Do you know the difference between “land lease” and “fee simple”? I never did until I got into real estate and moved to Delaware. In a land lease community, you buy the house but you do not own the land on which it sits. You pay a monthly or annual fee to rent the lot from the owner of the community. Even though this makes the home more affordable, saving the cost of the lot, many people just don’t feel comfortable with the idea. Real estate by definition requires that you own the land as well as the home and the land is where you realize appreciation over time.
So, I was extremely happy to learn that Nobles Pond in Dover, Delaware, made the change from Lot Lease to Fee Simple and announced it December 1st! We are learning more details, but this is great news and removes the only real concern we had about Nobles Pond. The home prices have gone up but the monthly fees have gone down. The monthly fee used to be $400/month and it included your lot rent. Now, the monthly fee is less than $200/month and it still includes all of the amenities and community maintenance. Since many retirees pay cash for their home, this is good news. Now you don’t need to ask yourself “what if”!
Home prices have increased by as little as $20,000 to as much as $70,000, depending on the model and the location within the community. Want more information? Here is the old land-lease pricing, and here is the new pricing.
Stay tuned or contact us today for the rest of the story. We can help you compare Nobles Pond to other communities in Kent or Sussex County, Delaware, and make the right choice for you.