Baywood Greens Is a Land Lease Community. What Are the benefits?
When you lease your homesite you become, in essence, a partner with Baywood - a long-term relationship that enhances your home and community value. Both you and Baywood are committed to ensuring the community is an outstanding place to live for years to come. The main advantage when compared to the cost of buying is that you retain the payment you would need for the homesite, so you can invest it, use the money to offset living expenses, or just save it for a rainy day!
What Are the Other Advantages of Leasing Versus Owning Land?
Often the costs of Homeowner Associations, amenities and membership payments in other communities may come close to, or even surpass, the amount of your land lease payment at Baywood Greens. Your lease payments include professional property management and other services you would normally pay extra for, such as pools, golf discounts, community/fitness center, tennis, access to Bay beaches and marinas and total community common area care. And, of course, the most beautiful 18-hole golf course in Delaware, right in your back yard.
What Other Ways Would Professional Management Benefit Me?
Our professionals provide complete community maintenance through daily hands-on management of all community assets and the community regulations. We maintain the resources to correct problems that may arise in emergency situations, such as storm cleanup, tree care and snow removal. For other situations, a call to our Public Safety Department, on duty 24 hours per day, can bring peace of mind or relief. Our homeowners must meet approved standards of residency, resulting in a better quality of life among neighbors, as well as a lower stress living environment.
What Happens If I Want to Sell My House?
Homeowners in Baywood Greens may choose to sell their home independently, or have our on-site sales team represent them in the sale. Baywood Greens on-site sales representation assists by increasing the opportunity for the home to be viewed by potential buyers. We have an entire section of our website dedicated to those whose homes are being sold through our representation.
Is It More Difficult to Sell a Home in a Land Lease Community?
Because the cost of the land is not included in the selling price of the home, our lower home pricing appeals to many home-buyers.
Can I get a mortgage in a land lease community?
Yes. For those buyers who opt to finance their homes, conventional 30-year mortgages are the primary type of loan used. Baywood homes are also fully eligible for HELOCs, reverse mortgages and VA loans. When looking at income ratios, your lender will include the lease amount along with the house payment, to determine your individual qualifications.