3 Ways to Own a Manufactured Home in Florida
Home ownership in Florida is as diverse as its people. Most of our clientele want one of 3 things. Each is different it its own way, and with its set of advantages and disadvantages.
When we talk leased land, we are talking about Chattel Property. You buy the home only and pay a lot rent fee for the land but wait! It’s not just a lot rent fee, we like to call it a Community Fun Fee because you get so much more. These communities also have amazing amenities like lake access or canal fronts, heated swimming pools, and large clubhouses which include a range of activities and fun. Also, there are communities that are all-inclusive and will include water, sewer, trash pickup, lawn care, and cable!
Here is another fun fact, you pay no real estate taxes at all! It’s not your land, remember?? Leased land is perfect for the aging senior, people with higher incomes than cash on hand, or even the budget minded senior. You can find homes in lot rent communities as low as $5,000, and in some cases averaging out around $25k - 50K.
Did you know you may rent them out too? Investors find they can profit because seasonal rentals can go as high as $2,000 a month!
Call a SunBelt agent to discuss all your options on Leased land. This is not a real estate product and not governed under real estate laws. The governing agency is the department of Motor Vehicles and the Dept. of Housing and Urban Development (HUD).
Shared Communities/Housing Co-Op
Shared communities are unique. Most realtors don’t understand how they work.
In most cases, the communities were offered to the residents before the previous owner offered it to the public for sale. The residents would form a corporation and offer share certificates to anyone who wanted to have ownership and a vote of how to govern themselves.
In most circumstances, they vote on a board of directors, and they hire a property manager to run the community as the board makes financial decisions. In addition to a share certificate you receive, you also will need a proprietary lease. A proprietary lease is an occupancy agreement which gives a share holder in a housing co-op the right to occupy a particular unit.
This is a real estate transaction, and you must be a licensed real estate agent to sell them, as they are governed by all real estate laws.
A deed contains a description of property and includes property lines. There are communities that are deeded as well, and a survey would determine your boundaries. Deeded properties are classified as real estate property and are governed under real estate laws.
If you are looking for a retirement community or a single family home, SunBelt can help you with all your Manufactured Home and Real Estate needs.