Could someone please explain the difference in land share in 55+ mobile home park (fee, condos)
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Could someone explain the difference in land share 55+ mobile home parks ? im not sure I quite understand that and im trying to help a senior lady at our church . She wants to sell her house here and move to florida and she saw some mobile homes she liked but she wants to know what land share means . I told her I would try and find out for her .she is a widow and she is 63 and wants to make the move before she gets much older . thanks for any help in advance .
Could someone explain the difference in land share 55+ mobile home parks ? im not sure I quite understand that and im trying to help a senior lady at our church . She wants to sell her house here and move to florida and she saw some mobile homes she liked but she wants to know what land share means . I told her I would try and find out for her .she is a widow and she is 63 and wants to make the move before she gets much older . thanks for any help in advance .
My guess is that "land share" means that you own the MH and the LAND that the MH sits on, and you SHARE in the ownership of the common grounds and common facilities. This means you'll pay a monthly POA fee which will go toward maintenance of a clubhouse, swimming pool, street lights, and/or anything else that is owned in common with all the rest of the people who own land in the development.
Typically, this is a FAR better way to go if you are able to afford the initial purchase. Of course, before moving into any community, do some research. I would especially ask to have a copy of the current year's budget and a copy of the assets and liability statement for the community. It's also good to get these statements for recent years so that you can see how the finances are trending for the community.
Pay special attention to how much money they have in "reserves" for financial emergencies. If they have very little or no reserves, that's not a good sign because if they had to make some large unexpected repair, they would have to assess all the owners for money to pay for it. Also ask when was the last time they had to have a special assessment. Talk with several different owners in the park and get their feeling for how things are being run. Keep in mind that many of these owners may not have a lot of knowledge of the financial situation, but if you can get the financial statements, you can have them evaluated by someone who is familiar with such things if you're not able to review them yourself.
My guess is that "land share" means that you own the MH and the LAND that the MH sits on, and you SHARE in the ownership of the common grounds and common facilities. This means you'll pay a monthly POA fee which will go toward maintenance of a clubhouse, swimming pool, street lights, and/or anything else that is owned in common with all the rest of the people who own land in the development.
Typically, this is a FAR better way to go if you are able to afford the initial purchase. Of course, before moving into any community, do some research. I would especially ask to have a copy of the current year's budget and a copy of the assets and liability statement for the community. It's also good to get these statements for recent years so that you can see how the finances are trending for the community.
Pay special attention to how much money they have in "reserves" for financial emergencies. If they have very little or no reserves, that's not a good sign because if they had to make some large unexpected repair, they would have to assess all the owners for money to pay for it. Also ask when was the last time they had to have a special assessment. Talk with several different owners in the park and get their feeling for how things are being run. Keep in mind that many of these owners may not have a lot of knowledge of the financial situation, but if you can get the financial statements, you can have them evaluated by someone who is familiar with such things if you're not able to review them yourself.
It sound similar to a HOA but Mobile Homes instead of stick built homes. Were I looking, this is the arrangement I would want. FL has different legislation for various type associations such as condos, HOA's, etc. Find out which a Mobile Park Landshare arrangement falls under.
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