Ahh yes, lot rent, the monthly payment that is owed to the mobile home park your Sarasota Florida mobile home is located in for the usage and upkeep of the property that your mobile home resides on.
A necessary evil for all Sarasota Florida mobile home owners.
For those of you who are new to the blog, lets provide a brief review of what lot rent is and what lot rent is not.
When buying a mobile home within the greater Sarasota Florida area, within a mobile home park on leased land then lot rent will be paid to the park each and every month you reside in that mobile home park.
Lot rent is the amount of money that is paid so that you have the usage of the land that your mobile home resides on.
Most parks throughout the greater Sarasota Florida area will include various other fees within the lot rent such as your water bill, sewer bill, trash bill, usage and upkeep of the park amenities and even lawn care.
As one can see, you do get quite a bit of bang for your buck with the lot rent fee when living in a mobile home around the Sarasota Florida area.
It would be fair to expect that lot rent will increase each and every year you reside in the land leased mobile home park.
Generally speaking, lot rent will increase some where in neighborhood of 3%-5% annually.
This increase will help the mobile home park offset the expenses associated with the increased fees they are seeing from their vendors who cut the grass, service the onsite amenities and the increased county expenses associated with the water, sewer and trash bills that are included in your lot rent.
Obviously, this is only a gauge when estimating the increase as much of this increase is based on the overall inflation numbers that the economy is seeing.
Within the state of Florida, it is mandatory that the mobile home park provide at least a 90 day notice to all of their residents of the upcoming lot rent increase. This will be greatly appreciated so you as a mobile home owner within the Sarasota Florida area do not get caught off guard with an increased payment that you were not expecting.
Most mobile home parks within the Sarasota Florida area will increase their lot rent at the start of the year so make sure you are on the lookout for the letter stating what, if any, increase there will be and for how much sometime in the early Fall of the current year.
Lot rent will be a continued fee that mobile home owners who reside in a mobile home park on leased land will need to pay.
The important part to this payment is the ability to plan your financials around the increase so that you are not caught off guard by the yearly increase and then in a position where you are not able to afford to live in the mobile home of your dreams within 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.