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Frequently Asked Questions
What exactly is a site-set home?
A site-set home is a quality factory built home that is delivered to a property and set in place. These homes are constructed in accordance with the United States Department of Housing and Urban Development (HUD)’s national building code. Quality control, factory inspections and ideal building conditions ensure that every site-set home is constructed of the highest quality. The homes are assembled at the factory and are transportable in one or more sections to the desired location.
What are the benefits of a land lease over purchasing land?
Many people ponder the buy or lease decision when choosing where to live. In an effort to help our customers make this decision we have outlined the advantages of a land lease below:
- "Nest Egg” Retention - Retirees desiring to preserve capital appreciate the safety net that the land lease provides. The resident is free to invest his/her capital in other ventures and is able to have a more flexible savings program.
- Transaction Costs - The lessee’s time horizon for living in a particular community is often unpredictable, making leasing advisable. The cost of buying and selling a piece of land (commissions, closing costs, title searches, surveys, etc.) can take a significant time period to recoup. When buying your own land, the costs of necessary site preparation needs to be factored into your decision making process.
- Additional Costs/Exposure to Market Volatility – Land ownership brings exposure to real estate taxes and volatility in the land market.
- Ease of Sale - Owning a home in a community owned by a national company with a professional management team can also increase the liquidity of your home. In many communities, Equity LifeStyle Properties offers a sales office with on-site expertise in sales and marketing.
- Pride of Ownership - The partnership between the landowner and the lessee ensures that the interests of both the lessor and lessee will be met. The community owner has a vested interest in maintaining the grounds and the desirability of the community. This provides built-in protection for the lessee for their investment in the home.
- Sense of Security – You may also have future travel plans that take you away from your primary residence for extended periods of time and you may welcome the sense of security that exists in a land lease community.
- Lifestyle Preferences – Community living offers individuals an opportunity to share common interests among those living in their own neighborhood. An abundance of activities and resort-style amenities combine to offer residents a fabulous lifestyle.
In summary, it is important to consider all factors when making your home buying decision. Equity LifeStyle Properties is confident in the quality product we provide and the lifestyle we offer. Should you have any questions or concerns about this very important decision, please call us at (800) 274-7314 or contact us by email at Information@mhchomes.com.
What are the average size and layouts of the site-set homes?
Today’s site-set homes average more than 1,400 square feet and offer custom features including peaked roofs, skylights, screened-in porches, bay windows, fireplaces and designer kitchens. A variety of floor plans are available that range from standard features to more elaborate designs that include rooms with vaulted ceilings, fully-equipped modern kitchens, walk-in-closets and bathrooms with recessed bathtubs and whirlpools.
What is the average price of a site-set home?
With an average new price of just over $75,000, these new site-set homes offer a tremendous value in today’s housing market. Depending on the region of the country, construction cost per square foot for a new manufactured home averages anywhere from 20 to 50 percent less than a comparable site-built home, excluding the cost of land.
What are some of the benefits of owning a site-set home?
Owners of site-set homes enjoy the benefits of a single-story layout, low maintenance and top-grade construction. In addition, site-set homes offer quality living at an affordable price. Residents at Equity LifeStyle's communities can take advantage of resort-style amenities, in addition to a variety of planned social activities and group outings that keep them on the go from dawn until dusk.
What amenities are offered to residents of Equity LifeStyle's site-set housing communities?
Amenities vary from community to community and may include swimming pools, whirlpools and spas, golf courses, clubhouses, tennis courts, game rooms, exercise rooms, basketball and volleyball courts, play and picnic areas, marinas and boat docks.
What fees can I expect to pay as a resident of a site-set housing community?
Some of the typical fees associated with living in a site-set housing community include site rental, utilities such as water, sewer, electric and gas, trash collection and cable television service.
Does Equity LifeStyle Properties sell homes within the communities?
An affiliate, Realty Systems, Inc.(RSI), provides brokerage, sales and leasing services in most communities. These professionals help prospective residents find the homes suited to their needs and desires. RSI works with a variety of home manufacturers, offering home buyers a variety of floor plans and interior amenity packages.
Does Equity LifeStyle Properties provide financing options to home buyers?
An affiliate, RSI offers several financing options to home buyers. Also, a variety of lending sources offer site-set home buyers a wide range of financing options.
How do I know if my new home has been constructed in accordance with HUD’s national building code?
Once a HUD-certified inspector approves the new home design, a label is affixed to the home. You should also find a data plate on each home listing the manufacturer, serial number, design approval, heating specifications, and wind resistance. If these can’t be located, purchase of the home is not recommended.
Does Equity LifeStyle Properties offer age qualified communities?
Approximately seventy percent of our residents are 55+, and nearly two-thirds of our communities are marketed exclusively as age qualified communities. For a list of our age qualified communities, go to the Select Your Community section and search for "age qualified community" under "community type."
Are pets allowed at communities?
Each community has its own guidelines concerning pets.
Are rental homes available within the communities?
Rental programs are available at several communities. Both long-and-short-term rental programs are available to customers, who can experience the joys of community living first-hand.
Can residents have their own lawn/garden design?
Our residents are dedicated homeowners who take pride in their home sites. Residents are responsible for their individual landscaping designs and many produce meticulously maintained home sites, thereby enhancing the overall beauty of each community.
What are the locations of the communities?
Equity LifeStyle Properties owns or has an interest in over 300 quality communities in 30 states and British Columbia consisting of over 110,000 sites. For a complete listing of communities, go to the Select Your Community section and search all states or a single state. Also, visit our RV site at RVontheGo.com for additional RV and Park Model Resort locations accress the country.
Is there a homeowners' association at each community?
Homeowners' associations exist at most communities and serve as a liason between residents and management.
How can I obtain an annual report for Equity LifeStyle Properties?
To request a copy of an annual report please contact our Investor Relations Department at 312-279-1579 or send an e-mail to Investor Relations@mhchomes.com. For additional information go to the Investor Information section of our site.
Is Equity LifeStyle Properties a public company?
Equity LifeStyle Properties, Inc. is a self-administered, self-managed real estate investment trust traded on the New York Stock Exchange under the symbol "ELS".
What exactly does classification as a REIT mean?
Equity LifeStyle Properties is a real estate investment trust (REIT). A REIT is a company dedicated to owning and, in most cases, operating income-producing real estate. In addition to manufactured housing, companies owning apartments, offices, shopping centers and warehouses could be classified as REITs. In order for a company to qualify as a REIT, it must pay 95 percent of its taxable income to its shareholders each year.
Whom should I contact if I’m interested in selling a site-set housing community or an RV Resort? ELS offers one of the finest acquisitions programs in the industry. For more information please review the About ELS section or contact an ELS representative at 312-279-1400 to learn how our acquisitions program can work for you.
Whom should I contact for job opportunities that may exist?
For current job openings in our corporate and regional offices, please review the most recent postings listed under the About ELS section of the web site. |
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