Home Buying in Englewood>Question Details

Fm124, Home Buyer in Englewood, FL

Is it better to buy a manufactured home that includes the land or pay less and lease the land?

Asked by Fm124, Englewood, FL Tue Apr 26, 2011

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3
Frank Olms’ answer
Buying just the mobile is like buying a car. Buying as real property has the advantage of value appreciation and taxes and insurance are factors in both cases. Also as real property there may be a homestead exemption that may limit tax increases. Think of your future plans and needs.
Frank Olms
Olms Realty
1 vote Thank Flag Link Tue Apr 26, 2011
There are many mobile home parks scattered across Florida. You need to be aware of the differences. There are land-lease parks which are more economical and there are resident-owned parks for a more permanent home. Land-leased communities often sell out to developers as land becomes more valuable. You still own your home and can move it to a new park if this happens, but the cost of transporting the home can be too much for some and they are forced to sell. Be aware and ask the park about this and what your rights are if the park is sold. You should check your agreement.

Many of the parks are for over age 55 and are so-called Mobile Home Retirement Communities. A manufactured home is called a mobile home when it is built before June 1976. After that date, it is called a manufactured home. Many communities have a mixture of ages.

Why would you want to live in a mobile home park? Most people that choose this style of living enjoy the convenience and the low maintenance around the exterior of the property. No more grass cutting, which is a plus at retirement age. It is an efficient and economical way to live comfortably while staying active. Mobile homes are easy to take care of and provide a comfortable living space. Some have small sun rooms and patios. Another major attraction are group activities at the park's clubhouse such as social events, card games, bingo, pool, dances, shopping trips, and more. Some of the parks also offer golf, tennis, a swimming pool, golf trails, and bike trails.

Mobile homes come in a variety of sizes and styles. You can get a 2 bedroom or even a 4 bedroom. Many of the newer homes have the same amenities as a single family home such as ceramic tiled floors, stainless steel appliances, granite counters and large great rooms for entertaining. There is something for everyone. If you are interested in mobile home parks in this area, contact me at tammyhayesre@gmail.com. I would be happy to send you some information or show you some homes.
0 votes Thank Flag Link Sat Aug 13, 2011
FM,
You will get various answers regarding the mobile home. Agents who specialize in them will have a different opinion about their potential for appreciation than many of us who do not. One thing we will likely all agree on is that land, over time will appreciate. If you buy in a park and rent, you are subject to rent increases and even the chance that the owner sells the land and you have to move your home. If you own the land, you'll have to deal with utilities, septic, well and other maintenance issues, but it's on your own land. If someday you want to replace the manufactured home with a conventional stick built house, you'll be able to. If you buy a big enough piece of land you may be able to keep both.
0 votes Thank Flag Link Tue Apr 26, 2011
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