Land lease communities haven't exactly received an abundance of good press in recent years and, truth be told, there are more than a few challenges and considerations when it comes to building your home on someone else's land.
But there are a number of benefits as well to those who choose to pursue buying or building a home within the confines of a land lease community. Let's examine a few of them, then you can determine for yourself whether or not this type of residential experience is right for you:
- Less Taxes. While it's true that coastal Delaware already boasts some of the lowest property taxes anywhere in the United States, owning a home in a land lease community will save you even more when it comes time to pay the piper. That's because if you own a home in one of these exclusive communities, you pay taxes only on the home, not on the actual home site. And because most of these properties are in communities near the beach, where the price of land has skyrocketed in the last decade plus, this can save you a good deal of money in the long run.
- Less Cash at Closing. With the high cost of home sites, owning in a land lease community requires significantly less cash when you sit down at the closing table to sign on the dotted line. This allows you more cash on hand to furnish your new home, buy appliances and even take the family out to dinner to celebrate your new purchase.
- Amenities. In many of coastal Delaware's land lease communities, the amenities are second to none. And the use of these amenities is nearly always included in your monthly fees, so get out there and enjoy! Amenities in our area include beautiful golf courses, walking and bike paths, tennis courts, swimming pools, playgrounds, even private beaches and/or private marinas in some communities.
- Value. When you consider the initial investment and weigh that against the amenities and the spectacular location of many of these land lease communities, it can equal an incredible value compared to other options. You are, after all, paying for the lifestyle these types of communities can offer you. So take a look and see – it may just be the right fit for you.
Every home buying experience is unique and we at the Oldfather Group encourage you to sit down with your Realtor and discuss all options available to you and your family. What's right for you will not be right for someone else, so take a few minutes to weigh all your options and decide on the best course of action.
If we can help, give us a call at 302-227-6767 or visit us online at www.theoldfathergroup.com. We'd love to accompany you on your journey to home ownership here at the Delaware beaches!