Residents in a land lease community purchase their home, and not the land it rests on. In most cases, this saves the home owner tens of thousands of dollars to use as they wish. An owner may use this money to invest, save for a rainy day, travel, or anything else imaginable. Lot rent is paid by all residents to the park owner, usually on a monthly basis.
The most immediate and obvious advantage is the initial cost. In some cases, the buyer will save tens of thousands of dollars to buy in, with predictable costs thereafter. Residents and management partner with each other to maintain high community standards, producing favorable results for everyone. Community managers routinely serve the residents by working to resolve problems such as disruptive pets, property upkeep, and parking. They maintain the resources to correct problems in emergencies, perform background checks on potential home owners, and enforce common rules and regulations for all.
The affordable lease payments bring a great value for all home owners. A wide variety of amenities is available for many residents, but may vary from one community to another. Some of these include: pools and spas, tennis and shuffleboard courts, bocce ball, basketball, horseshoes, fitness centers, pool rooms, crafts rooms, RV and boat storage. Replicating all of these amenities would be prohibitively expensive for individual home owners. All common areas of each park are maintained by the community management and staff, and home owners are not responsible for property taxes!
Typically, lot rent is a monthly payment, made by check. Most communities do not accept cash. Some communities offer an electronic debit from your checking account, and others allow for online bill pay with your bank to pay the monthly payment to the community each month.
In most cases, lot rent includes taxes and use of park amenities. The home owner is responsible for all utilities: electric, phone, internet, cable, and lawn care. Water/sewer/trash may be included in some communities. The community owner is responsible for the common areas. Your sales agent or can answer further specific questions about lot rent.
Most communities are pet friendly, but you can expect restrictions and rules. Some restrictions limit size, weight, and number of pets per household. Rules mandate the use of leashes when outside; some parks allow dog walking on the street, while others don’t. All communities prohibit some breeds that are considered to be aggressive. Many communities have designated areas for pets, known as dog parks. Ask your agent for specific pet policy details.
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