Tag: mobile homes for rent sarasota

Should You Try And Rent Your Sarasota Mobile Home When Selling?
Selling And Renting Your Home In Sarasota? Should You Try And Rent Your Sarasota Mobile Home When Selling?

Should you have your mobile home rented when you’re trying to have it sold at the same time?

This question was posed to us this week when working with a home our sales team has not yet sold.

Selling a mobile home in Sarasota County is a relatively competitive task, as, at any one time, there are several dozen homes for sale around the Gulf Coast of Florida.

It is also common practice in the mobile home space for each park to increase its lot rent at the start of each year, as discussed in previous videos.

So, with raising lot rent in a home that is not being sold as fast as you like, should you go ahead and rent the home while trying to sell it?

I mean, getting double your money is the best way to do this, right?

As previously discussed, it is imperative to get your home sold fast to make it as easy as possible for the Buyer to buy your mobile home.

At no point in time do you ever want to make it a challenge or a headache for the closing to occur between you and your Buyer.

I have seen where a Seller made it so difficult for a Buyer to buy their home it turned out to be a disaster.

Another thing to remember is that potential buyers may be put off by the fact that the property was previously rented out. They may be concerned about potential damage from past tenants or general wear and tear. If you’re unwilling to make any repairs or cosmetic updates before selling, it’s probably best to avoid renting out your mobile home first.

In this situation, the contracts were all agreed to, the park approval was done, and the money was about to exchange hands, only for the Seller to pull a rabbit out of their hat and change the agreement at the last second. The pre-approved Buyer walked, and the home sat for an additional month on the market with no further interest whatsoever.

I hope this story illustrates that the Buyer does not have to buy your home, but the Seller usually has to sell. Renting your home should cover your lot rent payment at a minimum, which could reduce the stress of having a mobile home for sale within a mobile home park.

When looking at renting your home while it is for sale, I feel there is a right and a wrong way to do this.

Let’s go ahead and cover both now so that you have a better idea of how to handle whether you should decide to rent your mobile home while you’re trying to sell it.

In our opinion, the right way is to ensure the renter knows the home is still for sale during their rental period.

In the rental lease that you have with the renter, make sure they know that there will be showings and that it is their responsibility to not only keep the place cleaned up but also to leave the property when a showing is scheduled to take place.

This will allow the potential Buyer to see a nicely presented home that is clean, safe, and ready to be moved into upon their closing.

In our opinion, the wrong way to do this is to have the home still on the market but not require the renter to be available to clean up the home for a showing or leave the premises when a showing is scheduled. I have personally been involved in one of these in the past, and when I went to show the home, it looked like a bomb went off right before we walked into the property!

You guessed it, the home was not sold with this showing.

We all strive to maximize our income potential, and when selling a mobile home, you should consider doing the same.

However, we suggest that you be cautious of just how you do this and who you rent your home to, as the quick cash of having a renter could seriously backfire when you go to try and sell the home should the renter not be able to show the home.

Although renting your mobile home while in the process of selling can generate extra income that would covet its lot rent, there are also some disadvantages that you, as the owner/seller, must be careful with.

Assuming there is a buyer, is the 30-day moving period enough for your tenant to prepare to move and look for another place to live?

Renting a mobile home for sale could also attract fewer renters than those not for sale because living in a house for sale means the renter may not have peace of mind knowing they could be asked to move out at a moment’s notice. This is the burden that every renter must carry while living in a home on the market. Some renters don’t want to get disturbed, so finding someone to rent in a “for sale” mobile home could be challenging.

Remember, guys, always make it easy for the Buyer to buy your home, not difficult!

The Mobile Home Dealer is a licensed mobile home broker in Sarasota, Florida, and the surrounding areas. We provide professional buy and/or sell assistance to our clients. If you have any questions, don’t hesitate to get in touch with us by clicking this link. You may also visit our Facebook Page and send us a message.

This is Mark Kaiser with The Mobile Home Dealer. We help mobile home Buyers and Sellers improve their lives.

See Also:
September 22, 2023
Will Sarasota Mobile Home Lot Rent Stay The Same?
Do Sarasota Mobile Home Lot Rents Always Go Up? We at The Mobile Home Dealer get this question all the time from first-time mobile home buyers looking to begin enjoying all that a mobile home park has to offer.

Homeowners in different Saratosa, Florida, mobile home parks may see lot rental increases each year for a myriad of reasons, which we will discuss in this article.

Once you move into your mobile home in Sarasota, Florida, located on leased land, you may wonder how long the lot rent will stay the same.

How soon will the lot rent go up, and how much?

Also, why will lot rent increase in the very first place, isn’t the lot rent already high enough to begin with?

All of these questions are ones that the traditional mobile home Buyer thinks about when purchasing a mobile home on leased land within the Sarasota Florida area.

Do Sarasota mobile home lot rents increase each year?

Generally speaking, the answer is, yes, lot rents will increase each year, and it would be unreasonable to think that they will not increase whatsoever or become capped for an extended period of time.

A good rule of thumb when budgeting for your mobile home is always to remember that lot rents will increase at the rate of inflation at the start of each year at a bare minimum. Expect to pay 2% to 3% more for your lot rent each year you’re living in the mobile home park that you currently reside in.

But the question then is, “well, Mark, why does it have to increase at all”?

This is another question we regularly field at The Mobile Home Dealer. The answer to this question is the same when asking why the price of groceries, fuel, or electricity continues to increase yearly. It directly concerns the national cost of inflation and how it affects everything in the economy.

You see, as much as we would all like the cost of things such as groceries or fuel to remain the same each year, it just doesn’t.

For example, in the mobile home park, most lot rents include the cost of lawn care, which would be blowing, trimming, and cutting your lawn weekly for the entire year.

Now, if the cost of fuel is going up each year to run the lawn equipment that is taking care of your lawn, then the owner of the landscaping company will more than likely need to charge the park more each year to keep up with the rising operating costs of their business. The park then will pass these increases in price to you as a mobile home park resident. Although this is a terribly simple example of the increase in lot rent, I imagine you are getting the point of why the lot rent will continue to increase each and every year.

Lot rents occasionally do not increase or stay stagnant for a year or two without much, if any, increase.

Many times, this will be directly related to national inflation and the value of American currency for that current year.

Although we would all love for mobile home lot rents to stay the same forever, unfortunately, this is a fairy tale and one that should not be expected to happen each and every year.

The following three reasons are most likely to affect the price increase of lot rents.

Rising Costs Of Service Providers

Most mobile homes on leased land will have lawn care provided within the monthly lot rent. This may include lawn mowing around each mobile home in the park, upkeep of all the green space in the common areas, and additional maintenance of trees and flowers throughout the park.

It is reasonable to expect that each year the laborers and the tools they use for this work will increase. As such, mobile home parks will need to pay these higher rates to the companies they contract for the labor to be accomplished. Increased rates passed on to the park will lead to increased lot rent amounts for the residents.

Inflation

Whether we like it or not, inflation is a part of society. Simply put, inflation is the rising costs of goods and services that further devalue the country’s currency. This can be attributed to external factors such as the economy or global trade issues but, for this situation, we will just state that inflation increases yearly by around 3% nationwide.

With this understood, expect to pay around 3% higher for lot rent each year.

Park Improvements

One of the perks of owning a mobile home on leased land is that the park takes care of just about everything in the park other than the upkeep and maintenance of your individual property.

These updates may include the streets in the park, clubhouse, pool, fitness center, and green spaces.

With additional updates such as putting in a new pool or adding a bark park for the community residents to use, someone has to pay for these items.

Anytime a park adds a large public use structure to the community, expect your lot rent to increase to pay for it.

This is Mark Kaiser with the Mobile Home Dealer. We help mobile home Buyers and Sellers improve their lives.

See Also:
September 22, 2023

Tag: mobile homes for rent sarasota

Should You Try And Rent Your Sarasota Mobile Home When Selling?

See Also:

Will Sarasota Mobile Home Lot Rent Stay The Same?

Sign in or register

Sign in or register

Reset password

Get started with your account

Get started with your account