What Exactly is a ‘Land Lease’ Community?
There are so many benefits to owning a home in a Cove Land Lease Community. However, the notion can be quite daunting, especially if you’re unfamiliar with the idea. To help make things a bit easier, we’ve answered some of the most frequently asked questions we have received, so you can make the most informed decision possible. From complicated questions, like weighing the pros and cons of leasing versus owning, to more straightforward ones, like whether or not you’re responsible for yard maintenance: we answer it all…
Your Questions: Answered!
What is the primary advantage of leasing land?
When you decide to buy a home or vacation cottage in a land-lease community, you are able to lease the land instead of buying a lot. The main advantage when compared to the cost of buying, is that you retain the down payment you would need for the land, so you can invest it, use the money to offset living expenses, or just save it for a rainy day! In a Cove Community, you become a partner with Cove – A long term relationship to enhance your home and community value. Both you and Cove Communities are committed to ensuring the community is an outstanding place to live for years to come.
What are the other advantages of leasing versus owning land?
Often the cost of HOA payments in land-lease communities will come close to or even surpass the amount of your lease payment. When you lease your land, the lease includes professional property management and other services you would normally pay an additional fee to utilize. Also included in your lease payments are the community shared spaces and communal landscaping.
What are the advantages of living in an age-qualified community?
One of the nicest things about living in an age-qualified community is that you will meet many people who share similar interests. You’ll love having friends to join for dinner, and neighbors to meet up at the clubhouse to enjoy the activities that your community offers. This is YOUR time and an age-qualified community offers you all the great activities and the opportunity to be with friendly people so you can enjoy it.
What other ways would professional management benefit me?
Professional management provides complete community maintenance through a hand-on approach and ensures that the community regulations are followed. They also have the resources to correct problems that may arise in emergency situations. The community management takes care of resident screening and background checks, provides orientation concerning rules and regulations and provides the pertinent information prior to move-in, resulting in a higher quality of life and a low stress living environment.
Am I responsible for yard maintenance?
This varies; however, the majority of our communities have teams that maintain lawns year-round and seasonally. Additionally, we have full-time maintenance teams that handle the pool area, clubhouse and other common areas. Be sure to check with your sales advisor to see what is covered at your chosen RV Resort or MH Community.
What happens if I want to sell my home or vacation cottage?
You may choose to sell independently, or have our sales team represent you in the sale. Cove Communities representation assists by increasing the opportunity for the home or vacation cottage to be viewed by potential buyers through a variety of marketing and sales efforts.
Is it more difficult to sell in a land lease community?
It can actually be easier because the cost of the land is not included in the selling price. This lower home pricing appeals to considerably more buyers.
