What is a Land Lease?
Ask The Expert
How do homeowners benefit from leasing the land?
When people first tour one of the Temple Companies lifestyle communities, they learn about our manufactured homes and the land lease concept. They often have questions. Brian Temple from The Temple Companies has produced a video series, Ask The Expert, answering questions like “what is a land lease”. In the video Brian talks about land leases for owners in one of our manufactured home/land lease communities.
When you buy a home at Temple Companies Lifestyle Communities you simplify your life by leasing your home site instead of buying it. You save the typical upfront cost of land ownership. The money you save can then be used to enjoy the finer things in life without tying your funds up in the property.
Here’s how it works. Instead of buying the home site of your choice you lease it within the community. You then order a new custom manufactured home to be constructed on that site. You still enjoy all the amenities, activities, and services of a conventional community. In fact, you have most of the same rights of ownership as any other individual. You also have the continued right to possess that site for as long as you like. Down the line, you have the right to sell your home in place on your home site or you can transfer the home and the homesite to a family member if you choose to.
You own your home, but because you’re leasing your home site there are no property taxes. Nor are there any condominium or association fees. You pay only one reasonable, monthly land-lease fee.
The money you save by not purchasing the land can be used for travel or invested for a rainy day. Or you might even choose to apply these funds to the cost of your new home. Or put those savings towards whatever you value most.
Our land lease program has proven to be the smart choice for hundreds of Temple Companies lifestyle communities homeowners.