Buying a home can be an exciting, yet trying time. As there are well over 100 Manufactured Home Communities in Polk and Eastern Hillsborough Counties, the search for the perfect Florida home can be time consuming, frustrating and costly. Since home is truly where the heart is, it is important to gather information to make the best decision possible. The staff at Action Resales is highly trained and very well informed about the different communities, their amenities and requirements. We stand ready to assist you in finding YOUR PERFECT FLORIDA HOME. We hope you will find the following information helpful. WHAT YOU SHOULD KNOW BEFORE BUYING A PRE-OWNED MANUFACTURED HOME IN A COMMUNITY. 1 - KNOW THE COMMUNITY: Manufactured Home Communities range from the small "mobile home park" to five star golf communities. Matching your interests, hobbies and desired lifestyle to a community is most important. It is also important to know the resale value of the homes in a community. While most people purchase a home with the idea that they won't be selling in the near future, circumstances can change and the need to sell may occur sooner than anticipated. Just as you would want to have professional assistance when purchasing a site-built home, it is equally important to have professional representation when purchasing a home in a leased-lot community. 2 - DO I HAVE TO BE APPROVED BY THE COMMUNITY AND HOW DO I GET APPROVED? All communities require approval for residency prior to the closing and taking possession of the home you are purchasing. Your professional representative will assist you with the process of getting residency approval. 3 - KNOW WHAT YOU'RE BUYING INTO BEFORE YOU BUY! Florida is one of the few states that provides protection for manufactured/mobile homeowners in its state. A prospectus filed with the State of Florida and governed by Chapter 723 of the Florida State Statutes governs every community. It is imperative that you read and understand the prospectus and rules and regulations of the community prior to closing on the purchase of a home. The prospectus will spell out the obligation of the community developers (management) and your responsibility and financial obligation to the community. The rules and regulations will detail what you can and cannot do within the confines of the community. i.e. pets, landscaping maintenance, cars on blocks, visitors, etc. 4 - COMMUNITY FEES (LOT RENTS) Typically, community fees increase each year. The increases are governed by the community prospectus and vary from community to community depending on the amenities offered. One would expect to pay a higher community fee for a five star golf community than a community that does not have a clubhouse, swimming pool or other amenities. Your professional representative will be familiar with the community fees and what the increases are based on. UNDERSTAND THE COMMUNITY FEES AND ANY OTHER FEES THAT CAN RE PASSED ON TO YOU BEFORE YOU PURCHASE 5 - WHAT KIND OF FINANCING IS AVAILABLE ? A manufactured home in a leased-lot community is financed as personal property (chattel loan) Typically a lender will require 20% to 30% down (depending on the age and location of the home, and your credit standing) A loan on a pre-owned manufactured home can range from 15 to 30 years depending on the age and location of the home. Your professional representative can assist you with locating a lender with the best terms and rate possible. 6 - SALES TAX DO I HAVE TO PAY IT Sales tax is collected on every manufactured home sold in the State of Florida. The sales price of the home includes but is not limited to any tangible personal property including interior equipment, furnishings, skylights. carport roof and any storage structures Sales tax due on an isolated sale by owner may be treated somewhat differently and may exclude sales tax on some personal property items 7 - WARRANTIES - CAN MANUFACTURER WARRANTIES BE ASSUMED Generally speaking, most warranties are not assumable when a manufactured home is resold however, there are home warranty programs available that protect the buyer for a one to two year period. The home warranty typically covers the major systems in the home, i.e. plumbing, heating, air conditioner, kitchen appliances etc. Often the home- seller will provide this coverage at their expense. However, if not, it can be purchased by the homebuyer. Your professional representative will assist you with this important aspect of home purchase 8 - INSURANCE WHERE DO I GO? WHAT DO I NEED?' The reasons to carry homeowner's insurance on your manufactured home are the same as for site-built homes. Thanks to improvements in the manufacturing process, factory built homes are now viewed as a long-term investment rather than temporary housing. Industry experts say that when kept in one location and well maintained, these homes can last up to 50 years. This means that insurance rates for manufactured homes, which once were up to 20% higher than rates than site-built homes. are now considerably lower. Your professional representative can assist you with locating an insurance broker for obtaining the coverage that you need for your home |
