Rentals in Warwick>Question Details

jfrosthancock, Home Buyer in Warwick, RI

what the terms of a land lease in Gaspee Point?

Asked by jfrosthancock, Warwick, RI Wed Jun 20, 2012

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We just sold a home on Nanquid Drive that will close in November. It is a year around waterfront residence that was listed at $180,000. The land is leased for 35 years. The buyer is obtaining financing. The term, length, of the mortgage will be less than the term, length of the lease. The Rhode Island Association of Realtors has a new sales agreement for properties on leased land. It specifies the important elements of purchasing property on leased land. We are available to provide more information if you need it.
Phipps Realty, Inc
401 640 7097
0 votes Thank Flag Link Sat Oct 13, 2012
The lease in the Gaspee point area is up to 35 years. You can get financing for these properties thru certain lenders. They usually want a minimum of 20-30% down. The land rent fees there are all different depending on the wether it is waterfront or not. Generally speaking the fee usually runs from 260-300 per month. This includes care of the beach and common area's, snow plowing etc. This is a great alternative to condo living because the taxes on these properties is a lot less than a condo. You can have pets and you have your own yard. There is a beach and a boat launch. A very nice community. They are in theprocess of putting sewers in and the cost is still under discussion. I have sold many properties in this area over the years and they all seem to enjoy living in this safe gated community on the bay. If you have any other questions, please contact me 401-529-4355
0 votes Thank Flag Link Tue Sep 4, 2012
Another thing to be sure of is that is year round living. Some are April-May to October. There are a lot of those type of areas in Warwick that are water front or walk to water. Make sure you do your homework or your agent does it for you. Besides the sewer assesmant ( if not already there and hooked up ) is wether flood insurance is needed. There is a lot to take into consideration when buying close to the ocean.

Feel free to contact me with any questions.........Jan

Janet Coppa
Coldwell Banker
831 Bald Hill Road
Warwick, RI
0 votes Thank Flag Link Wed Jun 20, 2012
As I recall from a recent sale there, the agreement extends the lease to 35 years. Check into the special assessment costs for the new sewer system. It can add quite a bit to the overall cost. Feel free to contact me for more info. 401-783-1699
0 votes Thank Flag Link Wed Jun 20, 2012
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