the monthly hoa fee.

Lawn care is in the monthly fee. And yes, they will go up. I have no idea what kind of shape either my hub or I will be in at the 10 year mark. I will worry as we get closer.
Right now we are having fun.
Just got back from a day trip with gang.
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Old 08-01-2007, 04:46 PM
 
199 posts, read 639,983 times
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Elizamary,

I agree that you have found what is comfortable for you. And your land-lease arrangement is unusual in that, apparently, some of your monthly "rent" goes to the management firm who maintains the community and some of it must go to whomever owns the 90 plus lots. It might be one and the same person and/or corporation. You never did tell us if your monthly fee is on a yearly renewal or longer. Obviously, the longer you can get the lease the better off you are. You did mention in other postings that some communities have a three-year lease with $20.00 increases. What is yours? If I were in the market for a manufactured home, Southern Meadows would absolutely be a community I would take a serious look at. After all is said and done we may yet be neighbors.

Bob
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Old 08-02-2007, 06:25 AM
 
15,507 posts, read 7,397,216 times
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Quote:
Originally Posted by peeweeaz View Post
Elizamary,
You did mention in other postings that some communities have a three-year lease with $20.00 increases. What is yours? If I were in the market for a manufactured home, Southern Meadows would absolutely be a community I would take a serious look at. After all is said and done we may yet be neighbors.

Bob
Bob...........There was one other community that had a 9 year deal. Bon Ayre in Smrya was a that community and one we were considering.
We did not like the house at the size we wanted and there was no pool. Understand, it was an nice community.
You can pull it up on the computer. The homes are chaming and seem to be built well.
Also, I'm not sure they cut you lawn. Some don't.
My cousin lives in Neshaminy Falls in PA. They pay about $400 now in lot least and cut their own grass. Plus the homes are outrageous in price. $130 for an old home that is about 1100 sq. The new homes that are 1500 sq are $218.

There are many factors in to consider when buying into any community.
The size of the home, the cost for the size, what comes with the home and what fits your needs and wants.
Smyrna is becoming quite built up and many retirees are moving there as well.
New Developments are springing up. My sister told me she knows 2 different couples retireing to smyrna.

We found this home and it was a perfect fit. Plus we get a two car garage when some have none but a shed. Some you pay extra for a shed.

Of Course, like our community better. That is why we are here. The homes don't look like manufacture. You can pull this up on the computer too.

This type of living seems to be hot among a lot of people that retire. At least till now anyway. We have them in droves coming through looking and have been looking for 2 year meeting a zillion people just like us that wanted the same thing.
DE just offered us more for our money in this type of community.

Now, Florida has some great properties but along the coast insurance is nuts.
Although, they have not had a serious hurricane in a while, the threats are there. Many people are afraid to take a chance especially with global warming.
We have many, many people in DE that moved from NY<,NJ, PA and FL.

One couple had a condo in NYC that sold for $400k. They paid a fee also of $500 a month for them just to take out the garbarage.
the laundry room was in the basement and they were on the 4th floor.....no elevator.
Now they are in heaven and he is buying a boat.

I could go on and on.

As far as lot rent, I"m not sure of the details. they can raise it every year but not sure if it is 2% or 5%. I dont' pay attention to those details. Maybe I should:-)

Hope you do consider Southern Meadows.......would be nice to have you as neighbors!
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Old 08-02-2007, 07:27 AM
 
Location: Sunshine N'Blue Skies
13,306 posts, read 13,251,535 times
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Quote:
Originally Posted by peeweeaz View Post
Elizamary,

Although I appreciate and find the article you found useful (as I'm sure most folks on the forum will), I need to play devil's advocate before somebody buys the article hook, line and sinker.

I don't know who wrote the article, but it wouldn't surprise me if some real-estate mogul in New York (perhaps Donald Trump) who probably owns half of Delaware commissioned the writing.

In the first paragraph it says, "fixed-for-life payment" and "maintenance free home ..." I would defy anyone who is doing a land-lease in Delaware to tell me they have a lease that says their land lease payment will never go up as long as they live. I would also defy anyone to tell me that if their plumbing springs a leak, they can just pick up the phone and someone will rush over and fix it for free. The truth is you will jump in your car, go to home depot, buy the part and fix it yourself or pay someone $100.00 an hour.

In paragraph four it says "No increase Lease Option". Same problem as in paragraph one. Seventh paragraph "Maintenance free home". Same problem as in paragraph one.

Someone should report the author to the Federal Trade Commission for false and misleading advertising.

If I'm wrong, I will be the first to apologize all over myself. But, as they say in Jefferson City, "I'm from Missouri, show me!"
You are so right here. I personally would never do a land lease. You are at the mercy of the landlord, and that can get bad. A big example is my sister who lives in DE. Her lot rent went up from almost 4,000 per year to over 7,000 per year within a three year time period! All the people in her community are upset over the tremendous raises. Plus she pays taxes on her home, has to pay sewer and water seperately to the land lease owner. There are a lot of additional expenses.
Another point your right about. She has to do all of her homes maintenance.
That is her obligation, and her cost. She must find her own handyman and pay for repairs.
Another point which is true. She pays for someone to come and mow her law, that is not included, but it is expected to be done. All yard work is for her to take care of, except some tree trimming along the road if need be.
The article is so deceiving.......I can almost guess who put that out.....
Own your own property so you can never be at the mercy of a landlord.
You'll know your tax and how they will increase. The land is yours, which is a sense of security.
This way no one can come along and make the land lease so, so, high......that you'd have to leave your beloved home because of it.
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