Once you move into your Sarasota Florida mobile home, located on leased land, one may wonder how long the lot rent will stay the way it is?
How soon will the lot rent go up and how much?
Also, why will lot rent increase in the very first place, isn’t the lot rent already high enough to begin with?
All of these questions are ones that the traditional mobile home Buyer thinks about when purchasing a mobile home on leased land within the Sarasota Florida area.
Today, we here at The Mobile Home Dealer, will attempt to provide three reasons why Sarasota Florida mobile home lot rent may in fact increase each year.
Rising Costs Of Service Providers
Most mobile homes on leased land will have the lawn care provided within the monthly lot rent. This may include lawn mowing around each mobile home in the mobile home park, upkeep of all the green space in the common areas and additional maintenance of trees and flowers throughout the mobile home park.
It is reasonable to expect that each year the laborers and the tools they use for this work will increase. As such, the mobile home will need to pay these higher rates by the companies they contract for the labor to be accomplished. Increased rates passed on to the park will lead to increased lot rent amounts for the residents.
Whether we like it or not, inflation is a part of society. Simply put, inflation is the rising costs of goods and services that further devalue the countries currency. This can be attributed to external factors such as the economy or global trade issues but, for this situation, we will just state that inflation increases yearly around 3% nationwide.
With this understood, expect to pay around 3% higher for lot rent each year.
One of the perks of owning a mobile home on leased land is the fact that, essentially, the park takes care of just about everything in the park other than the upkeep and maintenance of your individual property.
These updates may include the streets in the park, clubhouse, pool, fitness center and green spaces.
With additional updates such as putting in a new pool or adding a bark park for the community residents to use, someone has to pay for these items.
Anytime a park adds a large public use structure to the community expect your lot rent to increase to pay for it.
Lot rent on a mobile home is a reoccurring fee that will be paid by the resident to the mobile home park forever, it is a not a payment that will go away.
The nice part about this is that you, as a Sarasota Florida mobile home park resident, have very little to do regarding maintenance and upkeep of the park, the public areas, amenities or in many cases even your lawn!
The bad part is that this payment will never paid paid off, and, as described above, will go up gradually over time.
Overall, it is important to understand what lot rent is and how the rising costs will affect you and your budget as you continue to live in a land leased mobile home park around the Sarasota Florida area.
This is Mark Kaiser with The Mobile Home Dealer and we help mobile home Buyers and Sellers get to a better place in life.