U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Delaware
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Unread 01-07-2008, 03:51 AM
 
19,922 posts, read 6,782,840 times
Reputation: 27180
Quote:
Originally Posted by RWH View Post
Thanks Charlie. I'll be sure to let you know what we think. I hadn't thought about the fees being due all at one time. I wonder if the other communities are the same way. I'll have to remember to ask that question from now on.

Ron
You can also pay them quarterly, but you'll pay an extra amount. I think they set it up to be like tax payments, where they are expected annually.

You can always set up a savings account, like the old Christmas clubs, where every month, you put the monthly amount into the bank and at the end of the year you'll have enough for your January payment. With a little interest accumulating, your December contribution can be a little less - a little holiday bonus for you.

Online savings accounts are currently at 4.25% - until the Fed drops interest rates again.

Following this procedure can make it a "monthly payment".

Hope that helps.

Charley
Reply With Quote Quick reply to this message

 
Unread 01-07-2008, 07:08 AM
 
15,449 posts, read 7,031,182 times
Reputation: 28049
Quote:
Originally Posted by CMTAD View Post
You can also pay them quarterly, but you'll pay an extra amount. I think they set it up to be like tax payments, where they are expected annually.

You can always set up a savings account, like the old Christmas clubs, where every month, you put the monthly amount into the bank and at the end of the year you'll have enough for your January payment. With a little interest accumulating, your December contribution can be a little less - a little holiday bonus for you.

Online savings accounts are currently at 4.25% - until the Fed drops interest rates again.

Following this procedure can make it a "monthly payment".

Hope that helps.

Charley
Wow, we pay at the begining of the month. $400 a month is not bad, not bad at all for such a nice community.
Ours for people moving in was up to $417 but think they dropped to draw more people.
With the housing fiasco, how is Nobles Pond doing as far as sales? Just curious.
Reply With Quote Quick reply to this message
 
Unread 01-07-2008, 07:16 AM
 
19,922 posts, read 6,782,840 times
Reputation: 27180
Quote:
Originally Posted by elizamary View Post
Wow, we pay at the begining of the month. $400 a month is not bad, not bad at all for such a nice community.
Ours for people moving in was up to $417 but think they dropped to draw more people. With the housing fiasco, how is Nobles Pond doing as far as sales? Just curious.
At the time I was there, they had sold their first 12. They expect to build and sell 800 over the next ten years.

Charley
Reply With Quote Quick reply to this message
 
Unread 02-12-2008, 07:16 AM
 
Location: Looking East and hoping!
28,227 posts, read 12,547,281 times
Reputation: 2000000605
Default Are there any 55+

communities in DE that are not "land lease"? Thank you.
Reply With Quote Quick reply to this message
 
Unread 02-12-2008, 07:49 AM
 
19,922 posts, read 6,782,840 times
Reputation: 27180
Quote:
Originally Posted by LaceyEx View Post
communities in DE that are not "land lease"? Thank you.
Yes. They include Springmill, Spring Arbor, Jonathon's Landing, Longacre Village, Spring Meadows, Independence and Providence. Some of these are not open yet.

There is information on many of these in a variety of threads in the Delaware forum. Probably the one with the most information is:

55+ Communities

Hope this helps.

Charley.
Reply With Quote Quick reply to this message
 
Unread 02-12-2008, 08:25 AM
 
Location: Looking East and hoping!
28,227 posts, read 12,547,281 times
Reputation: 2000000605
Thank you so much as I have read about pros/cons of land lease and it's somthing we are not interested in doing.

Will definitely check these out.
Reply With Quote Quick reply to this message
 
Unread 02-12-2008, 08:56 AM
 
19,922 posts, read 6,782,840 times
Reputation: 27180
Quote:
Originally Posted by LaceyEx View Post
Thank you so much as I have read about pros/cons of land lease and it's somthing we are not interested in doing.

Will definitely check these out.
For us, the pros outway the cons and we will most likely be doing land lease in one of three possible communities, either Nobles Pond, Wild Meadows or Southern Meadows.

Charley
Reply With Quote Quick reply to this message
 
Unread 02-12-2008, 11:25 AM
 
38 posts, read 85,467 times
Reputation: 18
So what is "LAND LEASE", do they charge taxes for the land or something??? Im 26, so Im clueless on this issue but my parents are in their 60s.
Reply With Quote Quick reply to this message
 
Unread 02-12-2008, 11:38 AM
 
Location: Looking East and hoping!
28,227 posts, read 12,547,281 times
Reputation: 2000000605
Revell-the way I understand it is you own your home but not the land it's on. Your taxes, lawn care, maint. are part of the lease amount but call me old fashioned I like to enjoy and own the land my home is on.

Read the above links and hope that helps.
Reply With Quote Quick reply to this message
 
Unread 02-12-2008, 11:40 AM
 
19,922 posts, read 6,782,840 times
Reputation: 27180
Quote:
Originally Posted by Revellanotvanella View Post
So what is "LAND LEASE", do they charge taxes for the land or something??? Im 26, so Im clueless on this issue but my parents are in their 60s.
With a standard home purchase, often called "fee simple", you buy the house and the land upon which it sits. With land lease, you buy the house, but you RENT the lot upon which the house sits.

For me personally, assuming I choose a place like Nobles Pond, I'll get much more house for my money. The size of the homes at Nobles Pond compared to a comparable fee simple purchase are considerably larger! In addition, the real estate taxes are lower because you are only paying tax on the house, not the land.

I worked out the costs and using a 25 year schedule, if you compare [A] Fee simple and real estate taxes to [b] Land lease home, real estate taxes and lot rent and the difference in total payments is negligible.

There are three potential downsides. [1] When you go to sell the land leased home, it might be harder to sell because you are limited to buyers interested in land lease, [2] You don't have true control over the increases to land lease costs each year although some communities have reasonable contracts, and [3] An unscrupulous land owner could decide someday to sell the land and you'll have to move your house, although there are certain legal protections in some communities.

Again using Nobles Pond as the example, the land lease fee is set for 4.5% a year for a 25 year period. I've had some face-to-face conversations with the management and they have no intent to sell the land out from under the home owners. They also own Wild Meadows (also in Dover) and are talking about a third one when Nobles Pond is completed, so they have a reputation to maintain.

Land lease is not for everyone. Some people prefer the comfort of "fee simple" and that's perfectly understandable. For me, I think it can work well when the time comes.

I hope you find this answer helpful.

Charley
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $74,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Delaware
Similar Threads

All times are GMT -6. The time now is 09:26 PM.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top