Buyer’s Guide Resources
We understand that purchasing a new home is a significant milestone, which is why we’re dedicated to simplifying the process for you. Explore our diverse range of floor plans, get answers to frequently asked questions, and learn more about financing and fees associated with owning a home in a manufactured home community.
We understand that purchasing a new home is a significant milestone, which is why we’re dedicated to simplifying the process for you. Explore our diverse range of floor plans, get answers to frequently asked questions, and learn more about financing and fees associated with owning a home in a manufactured home community.
Floor Plans
The Bayside
The Bayside
Silver Springs
Silver Springs
Frequently Asked Questions
Using Florida as an example for context, there are over 750 conventional, site-built communities committed to a retirement lifestyle in Florida. On the other hand, there are over 50,000 manufactured home communities in Florida; a small handful of which are top notch lifestyle communities. The reason, yet again, is cost.
Even the most conservatively priced manufactured home is built with a complete package (in most average or higher rated communities) that includes flooring, window coverings, appliances, A/C and heat, carport and driveway, utility storage, often times a screen porch, as well as a fully sodded homesite. Plus, there is an unlimited list of additional features that are available to add on or upgrade.
All of this — brand new — comes within a price range of $90,000 to $240,000.
Well, this certainly is a loaded question, but we will address two very common points. It’s obvious that you must consider and select a community that fits your lifestyle and your budget, of course. But second, it’s critical to choose a community that is successfully managed and financially stable.
Do your research:
- What is the age of the community and/or the company that owns it?
- Who holds the most prominent seat and how long have they been with the company?
- What level of maintenance does the community consistently have?
- How many homes are in the community versus how many are for sale [10% ratio is ideal]?
- How many homes have recently sold and what prices are they selling for?
- What are the lot lease fees and how much/often have these increased?
Typically, you can determine the success and stability of a community when you visit it. Be sure to chat with residents and employees and listen closely to their comments. Obviously some remarks should be taken with a grain of salt, but tune in to those that represent what you are or are not looking for in your next home.
Have you heard of the term Snowbird? A number of Cove Destinations’ residents are Snowbirds, traveling to our lifestyle communities for part of the year, typically when temperatures are colder in their hometowns. Many of our Snowbirds have chosen to invest in their retirement early. By that we mean they’ve purchased their ideal home, but they take short trips or vacations periodically throughout the year and actually use the home for a rental investment property, renting it out for additional income.
By utilizing the Snowbird mentality, you can carefully select your dream home, continue pursuing your typical lifestyle, which may consist of full- or part-time work to cover your basic costs, all while you rack up supplementary income on the home … and you get to take a vacation whenever you want!
Thousands of residents have made the same comments over and over, so it must be a reliable statement that “There is a special relationship between residents and neighbors in a successful manufactured home community.”
You tend to feel a “’community-like atmosphere” reminiscent of the small towns and city neighborhoods you grew up in … carefree, peaceful and serene, light hearted and friendly.
The relationship between management and residents in a manufactured home community is much closer than those in conventional home communities. In most leased land environments, your monthly fees guarantee that professional management is onsite, available and responsible for your happiness, which means they are present and committed to fostering relationships that will continue to help the community thrive.
Not all manufactured home communities are considered safe, but the more successful and well-planned communities are. Depending on what your standard is, we recommend you look for a gated community that limits access one of two ways: With a manned guard who permits access based on a community sticker or license plate or with a powered gate that operates by keypad, sticker or a garage-door-style opener.
Some communities even go as far as providing roaming patrol, which means a person will drive around the community, particularly during the nighttime hours, to ensure all is well.
Successful, well-operated manufactured home communities are obligated to provide a safe and ideal atmosphere; but that doesn’t mean they are obligated to provide healthcare or medical attention when needed. We always want to point out that if you have any specific medical needs that may require attention from time to time, it’s important you put the appropriate measures in place to alert medical personnel. Even if you’re healthy it’s important that you always remember to dial 9-1-1 in the event of an emergency, keeping in mind that most communities are staffed by employees, not trained first responders.
In the sense of the factory constructed home, a private setting, and a common-area clubhouse, manufactured home communities are generally alike. From that point on, the differences in lifestyle differ drastically originating from the creativity of the developer who designed the community, to their experience, success and financial well-being.
The thought that goes into building and modifying a community is critical, from the space between homes and the views from within the homes, to the attractive and well-manicured entrances and common areas are all points of contrast.
You need to consider what amenities and activities you’re looking for in your new (or part time) residence, as well as the safety and security of your community, whether it is pet friendly or not, and what all is included in your monthly lease fee.
There is no realistic competition between a manufactured home and a conventionally constructed home because of one factor alone: cost.
So, conventional builders might be more inclined to speak poorly about manufactured builders in an effort to make their product look more desirable. At the end of the day, it’s just a negative sales pitch that doesn’t hold any weight.
You can be perfectly happy in a community of conventionally constructed homes if it meets your ideal standards and what you’re looking to spend. And you can be equally as happy in a condo or apartment for that matter. As long as you’ve taken an in-depth look at these choices then it’s up to you to make the decision that suits you and your lifestyle best.
Financing
For those of you who would prefer not to deplete your nest egg, a number of entities provide great financing options for manufactured home purchases.
Although you might feel more comfortable selecting a financial institution located in your hometown, we always recommend you contact several institutions within the area you’re looking to purchase based upon their knowledge and experience in that specific region.
Because the market differs from place to place, and state to state, local area financial institutions are more inclined to get you a lower loan rate because of their relationship with the local economy. And in general, these local institutions tend to better understand the values of the 55+ manufactured home communities, and homes within these communities.
Depending on the location of your community and home, and how close it is to the coasts, homeowner’s insurance rates will vary. We suggest you reach out to a local insurance agency within close proximity to your new home since they will better understand the policies that are best suited to that particular location.
If you choose to purchase a new manufactured home, the stringent building codes that make these homes sustainable to wind gusts of over 120 MPH will actually lower the cost of insurance since less risk is present!
Yes. Many folks forget that there is still a monthly maintenance fee if you choose to reside in a lifestyle community where you purchase your land. The fee is based upon the amenities and the quality of life offered to the residents.
Cove Destinations actually offers an in-depth overview of the cost to lease the land in a 55+ community over a 10+ year period versus purchasing it upfront. Depending on several circumstances, leasing will almost always save you money — many thousands of dollars in fact!
Yes, you are responsible for 100 percent of the real estate taxes when you purchase the land. However, in a lease land scenario, you forgo this full burden, instead paying a percentage of the taxes, which are included in your monthly lot/lease fee payment.
Lease fees vary considerably from community to community, so it’s very important to investigate what bang you get for your buck.
Cove Communities’ are very competitively priced considering their convenient locations, the lifestyles they offer, and their value-added features, which include luxury, resort-style amenities like expansive clubhouses, swimming pools, and other outdoor recreation; planned activities; professional on-site management; enforcement of community standards; street lighting and maintenance plus sidewalk and street repairs; common area landscaping; maintenance of all common areas including clubhouses, pools and fitness centers; community access control; and so on. In some of Cove Communities’, the monthly fees may also include lawn maintenance, trash removal, homesite irrigation maintenance, and then some.
In general, the cost of utilities (electric, water, sewer and cable/internet) are typically the responsibility of each homeowner; paid directly to the service provider.
Cove Communities’ manufactured home communities offer “Guaranteed Leases,” which ensure that lease fees can only increase once per year at a maximum percentage outlined in the Community Prospectus. In the State of Florida, for instance, each manufactured home community must register their Guaranteed Lease, which then provides homeowners protection under Chapter 723.
On the other hand, conventional home communities (i.e., stick built, single family, deed restricted) are not regulated by the state in the same manner as manufactured home communities. This means they have less protection against the frequency and amount of their fee increases.
Yes, in a leased land community you pay a fee to lease the homesite. As we reviewed above, this fee covers a number of amenities, activities, maintenance, and lifestyle offered.
HOA fees, however, are collected by communities that feature an association of homeowners who act as a watchdog on behalf of the residents. Every community does not necessarily have a Homeowner Association (HOA) present.
In a leased-land manufactured home community that has a representative HOA, the fees are generally nominal and paid by only those residents who wish to become an active member of the HOA. (Many of Cove’s Communities have an active HOA present. The member dues range from $15 to $65 per year.)
The value of any home is indicative of how well it’s been maintained and the community in which it’s located within, and surrounded by. People want to buy and reside in homes — whether pre-owned homes or brand new — in nice neighborhoods. The same scenario plays out in manufactured home communities.
Those well-planned communities that are ideally located for shopping, restaurants, and entertainment, as well as offer beautiful landscapes, popular recreational facilities, top management, and maintenance programs are the successful communities where manufactured homes appreciate and cultivate value throughout the years.