The Benefits of a Land Lease Community
What is a Land Lease Community?
A lot of confusion exists over what exactly a land-lease community is. A land lease community refers to how residents of a community lease the space their homes sit on, you own the home but not the land. Many people like to refer to a land lease as a HOA but this is not correct. While some land lease communties may also have a HOA, the land lease or otherwise known as site rent, is a monthly fee that you pay to the Owners of the Community to have your manufactured home on their land and use of the amenities.
Affordability
Low up-front costs and predictable costs thereafter. Many times, land-lease cost are less than similar mortgage payments and property tax on site-built housing, which means better long-term savings for you and your family. In most cases, savings can be tens of thousands of dollars to use as you wish compared to site built homes. An owner may use this money to invest, save for a rainy day, travel, or anything else imaginable.
Property Management
Land lease communities are likely to be well managed and maintained. The Community Owner is perpetually obliged to maintain high standards, in order to keep residents satisfied. Most new residents learn of the communities through referrals, and good news travels quickly. Rules are established to maintain community standards and safety.
Amenities
In addition to the on-site management, leasing land in a community brings with it a number of amenities and advantages that you wouldn’t get in a typical apartment or site-built house.
Whether an age-qualified or all age community, some of these amenities may include; clubhouses with scheduled events, pools, spas, fitness centers, pool rooms, crafts rooms, golf courses, shuffleboard, tennis, bocce ball, horseshoes, RV storage, etc.. Amenities vary from community to community so check with your local sales agent for details.
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