What is the ground rent?

Asked by Vonna Weekly, Ocean City, MD Fri Feb 21, 2014

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5
Linda Grey, Agent, Port Orange, FL
Sat Feb 22, 2014
you probably need to provide the location of the property to have someone answer that question, most all parks charge differently.
0 votes
Vonna Weekly, Renter, Ocean City, MD
Fri Feb 21, 2014
I meant how much is the ground rent?
0 votes
if you go to http://www.CoastalMobiles.com it will tell you how much the ground rent is on each property.
Kelly Brown, Realtor 302-236-4230
Flag Sun Feb 23, 2014
Matthew Day, Agent, Dewey Beach, DE
Fri Feb 21, 2014
Hello Vonna,
Ground rent is refering to the actual legal term of land ownership. "leasehold" ownership means you don't own the land you pay a rent to the land owners. You own the stick built, mobile home or pre-fab on the land. That price varies from one mobile home park to another. It is important to check and see how many years remain on the "lease hold" ownership it can vary from just a couple years remaining or more than 99 years and makes a big difference to the value of the property. These ground rents are common here in my local area and I recently renegotiated one for a client in Lewes Delaware just off the bay. It is nice to have low fee's and a good community but it is better to own the land in "fee simple" ownership. We have some properties that fit your criteria but you own the land. Please don't hesitate to call or write with any questions or concerns. Have a nice day.

Best Regards,

Matt Day
302-983-0333
matt.day@oasothebysrealty.com
cell #302-983-0333
0 votes
Matt this is good information, however, is the mortgage rate considerable higher? I too am looking for a mobile home and don't mind the ground rent, but it would be nice to own the land. Is there usually association fee with this type of buy? Thanks - I never realized how complicated buying a mobile home could be.
Flag Tue Jul 1, 2014
Bill Peiffer, Agent, Rehoboth Beach, DE
Fri Feb 21, 2014
It depends the location of the mobile home
0 votes
Mike Kogler, Agent, Rehoboth Beach, DE
Fri Feb 21, 2014
Good morning Vonna,
I hope this finds you well. Ground rent simply means that one person owns the land and a different person owns the structure/home. The person who owns the structure/home, must pay "rent" to the land owner in order to keep their structure/home on the land. We have several mobile home parks in Sussex County where the home owner does not own the land upon which the mobile sits and therefore pays a monthly rent to the land owner. Not all mobile homes are on rented ground though. There are several that are "fee simple" which means that you own the land.
If you have further questions or if this explanation is not clear, please feel free to give us a call any time.
Best regards,
THE MIKE KOGLER TEAM:
Mike Kogler
(302) 236-7648
Virginia Egan
(302) 228-9878
0 votes
The ground rent varies from each place of living. So in order to be informed of the ground rent on a particular location, I would need the address of the home.

Cody Revel
Home Team Realty
302-519-5239
crevelhtr@gmail.com
Flag Sat Feb 22, 2014
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