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Old 04-08-2008, 06:48 AM
 
7,298 posts, read 10,724,397 times
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Quote:
Originally Posted by LaceyEx View Post
Right one Delly-I want the security of owning the land my home sits on! I just don't get the point of paying exhorbitant fees for land.
I have met some very nice people planning to move here from out of state. The way it's explained to me, is, from where they come.....real estate taxes are out of sight. It appears they can purchase a property here for $200,000+/-, pay lot rent, a homeowners association fee, and still not have paid as much as they are now paying in real estate taxes in their home state. As said, Lacey.....I can't imagine paying rent on a piece of land, and owning my house. It's a fairly new concept here in Delaware, as you know.....and I'm not always up-to-speed on "new" Also, for the most part, these developers setting up the lot-rent communities are new to Delaware, and are happier than pigs in mud! But, I understand that our attorneys are really watching them. If anybody plans to do this, hire a local attorney to review all of the documents.
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Old 04-08-2008, 11:03 AM
 
Location: Looking East and hoping!
28,227 posts, read 19,564,323 times
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Delly-I'm originally from the tax me til I hurt state of NJ and would never consider land lease! Some figures I've seen here are higher than NJ taxes.

Unless there are other viable options for retirement DE may not be for us.
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Old 04-08-2008, 04:47 PM
 
Location: Sunshine N'Blue Skies
13,320 posts, read 20,074,756 times
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I'm origionally from the Tax state of NJ too, and I just would not think about land lease.
Give me a smaller home then, if the cost of land is making a home over priced.
Put it in an area of friendly people, with a pool nearby........and I'll feel fine.
There are communities that you do own your own land, and still have a pool, and clubhouse.........then some of these fees are only like $70.00 per mo.land it includes garbage, and cable...the pool indoors and out, and a discount yearlly golfing rate. Now, that is a bargain. That would be a deal for me. ( but that was not in DE that is a few places in SC)
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Old 04-08-2008, 05:01 PM
 
7,298 posts, read 10,724,397 times
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I think that for every one of us thinking we would never rent the land our house is situated on, there's one who thinks this situation is right for them. So, to each his own.

Way back when........(I'm talking my parents).....The Number One Priority was paying off the mortgage, and owning the homestead free and clear. It was drummed into my head for many years, and that was the ultimate goal of my parents, and many others of that era. While today's economists and tax experts thumb their nose at that notion, and suggest that this is not intelligent thinking due to the mortgage interest deduction, and other.........I think I've reached the age where I'm looking forward to owning my property free and clear. What's better yet, is, I'm almost there! And a special thanks goes to my deceased parents, who left their home to me.....free and clear, so I can sell that home, and pay off my own home. Thanks, Mom & Dad!
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Old 04-09-2008, 04:13 AM
 
Location: Looking East and hoping!
28,227 posts, read 19,564,323 times
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Delly it's a great feeling for sure.

We owned our home in NJ free and clear and same here in MN.

I agree to each his own but I like to have control and tax my own property taxes when due,etc. Situations like Summering stated are fine-willing to pay additional for amenities but want that security of knowing we own the land that our home sits on.

Thanks-you are a wealth of great info.
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Old 04-09-2008, 02:23 PM
 
Location: Sunshine N'Blue Skies
13,320 posts, read 20,074,756 times
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Quote:
Originally Posted by LaceyEx View Post
Delly it's a great feeling for sure.

We owned our home in NJ free and clear and same here in MN.

I agree to each his own but I like to have control and tax my own property taxes when due,etc. Situations like Summering stated are fine-willing to pay additional for amenities but want that security of knowing we own the land that our home sits on.

Thanks-you are a wealth of great info.
I bought my first home when I was 18 and over the years the equity built up as I changed homes. Finally, I was able to pay cash and be "free and clear".......no matter what any financial man says. I sleep well at night knowing I don't have that mortgage.
I did a lot of work on the homes but with cash saved, not using my equity.
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Old 04-09-2008, 03:19 PM
 
7,298 posts, read 10,724,397 times
Reputation: 14724
Quote:
Originally Posted by Summering View Post
I bought my first home when I was 18 and over the years the equity built up as I changed homes. Finally, I was able to pay cash and be "free and clear".......no matter what any financial man says. I sleep well at night knowing I don't have that mortgage.
I did a lot of work on the homes but with cash saved, not using my equity.
Summering! Good for You! You are to be admired for your hard work and "level" head!
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Old 04-14-2008, 08:36 PM
 
Location: Nashville, TN
957 posts, read 3,320,417 times
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There are two for sale in Masseys right now. The houses sell for more because of the cheap lot rent and the stable annual increases. Worth it if you plan on staying a while. If you just want a cheap house for a couple years, Pot-nets or Mariners would be the way to go, but then you have to worry about selling. There are LOTS of places for sale for cheap money because of the high lot rents.

My lot rent on the water in Masseys is $1800/year. It's actually rare to find anything for sale in here. Most people here have been here for many years.
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Old 04-15-2008, 06:44 PM
 
Location: CT
29 posts, read 115,907 times
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Thanks for the information, rossc. We have seen the Potnets communities, Rehoboth Bay community and Mariners Cove. We would like a waterfront community. Does Masseys have a beach?
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Old 04-16-2008, 07:34 PM
 
Location: Nashville, TN
957 posts, read 3,320,417 times
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Sort of. It's not big but it is a nice sandy beach. Massey's doesn't have all of the amenities that the others do. No pool, no clubhouse, no security patrol....Just good affordable waterfront living.
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