Fees After Purchase (Miami, Fort Myers, North Fort Myers: real estate, lease, HOA fees)

[Rik Smithburg]

If we buy a mobile home in a park for 35,000 dollars with lot/HOA fees of 750 dollars per month, what other payments will we have? We will pay cash for the home. Is there a tax when we purchase? Other costs - annual home owner tax, insurance, utilities, etc.? In other words, a ballpark figure on an annual bases, will we have to pay. I should have added we are considering the Ft Myers, Florida area.

[Srey Kesar]

never buy mobile home with that high monthly fee ! that's crazy, almost a mortgage payment!! I think you pay registration fee, just like a car too

[Kim in FL]

Originally Posted by Rik Smithburg

If we buy a mobile home in a park for 35,000 dollars with lot/HOA fees of 750 dollars per month, what other payments will we have? We will pay cash for the home. Is there a tax when we purchase? Other costs - annual home owner tax, insurance, utilities, etc.? In other words, a ballpark figure on an annual bases, will we have to pay. I should have added we are considering the Ft Myers, Florida area.

$750 seems a bit high, but you don’t say where in FM you are and you don’t say what this $750 gets you.

You will pay utilizes and those are based off usage so no one here can tell you the monthly fee.

Is the home an actual mobile (trailer home) that can be moved or is it a modular home in a park like Jamaica Bay? You might have to ‘license/register’ it and you’ll want to have insurance on it... oh, and yes, you’ll pay tax on the purchase.

No one here can give you ball park or otherwise.. you need to talk to the manager or talk to some residents and ask them what their ball park option is

[mechgator]

$750/month equals $9,000/year. For a real estate investor, with a cap rate of 5%, that implies a negative value of $180,000. Your true cost of mobile home is more like $215,000.00!!!

[chiluvr1228]

Most of the mobile home parks in Lee County seem to be in North Fort Myers with a few exceptions. Jamaica Bay in Fort Myers has some crazy HOA fees.

Is there a reason you want a mobile home rather than a condo, townhouse of single family? I would be reluctant to buy one in a place that gets hurricanes and they also depreciate. Some parks have been sold forcing tenants to find a new park which might have restrictions against the age or size of your current place.

Double check everything before you go this route.

[WrongStreet]

$750/month HOA for a mobile home? That's insanity!

There are luxury condos in Miami with lower maintenance fees.

I assume the fee includes payment of taxes on land or something.

[SellingNWCape]

Originally Posted by WrongStreet

$750/month HOA for a mobile home? That's insanity!

There are luxury condos in Miami with lower maintenance fees.

I assume the fee includes payment of taxes on land or something.

Probably a land lease included in the cost as the OP said lot/HOA so they don't own the land the mobile home sits on, just pay to stay on it. Also might include some basic utilities like cable TV. Hard to really answer the questions asked, as Kim noted, because they don't say what is already included the $750/mo figure and also just so many different variables that make it hard to estimate costs.

[Greg6796]

Rik.

Don't do this. It will not have a happy ending.

Not asking you to answer, but are you considering buying the mobile home because house prices are high and this is what you can afford? You should think carefully about WHY you want to buy now with high market prices, and what could happen in the future.

Also, despite what the agreement may say, you may find the monthly cost increased substantially due to inflation. The land owner/association/HOA may have a lien on your mobile home they will use if you don't pay up.

Not making a market prediction, but how would you feel if market prices came down, your mobile home would now sell for
$ 15,000 and the monthly fees were now $1,500 ?

Rik a $ 35 K residence will be a REAL challenge right now.