With the excitement high for mobile home Buyers anytime they find a property they are ready to make an offer on it is important to understand what are the total fees one has to be ready to spend in order to close on their new Sarasota Florida mobile home.
We all know how easy it can be to secure a reliable mobile or manufactured home in a leased-land community. However, a challenge arises when it comes to paying for the different mobile home expenses.
These expenses may include the monthly rent, utilities, and moving expenses. For those who have a mobile or manufactured home on private property, property taxes and mortgage loan payments are always what needs to be paid for. Luckily, there are certain mobile home parks where the landlord or property manager takes care of some expenses.
Generally, your life in a mobile home park will be smooth if you pay your lot rent on time and adhere to the rules and regulations of the park that are found in the park prospectus.. Failure to do so, however, puts you at risk of facing eviction from the community. But do you know that there are some hidden fees that a mobile homeowner must pay? We will explain in this article so keep reading.
When buying a mobile home on leased land in Florida the home is viewed and taxed as personal property and not real property.
What this means is that the mobile home is viewed and taxed the same way an automobile is in the state of Florida as mobile homes on leased land have titles with their owners and not deeds.
When moving forward with the purchase of a mobile home on leased land in Florida one does not pay property taxes on their purchase.
The reason for this is that the mobile home owner does not technically own the land as they are paying the mobile home park a fee each month for the usage and upkeep of the property. This fee is called lot rent.
When the mobile home owner does not have ownership of the land then they will not be paying property taxes but they will be paying registration fees annually for their mobile home.
Registration fees vary by the size of the home, both the length and the width, and how long the registration will be renewed.
If this sounds like the same idea as registering the license plate on your automobile then you are correct as it is, literally, the exact same sticker!
When purchasing a mobile home on leased land then the Buyer will need to pay the title and the registration on the home. At the time of this writing, the title will cost $78.25 PER SIDE of the mobile home. What this means is that if you are buying a doublewide mobile home then you will need to pay $78.25 twice as each side of the mobile home needs to be titled with the state of Florida.
Registration will also need to be paid per side and will vary quite a bit based on the length of the home. It would be reasonable to expect to pay around $50 per side for the registration of the mobile home.
When buying a mobile home on leased land in Florida the Buyer will also need to pay for the sales tax on the purchase price of the entire home.
At the time of this writing, sales tax will cost 6% of the purchase price of the property.
The last cost is if the broker you are using charges any type of closing fee as this will also need to be paid at the closing table.
Closing fees can vary quite a bit so make sure you check with the broker to see what theirs is and what it includes.
The location of a mobile home park also helps determine the monthly rent. For instance, mobile home parks closer to social amenities charge higher rent for their mobile homes. The same applies to mobile homes closer to cities.
You will pay less rent if you select a mobile home park in a rural area. However, note that it will mean less access to social amenities.
The age of the mobile home is another thing to consider when analyzing your budget. The truth is that modern manufactured homes are designed with quality and modern features. For instance, nowadays you will find energy-efficient appliances, walk-in closets, and exciting floor plans (learn how to make a mobile home more energy-efficient here).
“In fact, current manufactured homes are designed just like traditional homes. This means landlords spend more to purchase these manufactured homes, thus translating into a high monthly rent.
Update: “Avoid new manufactured homes if you want to purchase a property at a lower cost.”
When looking to buy a mobile home on leased land within the greater Sarasota Florida area it is important to know what the total cost will be for the purchase so that you, as the Buyer, can coordinate your finances to the best of your ability in order to make the best decision you can on your offer.
The Mobile Home Dealer are licensed mobile home brokers in Sarasota Florida and the surrounding areas. We provide professional buy-and-sell assistance to our clients. If you have any questions, please get in touch with us by clicking this link. You may also visit our Facebook Page and send us a message
This is Mark Kaiser with The Mobile Home Dealer and we help mobile home Buyers and Sellers get to a better place in life.